We're already halfway through 2024, and it's been an incredible year for generative AI! Remember how excited we were at the start? The first half of 2024 in Gen AI has exceeded our expectations.
The rest of the year will be crucial as data becomes the superhero, companies fine-tune their models, multimodal and open-source models gain popularity, and AI regulation becomes more important than ever.
In just six months, generative AI completely changed how industries operate. From boardrooms to classrooms, you can see AI's impact everywhere. The business world, in particular, has embraced generative AI with open arms. A 2024 McKinsey survey reveals that 65% of businesses now use Gen AI regularly, double the number from just ten months ago!
So, what's been the biggest game-changer so far? And what might we see in the second half of 2024? Whether you're deep into tech, working on business strategies, or just trying to keep up with rapid changes, there's a lot coming in 2024.
We've looked at the trends and talked to experts, and now we're ready to share the top six AI predictions for 2024. Some of these trends have already made a big impact, while others are just starting to show their potential.
Trend 1: Data: Every company’s goldmine
The better the data, the better AI works. This was a major point during the recent Data + AI Summit by Databricks.
Ali Ghodsi from Databricks put the concern of everyone using Gen AI: "I don't care about standard benchmarks, I want the model to do well on my data." Many businesses feel the same. They're not interested in how AI performs in tests; they want it to work for their specific needs. Ghodsi also mentioned that 85% of generative AI projects haven't gone live yet, mainly because businesses aren't using their data effectively.
Every company's data is like a gold mine. Take customer service as an example. If your company has been gathering lots of customer feedback or keeping track of your supply chain or any company data, that's gold. But the real challenge is turning all that data into useful AI applications.
Looking ahead, the key to success with AI in 2024, and we think beyond, is using your data smartly. It's about turning all your information into training data that powers your AI.
Trend 2: Model fine-tuning (customized models)
In the business world, the real power of generative AI comes from fine-tuning models to suit specific needs. A huge 2024 trend is custom AI for enterprises.
It's not enough to have a lot of data; the key to success is adjusting AI models to work effectively with that data.
Companies need to turn their raw data into useful training sets that can specifically guide and improve AI performance. That's where companies like SuperAnnotate step in. We help companies build LLM fine-tuning and evaluation datasets tailored to their specific use cases to train the models on these datasets. We aim to ensure businesses can effectively use their data to get ahead with AI.
Trend 3: Multimodal AI
Gone are the days when AI could only handle text. Now, in 2024, multimodal models are the new cool. These models can write, talk, see, and even understand videos.
The Multimodal Al Market’s size was valued at USD 1.2 billion in 2023 and is expected to grow at a CAGR of over 30% between 2024 and 2032.
Why is multimodality so hot right now? It's simple: these models are closer to how we humans perceive the world. We don't just read or listen—we see, hear, and process information from multiple sources at once. Multimodal AI is catching up to our multitasking brains.
There are several multimodal AIs out there—GPT 4o, Claude 3, Google's Gemini—and many more are expected to come this year. The future is multimodal.
Trend 4: Open-source models
This year has been and will be a big one for open-source AI models, like Meta’s Llama models, Mistral’s models (Mixtral 8x7B, Mixtral 8x22B), Google’s Gemma and so on. They're more affordable and accessible, making it easier for developers and small businesses to innovate.
What's really exciting is how accessible these models are making AI technology. For instance, "Llama 3" has been turned into a tool that any company can download and use right away. This move transforms businesses of all sizes, helping them integrate AI into their daily operations. This shift to open-source allows every company to become an AI company, which is a huge step forward.
The graph below shows how the freshest open-source model, Meta's Llama 3.1, closed the gap with closed-source models for the first time in history. The assumption is that they will outdo the all-time favorite closed-source models!
Both open-source and closed-source AI models are essential. Open-source models drive widespread innovation and adoption, while closed-source models push the limits of AI.
Trend 5: Agentic system
Agentic AI just popped up in mid-2024, and it's already a hot topic. What's so special about it? This new kind of AI can operate on its own, making decisions and acting without needing us to guide it every step of the way. This is quite different from older AI, which only did what we told it to. These AI agents are especially useful in customer service, where they can handle tasks more efficiently, saving time and increasing productivity, or in finance, where they quickly analyze data and offer recommendations.
LLM agents are particularly interesting. They manage complex text generation tasks, providing answers to tough questions that simpler models can't handle.
Some say that the future is also agentic!
Trend 6: AI regulation and ethics
As AI becomes a bigger part of our lives, it's important to discuss how we keep it safe and fair. This trend is about making rules to ensure AI is used in a way that's good for everyone. Governments and organizations around the world are working on these rules right now.
They're focusing on things like how AI should handle our personal data, making sure AI doesn't treat people unfairly, and keeping AI decisions open so we can understand and question them. The idea is to ensure that as AI gets more powerful, it helps us without causing problems or leaving anyone behind. This is about using AI responsibly and making sure it's a positive addition to our world.
Closing remarks
AI is growing incredibly, and it seems like everyone is becoming an AI company now. If you're not involved with AI, you've already missed out. As more enterprises enter the Gen AI race, it's important to carefully observe the trends and predict what will happen next.
The future of generative AI relies on data, embraces multimodality, prioritizes customization, sees great potential in open-source, and recognizes the need for ethics. So, if you're involved in AI, make sure these trends are on your radar!
