6 Generative AI Trends That Will Shape 2024

As we step into 2024, the development of artificial intelligence, especially generative AI, marks a significant change in technology. Last year, generative AI technology gained wide attention for its ability to create content indistinguishable from that created by humans. 

Looking ahead, this trend is expected to grow, with major companies like Microsoft, Google, and Meta investing in its development and promising new and innovative changes.

Generative AI is becoming an important part of our interaction with technology, offering greater access and reshaping how we use digital tools. However, it's important to approach generative AI technology thoughtfully, understanding its benefits and potential challenges. Businesses are being careful, considering the risks involved in quickly implementing generative AI technology.

This guide focuses on the top "6 Generative AI Trends That Will Shape 2024," exploring the effects of these advancements in technology and society. We’ll see how leaders in various markets are preparing for an AI-driven future, with a focus on understanding large amounts of data and training employees to work with AI. 

According to Deloitte, the inclusion of generative AI trends in enterprise software could greatly increase artificial intelligence chip sales and software revenue, changing the global technology market.

Moreover, 2024 is set to be a pivotal year where the benefits of generative AI trends will be seen across various industries, enhancing efficiency and productivity. This guide will help you understand these changes and make the most of the opportunities that generative AI trends offer in the coming year.

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The Rise of Personal Artificial Intelligence and 'Bring Your Own AI' in the Workplace

1. Early Scepticism and Cautious Adoption

At the onset of the generative artificial intelligence revolution, many big names like Samsung, JPMorgan Chase, Apple, and even Microsoft showed caution. They restricted their employees from using generative AI tools like ChatGPT.

Why? They were worried about the training data of these tools and feared that using them might lead to leaks of sensitive company information.

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2. Shift Towards Wider Artificial Intelligence (AI) Acceptance

Despite early hesitations, 2024 is shaping up to be a turning point. More and more companies are gearing up to let their employees use generative AI trends & generative AI tools more freely. Michele Goetz from Forrester Research points out a significant trend:

Almost two-thirds of employees are already experimenting with AI, either at work or personally. This trend is expected to become the norm in business practices by 2024. Employees are likely to use artificial intelligence to boost their effectiveness and productivity.

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3. Bring Your Own AI" (BYUI) System

An interesting development is the rise of the BYOAI system. This means employees might start using various generative AI tools—both mainstream and experimental—for work tasks, regardless of official company approval.

These tools could be anything from ChatGPT to Dall-E or other AI technologies not formally sanctioned by the company.

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4. Companies Embracing AI Culture

Organisations are realising that they need to invest more in AI and encourage safe usage among employees. A prime example is BP, the British oil and gas giant. At the AI Summit in New York, Justin Lewis, VP for Incubation and Engineering at BP, shared insights:

• BP is actively incorporating both generative and classic AI into its company culture.
• They aim for "AI for everyone," making AI tools accessible to all employees, regardless of their technical background.
• The goal is for every employee to build, publish, share, and reuse their own generative AI tools.
• The ease of using LLMs and generative AI trends makes this more feasible than ever.

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5. Citizen Developers and Accelerated AI Innovation

BP's approach is about enabling "citizen developers"—those without technical backgrounds—to create and share their own AI tools. This democratisation of AI tool creation could significantly speed up artificial intelligence innovation.

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6. Generative AI as a Productivity Booster

"Shadow AI" is another key trend for 2024, highlighted by Michele Goetz. It's about using AI to augment employees' productivity, effectively doing more without increasing headcount. BP is already seeing the impact of this approach.

• AI is helping employees work up to ten times faster and more effectively.
• In software engineering, for instance, BP uses AI for code reviews, allowing one engineer to review the work of 175 others.
• This radically changes how organisations structure and operate.

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Enhanced AI Governance and Compliance

As more companies bring generative AI trends into their operations, there's a growing need to manage how generative AI technology is used. This is what we call AI governance. It's about making sure AI is used safely and responsibly.

1. Why Artificial Intelligence (AI) Governance Matters

• Risks of Personal AI Use: Michele Goetz, an analyst, highlights the potential risks when employees use their own generative ai tools at work. This could lead to misuse or the creation of poor-quality content.

• Proactive Approach: Companies are now investing in AI governance and compliance strategies to stay ahead of these risks. They're setting rules for how AI should be used by their teams.

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2. Forms of AI Governance

• Internal Control: Justin Lewis talks about keeping an eye on how employees use AI. For example, spotting and stopping the creation of inappropriate content.

