Watching how artificial intelligence is changing different industries is fascinating. The world is about to enter a new chapter in history. Investments in artificial intelligence are going up fast, with the global AI industry valued at $142.3 billion and expected to reach around $2 trillion by 2030. Undoubtedly, technology will keep improving.
In 2023, there were both good and not-so-good things happening with AI. On the one hand, many areas went through significant changes or even revolutions, but on the other hand, AI raised critical moral questions. People openly discuss and worry about bias, privacy, and AI's future. Just like anything else, every powerful force has two sides. So, today, we'll look back at what AI achieved in 2023 and discuss the latest trends in AI and ML for 2024
Achievements and challenges in 2023 that will influence AI trends 2024
This year, the arrival of GPT-4, OpenAI's latest model, stood out as a significant event. Unlike its text-only forerunner, GPT-3, this new multimodal model can work with text and pictures. Regarding AI models with diverse capabilities, RLHF takes the lead in training. It's also essential to acknowledge GenAI's notable advancements in handling images, videos, code, and language throughout the year.
The RLHP has played a crucial role in the success of current LLMs. Yet, there are issues with how effectively this method aligns with cost and quality. The approach relies on people's ratings and assessments, which have a financial cost. Efforts to propose alternatives were made in 2023, but unfortunately, they failed. There is hope for improvement in the coming year.
NVIDIA is quickly rising to the top in artificial intelligence computers. The company's market capitalization is at $1 trillion. Governments, startups, and IT companies all desperately need GPUs.
In 2023, AI made significant steps in healthcare, particularly in molecular biology and drug discovery, thanks to Language Models (LLMs) and diffusion models. Diagnostic technologies became more accurate and accessible, enabling early illness detection. AI's ability to swiftly analyze large datasets improved personalized treatment plans, and the growing popularity of virtual assistants showcased the expanding role of AI in healthcare.
The AI industry is booming with the development of diverse and innovative tools. According to theresanaiforthat.com, there are 10,000 AI tools, highlighting the dynamic and rapidly evolving AI landscape. This surge marks the beginning of a new era marked by digital creativity and improved accessibility in technology development.
Significant progress has been accomplished in the field of autonomous control systems. But while self-driving vehicles are growing more clever, there are still legal difficulties to be handled. Furthermore, in 2023, the Swift automated system, known as Yaep, will be introduced, and it will be capable of piloting a quadrotor at a level equivalent to world champions.
AI has made clear governing camps around the world, but the process of global control is still moving slowly. The chip fight is still ongoing, and suppliers are rushing to make replacements because of limits on chip exports to China.
In 2023, worries about AI's morality led to efforts to fix bias in hiring algorithms, such as a course for open AI development. The growing awareness of privacy problems, particularly in processing personal data critical for AI, highlights the need for solid data protection. The discussion about balancing AI advantages and personal data security will continue throughout the following year.
Collaboration between humans and technology was one of the 2023 AI trends. Despite common assumptions about AI replacing humans, the reality is that AI is being utilized to complement human skills rather than take over human responsibilities. Augmented reality, virtual reality, and AI-based technologies empower design, architecture, and research professionals to explore new creative possibilities and make informed decisions. Unlike humans, AI can evaluate vast amounts of data without making mistakes, reducing errors and enabling efficient task delegation.
In 2023, AI demonstrated its transformational potential across several areas, significantly improving human well-being. Despite significant achievements, concerns like prejudice, privacy, and the changing nature of labor highlight the significance of ethical AI development and implementation. Balancing technical innovation and ethical issues is critical to ensure that AI stays beneficial in our ever-changing environment.
Top 6 AI trends 2024 to watch out
The hype around artificial intelligence in the last year has been comparable to an actual celebrity's. There are no surprises that 2024 will be similar, with AI fast developing and ensuring its spot on newspaper front pages. Nonetheless, the previous year's regulation changes surrounding the use of technology will impact the following one. Investigating the most recent AI trends 2024 will provide us with insights into what to expect in the future.
Human-technology collaboration. Next year, we should see a broader application and a form of human-machine cooperation. That is, we must rethink conventional job roles, with a heavy focus on the successful application of artificial intelligence at work. For example, AI may assist lawyers in speeding up contract writing, and doctors may use the technology to create treatment plans.
Multimodal AI. According to experts, a new AI generation is coming. It can combine different data types, making it easier for the AI to connect with the user more deeply. This is a big step forward because it allows AI to interact more human-like, elevating the level of engagement with users to new heights.
AI legislation. AI Security Summit and the global agreement on establishing a safe AI framework aim to find harmony between innovation and regulation. The rapid growth of generative artificial intelligence has given rise to complex legal challenges that remain unresolved in 2023. Therefore, the challenge and trend for the next year involve developing regulations for the content generation process with the assistance of AI.
AI in customer service. A trend that will continue from 2023 to 2024 is the continued outsourcing of regular activities to AI for increased efficiency. There isn't anything new here; it means using AI to do routine tasks more efficiently. This involves using artificial intelligence (AI) to triage first-contact calls, provide tailored recommendations, and generate reports.
AI Applications. Adding chatbot functionality is a great way to attract new customers and show how modern the business is. However, some companies are afraid because they need to learn what the law says about combining AI with private data. Owners hope regulations will become clearer next year so that they can benefit from integrating AI applications without putting users at risk.
AI Jobs. In artificial intelligence, new jobs are opening up, and it's no longer just for developers. Engineers creating AI instructions, ethicists specialists, and AI managers monitoring virtual labor are in high demand.
Discussing AI trends, it's essential to highlight the AI State Report 2023 from McKinsey Global Survey, revealing the continuous growth of AI tools. Among their predictions for 2024:
Tech IPO markets unthaw and we see at least one primary listing for an AI-focused company
Financial institutions launch GPU debt funds to replace VC equity dollars for computing funding
An AI-generated song breaks into the Billboard Hot 100 Top 10 or the Spotify Top Hits 2024.
We see limited progress on global AI governance beyond high-level voluntary commitments.
Also, according to the McKinsey Global Survey, there will be significant changes in the workforce. Reskilling efforts will be made to meet worker needs.
Just one year separates us from significant advances in artificial intelligence. Looking forward to 2024, we see multimodal systems bringing in a new age of development, allowing more profound and more evolved relationships with people. The vast rise in the AI business and investments shows how useful this technology could be. Artificial intelligence continually expands, promising a future with even more incredible advancements.