AI has taken all the hype of 2022 and 2023, becoming the most talked about tech globally. 2024 will give us a reality check on its true potential.
AI took the entire limelight in 2022 and 2023, especially since the mainstream discovery of Generative AI. Suddenly, AI was everywhere, from helping us ease our basic tasks and taking jobs to threatening a global apocalypse. However, its on-ground adoption and impact were lower than anticipated in 2023 across individual users and businesses.
Based on a recent study by Gartner, the year 2024 will put AI to a strict reality check. OpenAI, Copilot, Bard, and many more AI tools will give us objective data on their use cases in various scenarios. Let’s see what’s happening with AI in 2024.
Despite the challenges of meeting inflated expectations, AI will be seen blooming in the following sectors. According to McKinsey’s research, tech companies will leverage most of AI’s capabilities, amounting to 9% of the industry’s overall revenue. Other sectors taking advantage of AI will be banking with up to 5% market share, pharmaceuticals and medical products taking up to 5% more, and education settling at 4%.
Chatbots have been a dominant part of automating consumer relationship management for over 5 years. With the inclusion of AI, chatbots can see a higher adoption rate by consumer-facing businesses. Another subjective prediction states that these conversations will have a lower reveal rate when a consumer talks to an AI.
In the niche sectors, AI will evolve leaner LLMs that can perform with equal or more capacity while taking less running power and space. Just like the evolution of computers to sleeker versions, AI will reshape its base frameworks and learning storage to become lighter and much faster.
About 1.5 billion people will soon be standing on the voting ballot in the US. AI can turbocharge the spread of misinformation that changes the course of elections. Deep Fake photos and videos are becoming tough to identify, and stricter regulations are still being made. Generative AI’s synthetic media can become the leading source of influencing people, especially when the elections are nearing.
Growing technology gives rise to both productive opportunities and fraudulent capabilities. The most fearful aspect of AI is that it cannot be directly put to blame. Lack of regulations, laws, and awareness make AI-powered cyber criminals tough to trace and catch. LLMs are capturing the data of billions of people, which may not be protected with the best security walls. These factors gravely increase the chances of scams, frauds, and cyber attacks on unaware, innocent people.
The inflated hype around AI has created a huge cloud of illusion around its existing capabilities and the impact it is bringing to the consumer and business world. With a lower-than-expected adoption of AI by European businesses, the hype is getting a rather disappointing reality check. Till now, GenAI has been limited to text, images, and videos. The analytics still require human intervention as AI keeps hallucinating.
The year 2024 will give answers to a lot of What-Ifs and How-Did-That-Happen. AI is growing steadily and is still in its early stages of evolution. With 2024 checking the true capabilities of existing AI potential, 2025 and the coming years will see a more positive AI outlook globally.