Top 7 AI Trends for 2024

Approximately 35 percent of businesses use artificial intelligence (AI), and 42 percent are exploring the possibilities it can present for their company.

Are you part of either one of these two groups?

If you are, it wouldn’t be far-fetched to guess that you’d be curious about how new AI developments can change the way your business operates. You might even wonder how it can help you connect with potential and current clients.

Regardless of your experience with AI trends, it’s safe to say, AI’s not going anywhere. In fact, the global market is expected to reach a valuation of over a trillion dollars in 2030.

AI solutions have many applications, and it can be hard to distinguish which ones are going to be the most beneficial for you and your business.

We’ve simplified things by providing a list of the top seven AI trends you can expect to see in 2024.

1. Generative AI

Generative AI technology is not necessarily new. However, with the rapidly-growing popularity of tools like ChatGPT, it’s sure to be a staple AI trend in 2024 and beyond.

Generative AI is a type of artificial intelligence technology that can be used to produce numerous types of content, from text and images to audio files and lines of code.

Content is produced based on a prompt presented by a user (for example, someone might prompt ChatGPT to provide an outline for an article or a social media caption about a particular topic).

Generative AI Applications

Generative AI will continue to be an AI trend in 2024for two main reasons:

• Many generative AI applications are highly accessible and easy to use
• The media hype surrounding AI and generative AI tools will continue to raise awareness

With so many new tools being introduced, it’s easier than ever for businesses to incorporate generative AI into their operations and experience legitimate benefits.

Here are some practical examples of how organizations might use new generative AI developments:

• Using chatbots for customer service or technical support
• Delivering educational content in different languages
• Producing social media captions and reports
• Improving product demonstration videos
• Designing models of new products

Essentially, if an individual, team or organization needs help producing something new, generative AI has the potential to speed up the process — go for this latest AI trend.

2. Multimodality

For the most part, conventional AI models have centered around processing information from a single modality. However, with the help of multimodal deep learning it’s now possible to train models to identify relationships between different modalities.

Now, an AI model has the ability to translate text into an image or an image into a video. This increase in applications explains why multimodality will be among the top AI trends in 2024.

Multimodality relies on various AI technologies, including the following:

Natural Language Processing (NLP)

Natural Language Processing is an offshoot of artificial intelligence, it’s designed to help computers understand, interpret, and generate human language that is meaningful and useful.

NLP often shows up in processes like translation, sentiment analysis, summarization, and developing chatbots. If a model can utilize multiple modalities, it can produce more profound and meaningful results when carrying out these tasks.

Computer Vision Technologies

Such AI trend as computer vision technology can be used for numerous tasks. Examples include object recognition, face recognition, gender and age recognition, image search and retrieval, and predictive analytics based on a specific image.

Speech Processing Technologies

Speech processing technologies can improve tasks like extracting language models from web text, creating acoustic models, and detecting hot words or trigger word detection.

Data Mining Technologies

Pay attention to this AI trend: businesses can use data mining to streamline Big Data processing and generate data for machine learning. Data mining can also aid in key performance indicator (KPI) prediction, predictive analytics, and algorithms that make recommendations for users.

3. Personalization

Personalization is a powerful tool for businesses across all industries, from finance to transportation, and it’s one of the major AI trends in 2024.

The more personalized a business can make its offerings – not to mention its marketing materials, sales pitches, and customer service processes – the easier it is to connect with its target audience and increase conversions.

Nearly three-quarters (72 percent) of consumers say they will only engage with personalized messaging, and 80 percent of frequent shoppers will only shop with brands that personalize the experience.

With statistics like that, it makes sense that personalization will be another one of the top AI trends in 2024.

How Does AI Personalization Work?

Artificial intelligence personalization utilizes machine learning (a subset of AI that allows computers to learn without being specifically programmed) to take in vast quantities of data and then analyze it to produce valuable insights.

Armed with this data, businesses can then use algorithms to identify patterns and behaviors and predict client preferences, interests, etc. that makes it one of the top AI trends in 2024.

Ways to Use AI Personalization

AI personalization in 2024 can show up across various industries and in a wide range of situations. For example, businesses can use personalization for better product recommendations, enhanced ad targeting, and more relevant content creation.

Organizations can also use data to improve their pricing structure, personalize communications with clients, and provide a more comprehensive customer service experience, so watch out for this AI trend in 2024.

4. Chatbots

Like generative AI, chatbots are not new AI trends. Many organizations currently use them, especially for customer service. However, the popularity of chatbots is expected to continue growing in 2023 and 2024, which is why they’re included on this list of latest AI trends.

Not only will chatbots be more prevalent in AI trends in 2024, they’ll also become more sophisticated. With the help of machine learning, natural language processing, and other types of artificial intelligence technologies, they will get better at responding to people’s questions, concerns, and complaints.

