Artificial Intelligence and Machine Learning are changing the world rapidly and transforming almost every industry. As per the report, the AI market value is expected to reach $1.8 trillion by 2030. It clearly shows how AI is ready to bring new innovations and technologies that will reshape the world. Now, most organizations are focusing on new AI trends and how it makes people's lives easier.
AI seems more promising this year, and so many trends and technologies have been rolled out that are impacting the ecosystem. If you are interested in exploring how AI is impacting the world and what the future of AI is, then keep reading this article.
Here, we have picked some of the best ML and AI trends that you must watch out for.
Top 8 AI and ML Trends You Must Watch Out in 2024
1. Next Generation Generative AI
Generative AI is the biggest trend in today's world. It's the most powerful utilization of AI. Machines can generate original content in different formats such as text, image, and audio. Instead of just analyzing and processing data, AI is now capable of generating original content, which can be used in advertisement, marketing, and other industries.
Most organizations understand the true potential of Generative AI and are now optimizing their content generation process and using AI to get maximum output.
For Example - Some of the best real world tools powered by Generative AI are ChatGPT, Beatoven, and MidJourney. ChatGPT can be used to process and analyze data and generate original text content, Beatoven.ai can be used to generate original music, and Midjourney can generate original images.
Read More: What Is Generative AI
2. AI Driven Augmented and Virtual Reality
Augmented and Virtual Reality is no longer a concept; AI has turned the concept into reality, and now the world is witnessing significant growth. It was an untapped market. Where AI has the potential to revolutionize this sector and drive growth.
With AI, the digital world seamlessly integrates with the real world. It allows users to interact with objects in a more engaging way. One of the best uses of AR and VR is the Gaming industry, where Augmented Reality integrates with the real world and gives users a realistic experience to enjoy games with a better experience.
For Example - Pokemon Go is the flagship gaming app that has revolutionized the gaming industry, and almost everyone has started enjoying AR and VR immersion in the real world.
Check Out: How Does AI Work?
3. Small Language Models
Small Language Models (SLMs) have now become an essential part of the AI landscape. It is the best alternative to Language Learning Models (LLMs), which require heavy resources and high operational costs. As AI is utilized in almost every sector of the world, the requirement for fewer resources and cost effective models is higher for AI tool development.
This is where SLMs come as the best option for versatility, cost effectiveness, and low operational costs. In simple words, SLMs help to reduce the complexity and resources and minimize the risk of security during app development. These SLMs based apps are built for customer service chatbots, content analysis, etc.
For Example - Microsoft's Phi 2 is the best example of SLM, which is a smaller but capable rival of LLM operations in areas such as mathematical responding and language understanding.
Find Out: What is AI: A Comprehensive Guide
4. Multimodal AI
Multimodal AI is one of the biggest AI trends because it surpasses single data processing capabilities and allows machines to take different types of data as input, such as text, images, video, and sound, to respond accurately. These multimodal AI tools are becoming a valuable asset for businesses because they can handle multiple content types at once efficiently and with automated learning capabilities.
For Example - One of the recent examples of Multimodal AI is Google's Gemini. It's an AI powered chatbot that can take input as text or image and respond to it accurately as per the input. It enhances the interaction with machines and ensures a more satisfactory output for users.
5. Personalization at Scale
If we ask some giant subscription based companies today, what's their secret success in holding such a high number of loyal customers? The answer is simple Personalization. Today, personalization is the key element that helps businesses keep their users engaged on their platform by showing what they love to see based on the data.
With the help of AI, customer personalization can be improved because companies have user data that can be analyzed with AI tools and get some useful insights that help in making personalized marketing campaigns and recommending relevant suggestions.
For Example - Netflix and Amazon Prime are the best globally known subscription apps that use AI to analyze data and show personalized content to their users based on their preferences and interests.
Read here to know: 12 Key Benefits of Artificial Intelligence With Examples
6. AI in Education
According to the report, the AI in Education global market is expected to reach 34,597.13 million by 2027. It clearly shows how AI has positively impacted the education sector and enhanced learners' learning approaches and experiences.
With the help of AI, education has become easier to understand with personalized examples, AR/VR technology, chatbot, virtual tutoring, and much more. It helps to reduce difficult and time consuming tasks and ensures a seamless learning experience with the advancement of AI.
For Example - One of the real world examples of AI in Education is Duolingo, an AI powered language learning platform where smart chatbots teach students any language in the most fun and interactive manner. Also, they ensure an understanding of each student's requirements and needs and provide a personalized learning experience for fast and adaptive learning.
7. Workplace AI Integration
Another significant change we've seen after integrating AI in the workplace is high productivity, automation, and efficient results. By integrating AI into the workplace, employees can work more efficiently by automating repetitive tasks, using VR/AR technology and data analysis tools for finding meaningful insights and making data driven decisions.
When AI technology integrates with human capabilities, then the work is done with high productivity. As per the report, most employers believe that the IT department will be highly beneficial to AI because it improves productivity and outcomes.
For Example - AI powered chatbots play an essential role in most workplaces. It helps businesses to automate the customer's support area. It can interact with customers, handle their queries, provide solutions, and provide complete assistance until they are satisfied. So, it helps businesses save time, money, and effort for customer service via AI chatbots and enhance productivity in the workplace.
Check Out: What is Conversational AI?
8. AI Legislation and Regulation
AI is one of the most powerful technologies. It can be used in both constructive and destructive manner. So, it's important to have legal regulations for AI to mitigate the risk and get the maximum output. Most governments worldwide, including the EU, India, and the USA, have taken steps towards AI for ethical considerations and to maintain a balance between the positive and negative impacts of AI.
For Example - The very first regulation law for AI was passed by the European Union Lawmakers, known as the "AI Act." However, it will affect the process after 2025 as soon as possible to leave room for technical evolution.
Read more: 6 Limitations of Artificial Intelligence
Future of AI
The future of AI is bright and promising for the coming years. It has made a significant impact in almost every industry. Every year, new AI trends roll out that lead to reshaping the world, and this year, we've listed some mind blowing emerging technologies that take AI to the next level.
Whether it's healthcare, banking, finance, workplace, manufacturing, or autonomous vehicles, AI is implemented everywhere to make the process more efficient, easier, and faster. So, it's a way to look ahead for AI to make machines more super intelligent and automate most repetitive tasks for higher efficiency in the future.
Related Read: 15+ Best AI Tools (2024)
What is the hottest topic in AI?
Natural Language Processing is the biggest trend in AI. It's a popular technology that makes language based processes easier and is used to analyze, format, and translate text.
What will AI replace in future?
There are various jobs that AI will replace with machines. Including data entry, telemarketing, customer service, proofreaders, etc.
What is the next trend after AI?
Quantum Computing is expected to be the next big trend. It helps to speed up complex calculations by using quantum physics.
Wrapping Up!
These are the top ML and AI trends that you can see this year. It's going to reshape the industries and enhance the growth and development over the next few years. We hope this guide will help you know some of the latest ML and AI trends, how they are going to impact the world, and what the future of AI can predict. Still, there's a lot more to explore about AI, and we need to be adaptive.