• Regulatory Compliance: Goetz points out the importance of staying in line with government rules and regulations. This includes following laws like the New York City AI hiring law and the California Data Privacy Law.

• Future-Proofing: Preparing for upcoming regulations is key. It’s not just good for avoiding legal trouble; it can also be profitable. Tech companies that develop AI tools in line with potential laws can help their customers and boost revenue.

• Reducing Legal Risks: Since generative AI uses existing content and intellectual property, there's a risk of legal issues. Good governance helps avoid these problems.

• ‍Influencing Regulation: By staying on top of governance, companies can even have a say in future AI regulations.

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3. The Role of Insurance in AI Governance

• Covering New Risks: Goetz also mentions that insurance companies are starting to offer policies that cover unique risks brought by AI, like producing false or misleading information (hallucinations).

• ‍Adapting to AI Changes: Insurance providers are recognising that their current policies might not fully cover the risks associated with new AI capabilities.

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Development of More Autonomous AI Agents

2024 is set to be a landmark year for AI, especially with the development of autonomous AI agents. Let's break down what this means:

• What are Autonomous Agents? These are advanced AI applications that don't just wait for instructions. Instead, they're proactive, continuously generating and responding to prompts. This makes them more capable than your standard chatbot.

• Example to Watch: AutoGPT is a name you might have heard in 2023. It's a prime example of these self-operating AI tools.

• The Big Goal: The aim here is to create AI that can handle any task we throw at it—the so-called "generalised" AI.

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1. AI-Driven Automation in the Workplace

• Boosting Productivity: Generative AI is changing the game in how businesses work. It's taking over repetitive and time-heavy tasks, freeing up people to focus on more important things.

• Applications: Think about tasks like moving files around, creating reports, or even developing code. AI is stepping in to handle these, giving professionals more time for creative and strategic work.

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2. Personalisation: The Heart of Customer Engagement

• Tailoring Experiences: In 2024, AI's going to play a big role in making customer experiences super personal. It'll sift through heaps of data to understand what customers like and want.

• Real-World Impact: This means businesses can create products, services, and marketing that really hit the mark for each customer. It's all about connecting on a deeper level.

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3. Chatbots: Not Just for Chats Anymore

• Beyond Customer Service: Chatbots are evolving. In 2024, they'll do more than just answer questions. They'll understand and react to customer needs better, offering tailored advice and solutions.

• Wider Uses: We'll see chatbots popping up in places like sales and internal communication, not just customer help desks. They'll make things faster and smoother across the board.

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Multimodal and Open AI Models

Up until now, AI models typically focused on just one thing at a time—maybe text, pictures, or sound. But that's changing. The future of AI, especially the generative kind, is all about handling multiple types of data simultaneously. This is what we call multimodality.

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1. What Multimodal AI Means for Us

• Seamless Interactions: Think about chatting with an AI that doesn’t just understand your words but can also make sense of pictures and respond to your voice. This kind of AI breaks down barriers between different types of communication.

• Exciting Applications: We're looking at AI playing a huge role in virtual reality (VR), augmented reality (AR), and robotics. These fields will benefit from AI that can process and understand a variety of inputs, leading to more personalised and engaging experiences.

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2. The Next Wave of Generative AI Tools

• Understanding Images and Voice: Future versions of tools like OpenAI’s ChatGPT will be able to understand images and voice commands. This means you could show an AI a picture and talk about it as easily as you do with text right now.

• Integration in Design and Video Production: Generative AI Trends is also transforming how we design physical products and create videos. For example, Autodesk is integrating AI to help designers rapidly create and test digital prototypes.

• Affordable Video Creation: Video creation, usually expensive due to the professional expertise needed, will become more accessible. AI-driven tools will enable anyone to produce high-quality video content at a lower cost.

• Enhanced AI Generated Audio: In 2024, expect AI generated speech to sound more natural, losing the robotic tone it's known for today. AI will get better at mimicking the nuances of human speech.

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Generative AI Trends Across Various Industries‍

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1. Conversational AI in Enterprise Applications

• Widespread Integration: By 2024, AIM Research predicts that 40% of enterprise apps will have conversational AI built-in.

• Tech Giants Leading the Way: Microsoft, Adobe, and others are busy embedding chatbots and natural language interfaces into their platforms.

• Social Media Adoption: Snapchat, for instance, is adding a generative AI bot for users to interact with, either for information or as a virtual buddy.

