The Top 5 AI Trends In 2024 to Follow

Wednesday, February 14, 2024
The Top 5 AI Trends In 2024

Artificial intelligence (AI) is on everyone's mind as 2024 kicks off. The US stock market is hitting new all-time highs, thanks largely to tech companies with heavy AI exposure, such as Nvidia and Microsoft, while journalists constantly quiz politicians and thought leaders about how AI will impact humanity's future. Even though no one can predict the future, with the help of ELANN.AI, we can follow trends and inspect their trajectories, which is why, in this blog post, we’ll explore three key AI trends that could shape 2024.

1. Multimodal AI: Unleashing the Power of Multiple Data Sources

Multimodal AI harnesses the power of multiple data sources, simultaneously analyzing text, images, audio, and other forms of information to gain a deeper understanding of the context and provide more accurate and comprehensive results. This is unlike single-modal AI, which processes information from a single source. 

This ability to integrate multiple modalities empowers AI systems to mimic human cognition, enabling them to perceive and interpret the world in a more holistic manner. By combining information from various sensory inputs, multimodal AI can extract insights that would be lost in single-modal approaches.

Multimodal AI is poised to transform industries, and leading AI companies such as OpenAI and Google are expected to make major strides in this field in 2024. Some of the key use cases include:

  • Enhanced customer experiences: Multimodal AI can be used to deliver personalized customer service, provide more relevant product recommendations, and create more immersive virtual assistants.
  • Fraud detection and prevention: Multimodal AI can be used to identify anomalies and suspicious activity in financial transactions, online marketplaces, and risk assessments.
  • Enhanced medical diagnosis: Multimodal AI can be used to provide more accurate diagnoses, enable early detection of diseases, and improve surgical planning.

2. Agentic AI: Autonomy and Decision-Making

Agentic AI empowers systems to act autonomously and make their own decisions within a defined scope, adapting to changing circumstances and making intelligent choices without constant human guidance. This ability to act autonomously opens up a world of possibilities for various industries and applications. Huge strides have been made in developing Agentic AI, and in 2024, more progress is expected. 

As an illustration, consider the field of environmental monitoring, where an artificial intelligence agent might undergo training to gather data, discern patterns, and trigger precautionary measures in the face of potential threats, such as detecting early indications of a forest fire. 

Similarly, in finance, an AI agent specialized in the financial domain could dynamically oversee an investment portfolio, employing adaptive strategies that respond to evolving market conditions in a real-time context. 

Some other examples of potential use cases for Agentic AI include the following: 

  • Industry Optimization: Agentic AI can optimize supply chains, enhance cybersecurity, and improve operational efficiency in various industries, leading to reduced costs, improved productivity, and enhanced customer satisfaction.
  • Medicine: In healthcare, agentic AI can assist in diagnosis, treatment planning, and patient care, leading to more accurate diagnoses, personalized treatment plans, and better patient outcomes.
  • Augmented Human Capabilities: Agentic AI can work alongside humans to augment their capabilities, providing real-time assistance and support in a variety of tasks.

3. AI Talent: More In-Demand Than Ever Before

The rapid advancement of artificial intelligence (AI) and machine learning (ML) has fueled an unprecedented surge in demand for skilled professionals in these fields. Companies across industries are scrambling to find individuals with the expertise to develop and implement AI solutions, creating a burgeoning job market for aspiring AI talent. 

McKinsey’s State of AI Report found that major companies expect a massive shift in how they operate as generative AI is increasingly integrated into everyday operations. The report outlines plans by companies to hire more AI talent and upskill their current employees. In addition, a recent report from O’Reilly found that among the companies they surveyed, AI programming (66%) and data analysis (59%) were the most in-demand skills. 

While the narrative that AI will take all our jobs has become popular, the reality appears to be a shift in the labor market, with repetitive tasks being automated while demand for people with the ability to carry out tasks that AI can’t handle grows.

Some of the specific jobs where a spike in demand for AI talent is expected in 2024 and beyond include the following: 

  • Machine Learning Engineers
  • Data Scientists
  • AI research Scientists

4. AI and Nations: Global Leaders Put AI At The Top of Their Agenda

Acknowledging the profound potential of artificial intelligence, in 2024, countries across the globe are anticipated to prioritize its advancement, resembling a contemporary space race. This intensified emphasis is poised to propel notable progress in research, science, and economic expansion, solidifying AI's position as a pivotal global asset.

Arguably, China and the United States are leading the way in AI, although the European Union is making moves to catch up; here’s a summary of the most important recent developments: 

  • China has made AI a national priority, investing heavily in AI research and development. The Chinese government has also established a number of initiatives to promote AI adoption, such as the "AI Made in China 2025" plan.
  • The United States is home to most of the leading AI companies and research institutions. The U.S. government is also investing in AI, with the National Institute of Standards and Technology (NIST) leading a number of initiatives to promote the responsible development and use of AI.
  • The European Union is also placing a strong emphasis on AI. The EU has adopted a number of regulations aimed at ensuring the ethical and responsible development and use of AI, such as the General Data Protection Regulation (GDPR).
The US, China, and the EU are expected to make major moves in the AI space in 2024

The US, China, and the EU are expected to make major moves in the AI space in 2024. 

5. Deep Fakes: Demands For Ethical Considerations Grow

The recent scandal involving the creation and distribution of AI-generated explicit images of Taylor Swift on X serves as a stark reminder of the ethical and security challenges posed by artificial intelligence (AI).

AI systems, despite their remarkable capabilities, are not without their limitations. They can be susceptible to bias, leading to unfair and discriminatory outcomes. In the case of the Taylor Swift incident, AI technologies were exploited to create non-consensual, sexually explicit images of a celebrity, raising concerns about privacy, consent, and the potential for harm.

To address these ethical concerns, it is crucial to develop AI systems that are fair, accountable, and transparent. This means ensuring that AI systems are not biased against certain groups or individuals, that their creators and users are held accountable for their actions, and that the decision-making processes behind AI systems are transparent and understandable. 

The Taylor Swift scandal has added to the growing demand to find a way to regulate AI. We’re still at the start of 2024, but it's clear that this will be one of the most powerful AI trends of the year. 

Final Thoughts on The Top AI Trends In 2024

As we approach 2024, the landscape of AI is set for significant shifts. Multimodal AI is anticipated to revolutionize industries by integrating diverse data, while Agentic AI is expected to drive autonomous decisions in areas like environmental monitoring and finance. Nation states and supranational institutions are expected to intensify their AI race, fueling research endeavors, and leaders are under growing pressure to respond to demands for better ethical standards. 

Did you enjoy this article? Subscribe to our AI newsletter here for a weekly digest of the top AI events.