Let’s look at the technological tools around you. Many of the tech tools we use daily are powered by artificial intelligence (AI). From the apps on our smartphones to the smart assistants in our homes, AI is behind much of the technology we rely on.
Not to mention, thanks to AI, we can now write a whole blog or make animated videos instantly. As we rely more and more on AI, we have to admit that our routines get so much easier at home or work with this technology.
In the future, AI will never stop to grow. As for this year, at least we can witness some AI trends that many businesses have incorporated. Here are five AI trends in 2024 with new capabilities and solutions for businesses.
Multimodal AI Takes Center Stage
Multimodal AI systems understand and process data in different formats, such as text, images, video, and audio, simultaneously. Such technology is becoming important as it allows for a more comprehensive data interpretation.
The easiest example to discuss is the operation of electric cars. A few years back, we were crazy to think that cars could drive by themselves without our hands on the steering wheel. But look at what happens now!
Have you ever wondered how self-driving cars can safely drive and avoid dangers? That’s because they process visual data from cameras, spatial data from radar, and audio signals like sirens or honking. AI systems process multimodal data to make a self-driving car safely navigate complex environments.
Meanwhile, in healthcare, multimodal AI can analyze medical images, patient history, and lab results together to generate more accurate diagnoses. This technology can surely save countless hours and help people deal with complex data.
There will be more and more applications of multimodal AI in diverse industries and fields. This technology can better mimic human intelligence by combining different types of inputs and generating more accurate outputs.
Open Source AI is Thriving
Open-source AI is another trend that’s gaining significant momentum. The open-source community has played a massive role in the widespread of this innovation. They made AI technologies accessible to anyone with an internet connection.
One of the impacts driven by open-source AI is that it democratizes access to advanced technology. Now, even a small e-commerce company can use open-source AI frameworks to create a chatbot for various functions, such as handling inquiries and tracking orders.
With open AI, companies who want to leverage technology don’t need huge investment in software and human resources. Anyone, especially tech enthusiasts and software engineers, can learn about open-source AI without any PhD title.
Shadow AI Gains Ground
Among AI trends, the rise of shadow AI has become more of a concern for businesses. In many cases, shadow AI bypasses standard security measures and company protocols, which can lead to vulnerabilities and regulatory issues.
In an easier manner, shadow AI happens when teams in a company use AI tools without approvals from the IT department or following company rules. Usually, this happens because companies adopt AI quickly without a clear plan or guidelines for how it should be used.
For example, a marketing team might use a third-party AI tool to help with customer targeting without telling the IT team. While this could improve ad targeting quickly, it might also create security problems if the tool doesn’t follow data privacy standards.
Shadow AI can cause more severe issues in industries that collect clients’ sensitive data, such as healthcare and fintech. If sensitive patient data is involved, using unapproved AI tools could cause legal issues if medical records are analyzed without proper control.
Even so, shadow AI has become more and more common today. What businesses need to be aware of is that this technology may also introduce risks without clear rules and proper management.
Smaller Language Models
There has been a shift toward creating more efficient AI models. That means they can perform well without being as large or complex as their predecessors. That is how smaller language models will become an AI trend in 2024.
Smaller language models are supported with fewer resources, including less computational power and memory. However, they can still deliver strong and fast performance.
Simpler AI models can really benefit small businesses since they use less energy and cost. They can also be more easily used in various applications like chatbots. Businesses can now implement intelligent chatbots without needing high-end infrastructure.
Customized Enterprise AI Models
Just as the name suggests, customized AI models are AI systems specifically built to meet a business’s unique needs. Rather than using a one-size-fits-all AI tool, companies are increasingly turning to AI solutions that address their particular challenges.
A retail company might want an AI model that improves inventory management, while an educational organization might need a customized AI model that helps with student diagnosis.
A company can build and train a customized AI model using its own data to give more accurate predictions and actionable insights. Customized AI models allow businesses, such as an investment advisor, to solve problems more effectively while gaining insights that generic AI tools can’t offer.
Takeaway
With all the points above, what can we take from those trends? If we look closely, the real takeaway is that AI trends in 2024 are driving a move toward more personalized, efficient, and secure AI applications.
Organizations and companies leveraging these changes and thoughtfully integrating AI into their strategies can improve operational efficiency and stay competitive in a rapid global market.