• ‍Impact on the App Market: App sellers are rushing to add chat interfaces to boost user engagement and enhance the customer experience.

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2. Generative AI Trends in Schools and Education

• Echoes of the Past: Just like the debate over calculators in the past, 2024 will see discussions about students using generative AI.

• Teachers Embracing AI: Educators will increasingly use AI for preparing notes, reports, lesson plans, and summaries.

• The Rise of Open Ecosystems: This approach will allow consumers to choose the best devices from various brands, boosting innovation and the user experience.

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3. Interoperability and Open Ecosystems

• Apple's Integration and Beyond: With technologies like Apple's rich communication services and Snapdragon Seamless experiences, interoperability across brands is growing.

• ‍Consumer Empowerment: This shift means more choices for consumers, enabling them to pick the best device for their needs.

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4. XR: Moving Mainstream

• XR's Rapid Progress: Qualcomm’s Hugo Swart notes the significant advancements in XR (mixed reality, virtual reality, and extended reality).

• Accessible Hardware: Devices like Meta’s Quest 3 and Ray Ban Meta are just the start.

• Generative AI Trends Role: It will be key in scaling XR experiences and creating more realistic virtual worlds.

• Voice Interfaces and 3D Avatars: Generative AI will make interacting with XR devices more natural, with personal assistants and lifelike avatars becoming common.

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5. E-commerce Personalisation

• Customised Shopping: Generative AI will help e-commerce platforms offer personalised experiences, from product recommendations to targeted ads.

• ‍Analysing Customer Data: AI will enable businesses to understand customer preferences better, enhancing engagement and loyalty.

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Increasing Specialisation and Sophistication in Businesses‍

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1. AI in Disaster Recovery and Incident Detection

• AI's Role in Disaster Recovery: By 2024, AI will greatly improve disaster recovery (DR) testing and runbook creation. It will automate DR testing, reducing manual work and ensuring consistent tests.

• Predictive Analysis: AI will analyse past DR test outcomes to foresee and prevent future issues.

• Resource Optimisation: AI will also optimise resources during DR tests by analysing system performance and suggesting necessary adjustments.

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2. AI-Driven Runbook Automation and Threat Intelligence

• Transforming Runbook Automation: AI is moving away from a rules-based approach to a more cognitive one, using knowledge, learning, and reasoning.

• AI in Cybersecurity: AI will be crucial in the threat intelligence industry, transforming how organisations handle cyber risks. It will collect, process, and synthesize threats to improve cybersecurity operations.

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3. CIOs and Procurement: A Collaborative Future

• Strategic Shifts in Procurement: CIOs will play a larger role in procurement decisions, especially in selecting vendors for GenAI tools.

• Security at the Forefront: With GenAI's growing popularity and potential vulnerabilities, CIOs’ expertise in risk assessment will be vital. This collaboration aims to prioritise security in vendor selection and digital transformation.

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4. Generative AI Trends in Education

• Debate Over AI in Classrooms: Similar to past concerns about calculators, there will be debates about students' use of generative AI trends. However, teachers will increasingly use AI for lesson planning and course materials.

• Open Ecosystems in Education: The adoption of open ecosystems will give consumers more freedom to choose devices that best fit their needs, spurring innovation.

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5. AI in Cybersecurity

• AI Against Ransomware: AI will play a key role in ransomware detection, identifying suspicious activities at a behavioural level. This will lead to more effective cybersecurity strategies.

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Conclusion

As we navigate through 2024, it's evident that generative AI, with its groundbreaking advancements, is reshaping our industries and everyday lives. This generative ai technology, distinguished by its powerful models and ability to tailor experiences, is driving unparalleled efficiency and customer engagement. 

For businesses of all sizes, adopting generative AI has become vital to stay competitive, create unforgettable customer experiences, and thrive in a dynamic economic climate.

In our journey through this article, we have seen the immense potential of generative AI unfold. Its limitless capacity for innovation and creativity is setting the stage for a future where human-machine collaboration is seamless and the boundaries of human expression are redefined. 

This year is not just about the advancements in technology but also about harnessing generative AI trends to deliver substantial business value.

The road ahead demands strategic adaptation and learning from digital and analytics transformations to effectively leverage generative AI. Those who skillfully integrate these lessons will not only adapt but also excel, carving out a future where innovation knows no bounds and efficiency is key. 

This exploration of generative AI trends is more than just a technological revolution; it's a journey filled with opportunities for growth, creativity, and impactful changes, shaping the narrative of our times.