In the not-so-distant future, chatbots will provide more detailed and relevant answers. They will also be able to mimic human conversation better, meaning people will be less likely to differentiate between communicating with a chatbot and communicating with an actual human.

Chatbot Uses

When people think of AI chatbots, they often think of them being used to carry out customer service tasks. However, enterprises implement AI chatbots in other scenarios, executing a variety of tasks.

For example, as an AI trend for 2024, we will likely see an increase in the number of AI chatbots integrated with other systems, such as enterprise resource planning and customer relationship management software.

When these tools work together, accessing, analyzing, and interpreting data regarding customer interactions, purchases, and preferences will be easier. Businesses can then use this information to provide more personalized suggestions or support and a better client experience.

AI chatbots can also assist with lead generation.

So, here is what you need to know about this AI trend: incorporating a lead generation chatbot into a company website will help sales teams welcome more new visitors and gather more information to help qualify leads. Chatbots can also send relevant information to sales professionals so they can take over communicating with a qualified lead.

5. Automation

Members of various departments, from marketing to accounting to human resources, can use artificial intelligence to automate time-consuming processes.

AI in 2024 will help professionals work smarter, rather than harder. Instead of wasting time and resources on mundane tasks, team members will be empowered with more bandwidth, which they can use to focus on core responsibilities that only humans can handle.

The following are some examples of how AI-powered automation can be used in everyday business processes:

File Transfers

With the help of AI automation tools, professionals can incorporate file transfers into larger workflows. By doing so, they can trust that documents are being sent to the correct individual without having to take time out of their schedule to sort through and send files.

Report Generation

AI automation and generative AI as AI trends can help with reporting as well. Employees can save time on collecting data and using that information to create reports. Instead, they can use AI to help with the drafting process, giving them more time to refine and rehearse their presentation.

Order Entry

Data entry is one of the most time-consuming and tedious tasks professionals have to carry out. AI can make it a thing of the past, though, with automated order entry (also known as automated data capture).

Email

New AI developments such as automation and generative AI can also assist with email and other communications. Employees can use these tools to draft emails, personalize messages to different clients, send messages automatically at specific times and intervals, and much more.

Event Monitoring

AI tools can be automatically programmed to pick up on anomalies and events, such as system errors. They can track these events, identify potential patterns, and alert the proper professionals to rectify them as quickly as possible.

6. AI-Driven Analytics

Advanced data analytics is another of the top AI trends for 2024.

Traditional data analytics involves identifying patterns and gathering relevant insights from raw data. With AI-powered tools and technologies, including machine learning algorithms, data analysts can quickly process more data and pick up on patterns and insights sooner.

AI will not replace data analysts’ jobs altogether, but it will empower them to work more efficiently.

AI-Driven Analytics Applications

Artificial intelligence can assist with the data analytics process in a variety of ways. The following are some of the most likely use cases we’ll see in AI in 2024 and beyond:

7. AI-Powered Security Systems

Finally, the last AI trend that we will likely see in 2024 is an increase in the number of organizations using artificial intelligence in their security protocols.

AI-powered security systems are especially beneficial when it comes to identifying cyber threats. A Gartner report even predicts that, by next year, at least 50 percent of organizations will use an AI-driven security operations center (SOC) to detect cyberattacks and resolve them faster.

It’s not surprising that in 2024, AI is expected to show up more frequently in security plans. After all, AI trends can allow for more efficiency and accuracy while also lowering overhead costs. AI-powered tools can also help security teams do their jobs more effectively and extend their bandwidth to address tasks that require a human perspective.

Companies can incorporate artificial intelligence into their security protocols in numerous ways, including the following:

Malware Detection

A current trend in business is to use AI-based malware detection solutions trained using both labeled and unlabeled data. Labeled data has been tagged with specific attributes, such as whether a file is malicious or benign. Unlabeled data can be used to train machine learning algorithms to identify patterns and anomalies.

Phishing Detection

AI-based phishing detectors can use machine learning algorithms to analyze email content and structure to identify potential attacks. AI-based solutions can also analyze user behavior, flag risky activities, and alert security teams.

Endpoint Security

The latest trend in AI is to use it to protect endpoints such as laptops and mobile phones. Traditional antivirus software can only detect known malware variants. However, new AI developments can detect unknown malware variants through behavior analysis.

With the help of machine learning, AI-powered cybersecurity tools can evaluate endpoint behavior and identify potential threats sooner.

Get Maximum Value from AI in 2024 with Exadel

Artificial intelligence in 2024 is revolutionizing the way people do business. If you want to get ahead of the curve (and your competition), make sure you’re keeping up with the latest AI trends in 2024, including the seven discussed above.

Do you want to incorporate more AI-powered solutions into your business operations? If so, consider Exadel’s AI proof of concept. We can assist with cloud services, machine learning, development control, and more.