If we were to identify the top trends of 2023—including geopolitical changes, business trends, social forces, and so on—we’d absolutely have to put the explosive rise of generative AI in at least the top five. There’s a solid argument to place it as the #1 most important trend of 2023. As generative AI launched itself onto the scene in late 2022, its rapid development throughout 2023 saw developments that blindsided many and dazzled more. ChatGPT, for example, went from clunky to crisp, and other generative AI tools like image generators have been churning out some seriously impressive artwork. Combine that with fully-digital influencers and we’re entering a new phase of tech.
So, we know 2023 has been a whirlwind. SmartDev has done our best to keep our finger on the pulse and make sure our master coders are up to date. With that in mind: What can we expect from 2024?
As we enter the year 2024, we aim to help our clients stay ahead of the curve and understand the latest trends in the world of generative AI. This comprehensive guide explores the top most likely generative AI trends for 2024 and their potential impact across industries. From larger and more powerful models to personalised experiences and streamlined automation, the potential of generative AI is only set to expand.
1. Bigger and More Powerful Models
Generative AI applications are fueled by massive datasets and complex algorithms. In 2024, we can expect to witness the emergence of even larger and more powerful models. Companies like OpenAI and Google have paved the way with groundbreaking models such as ChatGPT and PaLM2. The upcoming GPT-5 is rumoured to push the boundaries of size and capability, enabling more advanced and nuanced content generation across text, images, audio, and video.
These larger models will unlock new possibilities in content creation, revolutionising tasks such as marketing copywriting, talent recruitment, and personalised customer communications. With improved performance and enhanced training capabilities, generative AI has the potential to reshape industries and drive innovation. You won’t want to ditch the humans just yet (or ever) since there will still be a need for oversight. We’re not quite expecting fully human-out-of-the-loop systems to be worth it yet, and can’t yet put a date on when to expect that. There’s still a lot of time for development to happen.
2. Multimodality: Bridging the Gap Between Modalities
Traditionally, AI models have focused on a single modality, such as language, images, or sounds. However, the future of generative AI lies in multimodality. In 2024, we can expect to see the rise of AI models that can understand and generate content across multiple modalities simultaneously.
These multimodal AI models will enable more natural and immersive experiences. Imagine interacting with an AI assistant that can understand and respond to text, images, and voice commands seamlessly. This integration of modalities will open up new possibilities in fields like virtual reality, augmented reality, and robotics, creating more personalised and engaging user experiences.
The potential long-sighted version here is a personalised AI assistant that can do all sorts of things for you: make restaurant reservations, create images, perform information searches, help you build spreadsheets, and so on. Imagine having a friendly droid from Star Wars, except here and now. We’re not far off, really.
3. Personalization: Tailoring Experiences for Maximum Impact
Personalization has become a key driver of customer engagement and satisfaction. In 2024, generative AI will play a pivotal role in delivering highly personalised experiences across industries. By analysing vast amounts of data, AI algorithms can identify patterns and preferences, enabling businesses to tailor their products, services, and marketing campaigns to individual customers.
From personalised product recommendations to customised content creation, generative AI empowers businesses to connect with their target audience on a deeper level. By leveraging the power of personalization, companies can drive customer loyalty, increase conversions, and stay ahead of the competition.
Social media companies have long embraced AI services for personalising experience and have been a core driver of these developments—for better or worse. Your algorithm and ad targeting are of course all personalised to encourage you to spend more time on the platforms. But what happens when this kind of tech gets more democratised and is available to more and more companies? We’d like to think it’ll allow for more competition in the attention economy, which social media companies have dominated for the last several years.
4. Chatbots: Enhancing Customer Service and Engagement
Chatbots have become a familiar presence in customer service, and their capabilities will continue to grow in 2024. Powered by generative AI, chatbots will become more sophisticated in understanding and responding to customer queries, providing personalised recommendations, and resolving issues.
In addition to customer service, chatbots will find applications in lead generation, sales support, and internal communication. By automating routine tasks and providing instant responses, chatbots streamline operations, improve efficiency, and enhance the overall customer experience.
The opening of chatbots to small and medium businesses will allow for better-than-ever customer service—the kind that small and medium businesses are usually known for, anyway. We do think it’s wise to keep a human in the loop whenever possible, but for businesses moving the bulk of their customer interaction online, having chatbots available 24/7 can help provide significantly improved customer service.
