AI continues to progress in 2024 with its rapid adoption across industries. In the USA, 60% of companies with more than 10,000 employees started using AI by the end of 2023. Among these organizations, manufacturing, healthcare, IT, etc. lead the chart. The key reason for such fast adoption is AI’s capability to transform business operations.
According to data, the global AI market is about to reach $1.3 trillion in 2030, which was only $150 billion in 2023. One of the major causes for such remarkable growth is the enhanced integration in every domain. This has also contributed to the formation of new AI trends.
The top benefits of AI include automation, reduced human errors, 24*7 availability, effective analytics, convenient usage, etc. Let us discuss the top AI trends that can leave a significant impact on the 2024 commercial setup.
What are the Latest AI Trends in 2024?
Multimodal AI:
Multimodal AI has revolutionized the generative AI sector. Primarily, AI offered single-modal abilities with text, visuals, and speech. However, the technology has evolved and become multimodal, allowing solutions in various formats, including text, images, audio, video, and code. Additionally, it can accept prompts in multiple formats, as above. Multimodal AI is one of the AI trends in 2024.
This new AI paradigm processes various types of data, which it combines with several intelligence algorithms to ensure higher performance and advanced outcomes. Multimodal AI depends on ML models to provide inputs in users’ preferred formats. This AI version offers higher accuracy, increased user experience, appropriate resource usage, and standard interpretability.
Open-source AI:
Open-source AI platforms unlock AI and ML-based solutions free of cost. People can leverage such platforms without investing anything beforehand. It has allowed people with diverse social and financial status to adopt the technological aspect of AI. People now use open-source AI to generate content on smaller to vast topics.
The democratization of AI has played a crucial role in popularizing free AI platforms. With such initiatives, developers from many territories and locations have contributed to constructing the AI-based landscape. Open-source AI further reduces AI integration and development costs. Therefore, we can expect the introduction of more similar platforms in 2024.
Shadow AI:
The enhanced usage of technologies such as AI and ML has triggered the emergence of shadow AI. Due to easy access, people use AI platforms even without permission. This trend has become nothing but a challenge for companies lately. Many organizations put strict restrictions on AI usage. However, employees utilize AI platforms without authorization.
With the introduction of the Google Core Update in March 2024, AI-generated content has been put to the back gear. AI can generate spammy content due to which, it cannot rank on the search engine. Therefore, shadow AI can create difficulties such as inconsistency, IT risks, and control for companies.
Small language models:
Small language models encourage flexible AI usage, unlike large language models, which require specific computing resources to operate and depend on various parameters. It has been one of the top AI trends in 2024 that made the technology more accessible for users. Due to its size, people can use AI, based on small language models, on their phones, even offline.
Small language models made AI affordable for users, making it more explainable. Though SLM is not as powerful as LLM, developers are continuously researching the mechanism to enhance its performance.
Quantum AI:
Though quantum AI is still under research, we can experience major developments in this field in 2024. It uses the strength of quantum computing to enhance the performance and effectiveness of artificial intelligence. The impact can mostly be observed in machine learning algorithms, large language models, and neural networks.
Experts anticipate that quantum AI can contribute remarkably to the fields of medicine, climate science, and finance.
Wrapping up on the top AI trends!
Following the elevated adoption of AI in every sector, it is quite certain that the technology is going to progress in the upcoming months of 2024. Such high usage gives rise to new practices and trends. Multimodal AI, open-source AI, shadow AI, small language models, and quantum AI are among the top AI trends to check out in 2024. Read our blogs to learn about various other tech advancements.