AI in 2024: more growth, more concerns

Just over a year since ChatGPT's launch, it took the internet by storm, sparking widespread interest in generative AI. Tech giants like Microsoft, Google, Amazon, Meta, and others have since revealed their own generative AI initiatives.

But that's so 2023.

Looking ahead to 2024, what surprises and influences can we anticipate from generative AI in the tech industry?

Tech giant Microsoft is reportedly working on a new Windows update with artificial intelligence features, expected to be released as early as 2024. Just like this, your PCs and smartphones will probably be running generative AI programs as an integral part.

Generative AI will go even more mainstream in 2024. According to a survey by KPMG, an audit firm, four-fifths of firms said they planned to increase their investment in generative AI by over 50% by the middle of 2024. This implies that we can expect to see more AI products hitting the market in the coming year.

And the ever-looming concern of losing jobs to AI might peak. A report by investment bank Goldman Sachs suggests that AI could replace the equivalent of 300 million full-time jobs, as reported by BBC. While this may lead to a productivity boom, it could also mean that many people will lose their jobs.

Following generative AI's breakout year, investors are watching for indications that new deep learning methods and tools are permeating additional sectors of the economy. According to Goldman Sachs Asset Management, the transition from the enthusiasm phase to the deployment phase is anticipated to continue in 2024, eventually contributing to an increase in global productivity and possibly assisting in addressing issues arising from unfavorable demographics in some countries.

Whatever it does to people, AI will surely be used to solve more complex problems. Pecan.ai, a predictive analytics platform, is built to solve business problems using AI. The CEO and co-founder of Pecan.ai, Zohar Bronfman, predicts that the majority of companies' generative AI initiatives will fail in 2024. However, he also believes that it's not too late for companies to refocus their AI efforts to realize far greater business value.

AI cannot go unregulated. Amid all the excitement around chatbots and the metaverse, governments can't lose sight of AI's potential to impact people's livelihoods – and must take steps to regulate the new digital space.

AI is still in its infancy, and we can expect to see many new developments in the coming years. However, in 2024, cybersecurity experts highlight AI as a major concern for scams. The use of AI in cloning voices and creating realistic deep-fake videos poses a significant threat, with the foremost risk being the spread of misinformation and disinformation, according to the Identity Theft Resource Center.