5. Automation: Streamlining Business Processes
Automation is a driving force behind digital transformation, and generative AI will further accelerate this trend in 2024. By automating repetitive and time-consuming tasks, businesses can free up valuable resources and focus on more strategic initiatives.
Generative AI-powered automation tools enable professionals to streamline processes such as file transfers, report generation, and code development. With AI taking care of mundane tasks, employees can dedicate their time and expertise to higher-value activities, driving innovation and growth.
Check out our recent article on workflow automation for a deeper dive into this topic. When employees are freed from repetitive tasks, they can use their problem-solving skills to do work better suited for humans and leave the repetitive stuff to machines. Isn’t that what this whole movement is aiming for, anyway?
6. AI in Healthcare: Transforming Patient Care
The healthcare industry is on the cusp of a technological revolution, and generative AI will play a crucial role in shaping its future. In 2024, AI-powered solutions will enhance various aspects of healthcare, from drug discovery and personalised treatment plans to patient monitoring and telemedicine.
Generative AI enables healthcare professionals to analyse vast amounts of patient data, identify patterns, and generate insights. This leads to more accurate diagnoses, personalised treatment options, and improved patient outcomes. Additionally, AI streamlines administrative tasks, enhances medical research, and improves the overall efficiency of healthcare delivery.
One specific sector of the medical industry that’s embraced AI like none other is ophthalmology. AI tools for retinal diagnostics have made leaps and bounds in recent years, diagnosing all sorts of retinal diseases from diabetic retinopathy to macular edema and much more. These tools can be especially crucial in developing countries where the number of eye specialists is not adequate to serve the whole population.
When diagnostics can be automated with AI systems, eyecare professionals can dedicate themselves to patient care instead of simply poring over images to discern disease. Best of all? The AI tools themselves are often even more accurate at diagnosing specific conditions than trained humans. Humans will still need to be in the loop to verify diagnoses, but their workload has become much more efficient.
7. E-commerce Optimization: Customising the Shopping Experience
In the ever-evolving world of e-commerce, personalization is key to capturing the attention and loyalty of customers. Generative AI enables businesses to create highly customised shopping experiences, from personalised product recommendations to tailored advertising campaigns.
By leveraging generative AI, e-commerce platforms analyse customer data, predict preferences, and deliver targeted content that resonates with individual shoppers. This level of personalisation drives sales, fosters long-term customer relationships, and builds brand loyalty.
As commerce of all kinds moves more and more online, the massive datasets generated by customer data combined with the increasing power of generative AI models will help business in many ways. Consider the incredible algorithm Amazon has built—and imagine giving smaller online businesses a sizable fraction of that power. Such a concept was unthinkable only a few short years ago, but is approaching reality now.
8. Money and Drama
There’s one thing any reasonable person can be sure of in 2024: More and more money will pour into generative AI. We’ve recently seen Microsoft invest tens of billions of dollars (not without complications) into OpenAI, a formerly non-profit company, as well as significant drama at the C-suite level of OpenAI.
NVidia’s stock has spiked in what any other sector would be deemed a bubble, but given the power behind generative AI could prove to be long-lasting. Questions remain about the limitations posed by current GPUs as well as the costs necessary to run generative AI on a mass scale. Despite any hurdles, the capabilities demonstrated by new AI tools will continue to attract more money and attention while developing more power. And can we expect disruptions in various industries we haven’t even foreseen yet? Of course. Expect the unexpected.
Conclusion: Embracing the Power of Generative AI in 2024
As we step into 2024, the power of generative AI is set to reshape industries and revolutionise the way we live and work. From larger and more powerful models to personalised experiences and streamlined automation, the potential of generative AI is limitless. Or, nearly limitless. We haven’t yet found its boundaries yet—so imagine we’re explorers of a vast uncharted wilderness. There’s a lot of territory left to map.
But businesses should not fall behind and remain on the shore while explorers venture forth. By embracing the trends discussed above and leveraging the capabilities of generative AI, businesses can unlock new levels of efficiency, personalization, and customer engagement. The future is here, and generative AI is at the forefront of innovation. Are you ready to harness its transformative power?
If you are, you may want to give us a bell. We’re well ahead of the curve and are happy to help provide both advice and development capabilities to companies. Curious how we work? Reach out to us for a free quote and we’ll get a discussion started. There’s no time to waste, since 2024 is upon us now.