Key takeways
- Today, we have AI-based devices that operate not only on touch but also on voice commands! We have driverless cars, virtual assistants, and more! It seems like our fantasy world is converting to reality! All thanks to Artificial Intelligence or AI!
- AI has evolved through different phases to reach the current version of Generative AI that comprehends voice commands and generates human-like content!
- AI is being deployed extensively across sectors to provide a myriad of benefits.
- With several game-changing innovations, AI is poised to revolutionize every aspect of a business and our lives.
- While the new versions of AI hold a lot of promise, they come with limitations.
- Businesses need to stay updated with the latest trends in AI and choose the latest AI tools that can boost various aspects of their business.
Let us go back in time to the year 1968 when we were introduced to the cute autonomous car “Herbie” in the movie “The Love Bug”. This car had emotions and was a friend to its owner. Then there was “Irona” the robotic assistant of the comic book character Richie Rich who not only performed all the household chores but was a friend who provided emotional support to Richie Rich. We have also seen the Home of the Jetsons (aired in 1962-63) where all devices and gadgets worked on the tap of a button!
Movies and Sci-fi books created a fictional world where devices operated automatically, there were driverless cars, and robots that would work on commands. We enjoyed these shows/books, etc., as they would transport us to a fantasy world where these seemingly impossible things happened.
Fast forward to 2024!
Almost all of these aspects of Sci-fi movies and books seem to have come alive! Today we have AI-based devices that operate not only on touch but also on voice commands! We have driverless cars, virtual assistants, and more! It seems like our fantasy world is converting to reality! All thanks to Artificial Intelligence or AI!
Needless to say, Artificial Intelligence has had a profound impact on our lives ever since it made its appearance way back in 1956 (Source: Wikipedia). Experts had been working on the concept before 1956 as well, but the name was coined in that year.
Artificial Intelligence or AI refers to the ability of software to mimic human intelligence and problem-solving abilities. The earlier systems worked based on computer programs that were run to get the desired results. From these humble beginnings, AI has evolved through different phases to reach the current version of Generative AI that comprehends voice commands and generates human-like content!
And, this is just the tip of the iceberg! AI is poised for some revolutionary innovations in 2024 and beyond! Hence, it comes as no surprise that the AI market is expected to grow at a CAGR of 36.8% from 2023 to 2030! (Source: Radix).
Before we dive deeper into the AI innovations that are coming our way, let us take a look at how AI has revolutionized various facets of a business!
AI has facilitated the creation of hyper-targeted and individualized customer experiences.
AI has made inroads in cybersecurity as well providing an extra layer of security in fraud-prone areas like banking, finance, etc. ML algorithms can identify cyberattacks in real-time, raise warnings, predict attacks, and facilitate neutralization of attacks.
AI augments human intelligence to pave the way for speedy and efficient actions.
Environmental concerns are on the rise and AI is being harnessed for sustainable practices. It is being deployed in areas like prediction and optimization of energy consumption. Other areas where AI has made inroads include pollution control, maximization of usage of renewable energy, etc.
Robotics and automation technologies have made inroads across sectors including healthcare, manufacturing, finance, and more to enhance the speed and efficiency of processes.
Let us delve into the Game-Changing AI Options that will Reshape our World further:
- Generative AI
It would not be wrong to say that Gen AI dominated the tech ecosystem in 2023. Generative AI was used extensively for creating text, images, videos, speech mimicking humans, and more. It has boosted the qualitative as well as quantitative growth of businesses. According to Markets and Markets, the global market size of Gen AI is expected to reach $51.8 billion! (Source: Blogging Wizard).
The next steps in Gen AI advancements might be seamless integration and embedding with different platforms.
In 2024, Gen AI will be available to a broader audience and is expected to go beyond content generation to creating personalized customer experiences.
- Multimodal AI
The next big development in Gen AI is expected to be Multimodal AI wherein Gen AI goes beyond text-based systems to multimodal language. Multimodal AI includes the integration of text, speech, and images. It promises contextually relevant responses across sectors.
The multilingual capabilities of Multimodal AI overcome language barriers with customers and help businesses connect with a global audience. Multimodal AI also includes both auditory and visual elements that enable it to offer great customer experiences.
Multimodal AI has the potential to drive growth, optimize operations, and offer a personalized customer experience.
- Customizable Enterprise AI
Businesses are adopting generative AI applications that are customized to meet the specific needs of the business. The applications integrate proprietary data to ensure accurate and personalized responses. The ability of AI to customize applications according to customers’ needs and preferences transforms AI from a generic AI tool to a strategic asset.
