2024 and Beyond: The Ascent of Artificial Intelligence - Top 6 Trends Powering the Next Wave of Innovation
Nilay Parikh
AI in AlgoTrading, Risk, Portfolio & Quantitative Finance | Augmented AI for Structured Scientific and Arithmetic Data | Realtime Data | AI & Forecasting for Timeseries AIOps | MLOps | DataOps | Data&AI Platforms
AI is rapidly transforming our world, as evidenced by explosive growth projections. The global AI market is expected to skyrocket to over $190 billion by 2025 at a 36% compound annual growth rate.
In particular, 6 pivotal AI trends warrant close attention for their vast disruptive potential over this next critical period of adoption and development. Generative AI leads the pack as the most disruptive technological trend today, with the likes of ChatGPT disrupting knowledge work and industries dependent on information creation and processing.
Augmented working dynamics like “bring your own AI” and uncontrolled “shadow AI” raise pressing talent opportunities and governance challenges in equal measure.
The democratization and transparency of open source AI models bring customization and innovation possibilities. AI writing code promises to exponentially expand developer productivity. Frameworks like AI TRiSM help ensure enterprise responsibility in AI. And intelligent apps leveraging personalization stand to be the next battlefield for customer experience and loyalty. Across sectors, AI will indelibly shape 2024.
1. Generative AI: The most disruptive trend
What is generative AI?
Generative AI (GenAI) refers to artificial intelligence that can generate new content such as text, images, video, and more, based on patterns it learns from large datasets. Popular examples of generative AI include text generators like ChatGPT, image creators like DALL-E, and audio generation tools.
Why is it disrupting industries?
Generative AI is incredibly fast at creating high-quality, customized content. This allows people to be more productive and creative. For example, a graphic designer can instantly generate 50 logo ideas instead of manually designing a few options. Or a writer can use AI writing assistants to draft full articles in minutes. This disruption affects any industry involving creating or processing information.
When will adoption skyrocket?
Gartner predicts that by 2026, over 80% of enterprises will be using generative AI in their business, compared to less than 5% today. So we are at the very beginning of the explosion of generative AI across industries. The availability of user-friendly tools from companies like Anthropic, OpenAI, Google, and Microsoft will accelerate adoption.
2. Augmented working, BYOAI & Shadow AI
What are these new workplace AI trends?
"Bring your own AI" (BYOAI) refers to employees using their preferred consumer AI tools like ChatGPT for work tasks without official approval. This helps workers be more productive.
Shadow AI refers to ungoverned, unchecked use of AI within an organization, similar to shadow IT. It comes with risks like security issues or compliance violations.
Why are these trends emerging?
As AI becomes mainstream, workers want to capitalize on it. BYOAI tools are more affordable, convenient and smarter than company-provided options. However, without governance, Shadow AI can create problems.
When will adoption grow?
Forrester predicts over 60% of knowledge workers will soon use their own AI for work tasks. Similarly, Gartner says that by 2025, 10% of organizations will have had a significant security breach due to shadow AI, indicating its growing use. Companies need AI governance strategies for this new reality.
3. Open source AI
What is open source AI?
Open source AI refers to artificial intelligence tools and models that anyone can freely access, use, modify and share. For example, open source models like Llama by Meta AI rival capabilities of proprietary models like ChatGPT.
Why is it trending upward?
Open source AI is more transparent, flexible, customizable and budget-friendly than closed models owned by tech giants. This is accelerating enterprise adoption. Open source models also enable developer innovation.
When will adoption hit mainstream?
By 2024, Gartner forecasts over 85% of AI models developed and consumed by enterprises will be open source rather than proprietary licensed models. Startups will continue releasing advanced open source AI through platforms like Hugging Face. Open AI adoption is at its tipping point.
4. AI coding
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What is AI coding?
AI coding refers to software engineers leveraging artificial intelligence tools to write and improve computer code. This includes AI autocompleting code, generating full functions, translating code between programming languages, optimizing performance, finding and fixing bugs, and more.
Why is it trending?
AI coding tools boost programmer productivity. One survey found coders believe AI assistants save them over 5 hours per week. AI also expands access to coding by automating complex tasks. This frees developers to focus on higher priorities.
When will adoption hit critical mass?
By 2028, Gartner forecasts over 75% of professional software developers will use some form of AI coding assistants, up from under 10% today. As AI language models like Codex continue advancing, AI coding will become mainstream. Programming will drastically transform this decade as AI assistants handle increasing amounts of grunt work.
5. AI TRiSM
What is AI TRiSM?
AI TRiSM stands for Artificial Intelligence Trust, Risk and Security Management. It is a framework to help organizations responsibly develop, deploy and manage AI systems by addressing explainability, transparency, mitigating bias and more.
Why is it important?
As AI permeates business functions, organizations need to ensure it is trustworthy, unbiased, and its decisions are explainable. AI TRiSM provides guidance on model governance, adversarial defense, ethical data practices and other areas crucial for reliable enterprise AI.
When will adoption grow?
By 2026, Gartner forecasts 80% of organizations using AI will rely on AI TRiSM or similar methodologies, up from just 5% in 2023. Regulations like the EU’s AI Act will also accelerate adoption. Managing risk across AI systems will soon be imperative.
6. Intelligent apps & AI for personalization
What are intelligent apps?
Intelligent apps refer to software applications enhanced with artificial intelligence to customize experiences for each user. For example, TikTok's "For You" feed shows you videos based on your individual interests.
Why is personalization becoming so important?
People expect highly tailored, relevant experiences similar to what today's AI can deliver. Personalized content performs better across metrics like engagement and conversions. No wonder Gartner says 1/3 of new apps will use AI for personalization by 2026.
When will we see mass adoption?
The percentage of apps leveraging AI for personalization will rapidly rise in coming years. Falling cloud costs also enable smaller companies to deploy AI. Virtually every app from streaming services to retailers to social platforms will differentiate through individualized AI. Hyper-personalization is the next app battleground.
Thoughts for Leadership
The AI revolution is here and accelerating across industries. As explored, pivotal trends like the content creation abilities of generative AI, augmented workforce dynamics brought by consumer models like ChatGPT, governance challenges and innovations posed by open source AI, frameworks promoting ethical AI, AI assisting coders, and the personalization power of intelligent apps radically reshape existing paradigms. With AI infiltration posing opportunities and risks, leaders must proactively govern while empowering workers and processes for advantage, rather than reactive inhibition.
AI Leadership Priorities for 2024:
About Author
Nilay is an acclaimed technology leader, writer and speaker with thought leadership in cloud engineering, data engineering, AI enablement, DevOps, and MLOps. A LinkedIn Top Voice in machine learning, cloud computing, and data engineering, he shares his insights on AI's transformational impact as an author, blogger and at industry conferences.
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