Artificial Intelligence, or AI, has been getting a lot of attention in recent years. It’s considered a new technology trend due to its significant impact on our daily lives, work, and leisure. AI excels in areas like image and speech recognition, navigation apps, smartphone assistants, ride-sharing apps, and more.
Additionally, AI will be increasingly utilized to analyze interactions to identify connections and insights. This helps predict service demand, such as in hospitals, and transport, among others and therefore it is enabling better resource utilization decisions. AI will also detect changing customer behaviour patterns in near real-time, boosting revenues and improving personalized experiences. As AI expands across various sectors, new investment opportunities will emerge.
Machine Learning, a subset of AI, is used in various industries. Commercially seen, this specific part has probably the highest immediate upside potential leading to a high demand for investments. It is expected that AI, machine learning, and automation will generate 9 percent of new jobs in the U.S. This includes roles like robot monitoring professionals, data scientists, automation specialists, and content curators, making it a noteworthy technology trend to be aware of!
Areas of developments in 2024 may include:
- Advanced AI Algorithms – models with enhanced capabilities in tasks such as natural language processing, computer vision, and decision-making,
- Increased Integration of AI in Various Industries: AI plays a crucial role in optimizing processes, improving efficiency, and enabling new services for healthcare, finance, manufacturing, education, and more,
- Ethical AI and Responsible AI Practices: Efforts to address prejudice of AI algorithms, ensure transparency, and establish ethical guidelines for AI deployment,
- Explainable AI (XAI): XAI aims to make AI models more interpretable and understandable. The main areas of application are in healthcare and finance,
- AI for Edge Computing: Integration of AI algorithms directly on devices (programmed CPU/GPU/TPU) thereby enabling real-time processing for applications like IIoT, – AI in Cybersecurity: AI-powered cybersecurity solutions to become the standard,
- AI and Healthcare: AI will play a significant role in improving diagnostics (medical imaging, personalized medicine, and drug discovery) and treatment plans (healthcare management),
- AI in Natural Language Processing: NLP to improve context-aware interactions between humans and AI, impacting virtual assistants, chatbots, and language translation services,
- Continued Growth in Machine Learning (ML) Applications: Improved predictive analytics, recommendation systems, and autonomous systems,
- AI Ethics and Regulations: Governments and organizations to streamline guidelines to ensure responsible AI development and deployment.