Happy New Year! As we close the book on 2023, its hard to process just how much generative AI technology has begun to infiltrate every corner of industry. 2024 will bring new advancements and new products.
Our resolution is to provide you with the most accurate information as the industry continues to expand — starting today with our predictions on where AI’s going and a look at the companies that will take us there.
What’s next?
Our predictions, based on what’s been brewing in 2023:
- 🚀 GenAI goes mainstream. Generative AI technology and platforms, such as ChatGPT, is expected to become increasingly integrated into various business functions. Its scalability and ability to draw insights from unstructured data like text will enhance the productivity of knowledge workers significantly. However, realizing its full potential will require more than basic usage; companies will need to customize these technologies to their specific needs while being mindful of potential risks.
- 🤔 Rethinking large language models (LLMs). While LLMs have shown impressive capabilities, 2024 might reveal their limitations. The industry could see diminishing returns on increasing model sizes, prompting a shift towards smaller, more specific, and possibly multimodal models. These models may prove almost as effective while being easier to update.
- 📈 The rise of multimodal. The ability for AI models to process multiple types of inputs (text, images, audio, video) simultaneously will lead to more contextually aware responses. This advancement is particularly exciting for fields like manufacturing, engineering, and healthcare, where interaction with complex data like schematics or genomics could become more intuitive.
- ⚖️ Growing focus on Responsible AI. 2024 is expected to see major developments in responsible AI, with standardization of protocols and best practices focusing on governance, safety, security, and trust. This shift might involve the formation of new business units within corporations, dedicated to AI ethics and responsibility.
- 📜 Regulatory changes and challenges. There's an anticipation of clear laws governing AI at both national and global levels. This could include regulations around AI ethics, privacy, and usage, necessitating a new level of agility and adaptability from enterprises.
- 💡 Open source gains and traction. Many enterprises are likely to turn towards open source models for AI development, driven by the desire for control, transparency, and customization. This trend could lead to a broader adoption of generative AI across various sectors.
- 🛡️ Emergence of AI risk management. With the growing use of AI, there's an expectation that insurers will start offering policies specifically covering risks like AI hallucinations or errors. This development reflects the changing landscape of risk management in the age of AI.
- 🔋 GPU shortage and hardware innovations. A potential global shortage of GPU processors, crucial for AI operations, might spur innovation in hardware solutions. Efforts are underway to develop low-power alternatives to current GPUs, which could democratize access to AI technologies further.
- 🤖 Expansion of AI agents' capabilities. We might see AI agents becoming more capable of executing tasks, like making reservations or planning trips. This expansion into more practical applications could significantly enhance user interaction with AI.
- 🗽 U.S. regulation on AI. The U.S. might see legislative action in AI, aligning with President Biden's executive order on the safe and secure development and use of AI. This could mean more public sector investment and a focus on creating AI technology that aligns with American values.