Over the last few years, businesses have relentlessly invested in AI to improve efficiency, enhance productivity, and grow faster. As a result of these constant investments, the AI industry is estimated to reach a whopping USD 826.76 billion by 2030.
As AI can support any aspect of business, from finance, customer service, and production to operations and safety, companies will continue to leverage AI. Now, instead of merely adopting third-party AI solutions, businesses have come to develop custom artificial intelligence services and solutions.
However, the trends keep changing with new solutions, systems, and regulations being developed.
This blog discusses the top trends in AI in 2024 and its future.
The Top Generative AI Trends of 2024
AI’s developments have made it a constantly evolving industry. The industry’s rapid growth has given birth to new trends.
The following are the most interesting AI trends in 2024:
Trend #1: Multimodal Gen AI
The multimodality of generative AI will be huge in the next few years. We can see it happening in various applications, platforms, and business areas. A multimodal AI can interact with different input forms and provide output based on them.
For example, ChatGPT is a text-based AI model. Its outputs are text-based. What if it can produce output based on images, video, and audio inputs?
It has enormous implications in healthcare, marketing, and finance, where different data modalities can be fed into an AI to produce more accurate outputs.
Trend #2: Democratization of Generative AI
When ChatGPT became an AI sensation, everyone was ready to use it. However, for various reasons, it was not readily available to everyone. There are many similar AI tools, like Gemini, Microsoft Copilot, Claude AI, etc., from which to choose.
This is the meaning of AI democratization. Regardless of where one is and their requirements, they must be able to use Gen AI tools.
This democratization will become even more prevalent in all areas of business. Different departments, teams, and individuals can access custom-made AI solutions.
Many artificial intelligence consulting firms work with businesses to develop tailored AI solutions.
Trend #3: Customized Enterprise Gen AI Solutions
Enterprise businesses look at generative AI differently than smaller businesses. Large corporations have diverse departments that need customized AI to help them execute their operations.
Hence, what one enterprise requires will differ from what another one needs. Therefore, these enterprises must work with agencies offering customized artificial intelligence services and solutions.
This customization involves various elements, such as adapting AI models, apps, and algorithms to meet diverse businesses’ specific use cases and challenges.
As AI systems evolve, customization will be a crucial AI trend for businesses to ensure efficiency, productivity, and success.
Trend #4: AI-Driven Cyber Security Solutions
AI-supported cybersecurity solutions have been on the market for some time but recently became more popular.
A key advantage of using AI solutions for cyber security is that they utilize machine learning to analyze, detect, and predict security vulnerabilities. These intelligent solutions run assessments constantly to detect vulnerabilities faster and help the business address them before anyone can exploit them.
Using AI models in cyber security has become even more essential for businesses since perpetrators can use AI solutions to hack into systems.
Businesses need more adaptive and dynamic cybersecurity solutions powered by AI capabilities to ensure proactive protection.
Trend #5: AI Solutions to Improve Workplace Productivity
AI has undoubtedly helped businesses improve their productivity beyond expectations. This AI trend will grow as more businesses integrate AI solutions into their workflows.
Such integrations enable employees to take advantage of various generative AI solutions and platforms to expedite their work. AI can take care of the mundane and tedious aspects of daily work. Often, the most boring tasks, such as adding data to a spreadsheet, manual quality checks, creating plan outlines, etc., take a lot of time.
When AI is introduced, it can carry out these tasks faster with occasional human intervention. This approach will allow employees to focus on tasks that need a human touch and creativity.
Trend #6: Customizable Generative AI
Businesses in niche markets and sectors require customized AI solutions to address their needs. However, the AI industry must currently focus on offering such custom solutions.
As 2024 progresses, more businesses are working with businesses offering artificial intelligence consulting services to build customized Gen AI solutions.
This will help businesses in the health and financial sectors personalize their service offerings and improve customer satisfaction, positively affecting their businesses. Another huge benefit is that with custom AI solutions, companies will have more control over data and its security.
This will help businesses win over more clients as people are becoming more concerned about their data and how companies use it.
Trend #7: Shadow AI
Shadow AI refers to employees using AI in the workplace without oversight or approval from their employers. As AI becomes more advanced and powerful, working professionals use it with or without their employers’ knowledge.
This trend is increasing in most industries and will only become more prevalent and bigger.
In a survey by E&Y, over 90% of respondents said that they use AI at the organization. Employees using AI solutions can have severe repercussions for data privacy and security.
Trend #8: Emergence of New Use Cases
As new companies offering artificial intelligence consulting services emerge, the technology continues to evolve rapidly. This naturally leads to more use cases for AI being discovered and leveraged.
This is a trend that the industry will witness in 2024 and beyond. Some industries already use AI in their operations, as given below:
- Many e-commerce businesses have already started using AI to improve customer service, product display, inventory management, and other aspects of their business.
- AI can play a huge role in education. By creating unique educational content that fits learners’ learning styles and preferences, AI can improve learning experiences.
- In manufacturing, AI can help create faster prototypes and expedite production and quality checking without human oversight.
- The healthcare industry is another area where AI can be used to ensure faster diagnosis, provide predictive analysis, and create personalized medication plans.
As AI and its capabilities grow, more use cases will be uncovered.
Trend #9: More Ethical and Privacy Guidelines
AI faces massive challenges in terms of ethics and data privacy. Many industry leaders argue that AI can accelerate ethical and safety issues without proper regulations, such as racial and gender bias, data breaches, etc.
Hence, businesses must create more stringent ethical guidelines and privacy policies to address these challenges.
This is already becoming a trend in most countries, where governments have passed legislation to regulate how AI is used. All artificial intelligence software companies must comply.
This trend will gain traction as more powerful and capable artificial intelligence services and solutions are developed and released.
All these trends underline one crucial fact—AI is here to stay, and businesses need AI solutions to remain relevant worldwide.
While many large businesses can ideate and develop AI solutions in-house, most still have a lot of work to do. The best strategy to stay competitive is to work with an artificial intelligence software company that offers professional services and solutions. We found KPI Digital, located in Canada, is an excellent option if you are looking for an AI company in Montreal.
With an expert team of AI developers, data strategists, and programmers, KPI Digital can help a business capitalize on the AI trend for growth, efficiency, and continued success in 2024 and beyond.
Contact Lori Cohen from KPI Digital to learn more about their AI business services and capabilities.