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Prominent AI Trends That Are Shaping 2024 - MLTutors %
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Prominent AI Trends That Are Shaping 2024

  • October 11, 2024
  • Tolulope Victoria
  • 0

Artificial Intelligence has continued to make waves, causing a lot of impact across industries. In 2023, we experienced major AI disruptions especially with inventions such as GPT-4 amongst others. As we continue to journey through 2024, there are yet many wonders of Artificial Intelligence that keep unfolding by the day. Especially as several of these key trends continue to gain traction across various industries. In this blog post we’ll be diving into some of the major AI trends that are shaping the year 2024 and the impacts they are making. 

1. Multimodal AI

The advent of Multimodal AI is definitely one of the most interesting developments seen so far in 2024. The multimodal AI focuses on the creation of AI systems that are capable of analyzing and understanding multiple inputs such as voice queries, text, images, videos all at once. What makes these systems unique is that Instead of working with one type of data, they can combine information from different sources to generate more accurate and insightful results. The first multimodal AI that could handle both text and images effectively was the GPT-4 which was released in 2023. There is however the recent model GPT-4o Vision which goes further in its ability to create lifelike interactions.

For example, in the healthcare industry, AI can combine medical images, patient history and clinical notes to provide more comprehensive diagnosis. Similarly, businesses are becoming familiar with the use of multimodal AI in their operations. smart shopping assistants can now see and respond to customer interests and emotions, leading to more personalized shopping experiences. The trend of the Multimodal AI is estimated to keep growing in its market value in the coming years.

2. Generative AI

As we approach the end of 2024, Generative AI continues to change the way we create and work. The content creation space has experienced different revolutions with the input of several Gen AI tools. These tools go beyond providing automation but offer the ability to generate high quality and original contents for specific audiences. Tools like ChatGPT and DALL-E have already shown how powerful this technology can be for both individual creators and enterprises.

 There are vast applications of generative AI that range from creative writing and visual art to generating code and medical research. Generative AI continues to push creative boundaries with its usage in product design, content marketing and content creation. This has increasingly led to improved customer service experience.

3. Shadow AI

Shadow AI refers to the use of AI technologies by employees without the approval of the company’s IT department. This trend is no longer new to most workplaces especially with the surge of generative AI tools like ChatGPT, Copilot and Claude AI amongst others. A report carried out by Microsoft’s Work Trend Index Annual Report stated that 78% of AI users are bringing their own AI tools to work. This poses a threat as some employees bypass organizational policies, causing a potential security breach to the company. 

 Although Shadow AI has brought about faster innovation at work, it has also raised concerns on the issue of security and data privacy. Companies can mitigate the risks associated with Shadow AI by educating their employees on the risks associated with its usage. They can further establish clearly the acceptable and unacceptable policies in the use of Gen AI.

4. Conversational AI

Customer experience is known to be a major determinant of business success. The role of Artificial Intelligence in delivering improved customer experiences can not be overemphasized. Conversational AI is another AI making significant impacts across various sectors in 2024. As it continues to improve in natural language understanding and generation. These AI systems, including virtual assistants and chatbots, are now more effective at handling complex queries, delivering personalized responses, and engaging users in real-time conversations.

 Conversational AI for customer service delivers a variety of solutions to pain points as insights from interactions can be used to better understand client’s needs and demands. Businesses are now deploying conversational AI to handle a wide range of tasks, from answering FAQs to processing transactions. This can help to provide round-the-clock customer support with little or no human intervention.

5. Small Language Models(SLMs)

There has been a shift towards Small Language Models in recent times. This opposes Large Language Models that have dominated the AI development trend over the years. This preference is particularly because of the low computational needs of SLMs. Their compact size and efficiency makes perfect for resource-constrained devices. These models are designed to be more efficient, requiring less computational power while still delivering impressive performance.

 Furthermore, Small language models are beneficial for businesses with limited resources, as they can be deployed on local devices without the need for cloud computing. These models are also more privacy-focused since data doesn’t need to be sent to large, centralized servers for processing. As these AI trends continue to evolve, businesses, developers, and policymakers must join hands together to hone the benefits of AI while also mitigating some of its challenges. Staying continually informed and updated with these trends will be a major way to thrive for the rest of 2024.