Customized enterprise AI boosts customer engagement, operational efficiency, and market competitiveness. It has the potential to help businesses cater to the needs of niche markets and overcome operational challenges.
A customized model instead of a generic model improves privacy and security. It also provides businesses a greater control over their data.
Gartner predicts that over 86% of enterprises will have used generative AI APIs or Gen AI-powered applications by 2026 (Source: Forbes).
- Artificial General Intelligence (AGI)
It is expected that AGI tools will perform and accomplish various intellectual tasks that only humans can perform. This technology is still in its nascent stages but is expected to surpass human intelligence when it is fully developed. AGI holds the promise to offer phenomenal power and innovation.
- AI Agents
AI Agents or Agentic AI tools differ from traditional AI tools because they are proactive instead of reactive. All the existing AI tools work in response to commands according to a preset program. However, Agentic AI tools are autonomous and work without human intervention. The Agentic AI technology has the potential to understand the environment, establish goals, and act to achieve those goals independently.
- Open source AI
Generative AI models are expensive to build and they require vast volumes of data for training. Open-source AI models enable developers to build systems over the existing Gen AI models. This greatly reduces cost and increases the scope of AI access. Organizations or researchers can easily build on the code of existing Open Source AI models.
Since open-source AI codes can be accessed by more users, it becomes easier to identify biases, bugs, and security vulnerabilities.
- AI Wearables
Wearables integrated with AI working alongside Extended Reality (XR) will become popular and blend into our daily lives. These devices will go beyond tracking health metrics and sending notifications to offering real-time AI assistance. We are likely to see a Gen AI-powered wearables that will provide an enhanced level of intelligence.
While all these trends in AI are very exciting, there are certain limitations of AI that businesses must be aware of:
- There is a growing concern with Shadow AI. Shadow AI refers to the indiscriminate usage of AI tools in an organization without the approval of IT. The easy access to AI tools has led to Shadow AI concerns. Shadow AI raises security concerns since the users lack information on data privacy and compliance. This problem gets magnified because the data that gets shared in public models cannot be retracted.
- AI models raise concerns such as issues with the quality of output, integration challenges with existing systems and workflows, etc.
- Aspects such as ensuring data quality, training models, and maintaining AI systems can be a challenge.
- Frauds and identity thefts are other issues with the extensive use of AI.
- Sophisticated AI-generated content like deepfakes can raise concerns about misinformation and manipulation in different areas, especially media and politics.
- AI can also make ransomware and phishing attacks more powerful and difficult to detect.
- Safety and ethical usage are other issues with AI models.
- Additionally, there is a growing focus on ethical considerations surrounding AI technology, including bias mitigation and transparency.
As AI continues to evolve, the work of the experts increases in trying to address its limitations. Researchers and Governments across the globe are working to make AI safe and secure so that we can benefit from the innovations it promises.
The above-mentioned advancements in AI will reshape various aspects of our lives. Let us take a peek into how AI will impact us!
The fear that AI will take away jobs is real. However, the good news is that while AI might take away 75 million jobs, it will generate 133 million new jobs that are less monotonous and more engaging (Source: Salzburg Global).
AI-powered tools will simplify the process of teaching new languages. They will also help in translating text or speech in real time thereby bridging social and cultural gaps in our everyday lives.
AI has the power to revolutionize public administration. AI-based systems foster a more efficient bureaucracy by facilitating quicker responses, accurate analysis, data-based decision-making, etc.
One sector where AI will have an emphatic impact is Healthcare. It will make healthcare more accessible and affordable. AI-powered systems will help healthcare professionals accurate, safe, and convenient services.
AI-based systems will make a profound difference in creative fields like art. Gen AI tools will help create art in different forms.
If you are just as excited about the power of the new-age AI as we are, connect with the team at Auxiliobits!
Our experts can help you identify the best AI tools for your enterprise. Our domain experts are well-experienced in different aspects of automation and work closely with our clients to understand their existing systems and bottlenecks in the systems. We recommend AI tools that meet your automation goals. We suggest cost-effective AI solutions that can be seamlessly integrated with your existing systems. Our professionals are updated with the latest trends in AI and recommend automation solutions aligned with these trends.
In Conclusion
The latest trends in AI have shown significant advancements and have the potential to revolutionize various industries. The integration of AI in the healthcare, finance, transportation, and education sectors is transforming the way businesses operate and individuals interact with technology. With ongoing research and development, it is clear that AI will continue to evolve, making it an integral part of our future. As AI continues to add new dimensions, we will see the lines blurring between the real and fantasy worlds!
