A QUICK SUMMARY – FOR THE BUSY ONES
Robotic Process Automation (RPA)
AR and VR
Natural Language Processing (NLP)
Autonomous Vehicles and Intelligent Transport Systems
Generative AI in Healthcare
Generative AI in Education
Generative AI in E-commerce
TABLE OF CONTENTS
Artificial Intelligence (AI) has been around for quite some time, but its recent growth has been nothing short of remarkable. Among its many variants, Generative AI has emerged as one of the most significant.
But what exactly is Generative AI? Generative AI is a type of AI focused on creating various types of content. It generates original outputs by drawing upon patterns and insights learned from the analysis of similar existing content.
Examples of Generative AI content are:
Generative AI is one of the fastest-developing types of AI that already achieved wide adoption across industries.
A boom for Generative AI started in late 2022, right after the launch of Chat GPT. Only five days later, the Open AI’s tool had already attracted over one million users. The search ranks also started to grow rapidly - at the beginning of February 2023, the phrase “generative artificial intelligence” reached 100 index points. Shortly after, the next tech giants started to follow, with Google’s Bard as the iconic example.
Now, let’s take a look at some statistics revealing the current state of development of the Generative AI landscape:
So what are the top forecasted trends for 2024? Let’s see the top 6 predictions that may revolutionize the Generative AI market landscape in the upcoming year.
One of the primary goals of Generative AI is to replace repetitive tasks. And this is already happening - AI is getting incorporated into robots and automation systems as a part of intelligent automation tools.
Thanks to Generative AI, RPA technology can mimic human actions such as clicking and typing more naturally and accurately, or even complete more creative and complex actions. This can lead to an increasing adoption of such tools across industries, including healthcare, finance, manufacturing, logistics, and more.
AR and VR are already strong trends themselves but combined with AI, their potential becomes even more appealing. AI can be applied in VR to generate more realistic environments, create avatars that reflect human behaviors, or be used to achieve more personalized virtual experiences. AR and VR tools powered by Generative AI can be applied in education, entertainment, marketing, and more.
Natural Language Processing (NLP) is a term related to AI used for understanding and processing human language. This includes speech recognition, text analysis, translations, text generation in various languages, and more, and is utilized in applications supporting human interactions and communication - such as chatbots and voice assistants. NLP has been already adopted widely across industries, including sales and marketing, customer service, finances, IT, and HR.
The field of autonomous driving is the next area of high-potential generative AI adoption. It is predicted that generative AI in the automotive industry will reach $2.1 billion by 2032. Generative AI can be applied mostly in building real-life scenarios for training purposes of both drivers and autonomous vehicles.
Some industries are seeing rapid AI growth, and healthcare is a prime example. Generative AI is making significant changes here, creating opportunities in areas like drug development, personalized treatment plans, patient monitoring, generating medical reports, telemedicine, and more.
To learn more examples of the Generative AI landscape in healthcare, go to our article: Generative AI in Healthcare: Use Cases & Upcoming Solutions.
AI offers new opportunities for both teachers and students, changing the way we teach and absorb knowledge. Its impact reaches far beyond writing essays; AI can create personalized learning experiences and provide instruction without the involvement of a human teacher.
The retail and e-commerce sector is the next one set to benefit from Generative AI adoption. It is predicted that the market for AI in retail will grow at a CAGR of more than 30% through 2028. The technology can be applied in various ways, such as creating content, automating and personalizing customer communication, visual merchandising, designing in-store displays, and others.
So, how can you prepare for the 2024 opportunities and challenges? Let’s talk about risks and opportunities associated with trends in Generative AI.
As AI adoption continues to rise, there are more and more critical voices expressing concerns and discussing potential dangers. The risks are associated mostly with ethics, regulatory compliance and liability, cybersecurity, and poor data quality.
The reasonable doubts are raised by IT decision-makers themselves:
In fact, despite its widespread popularity, many consumers also remain skeptical about AI:
Moreover, nearly two-thirds of people in the US want the implementation of AI regulations in the near future. This trend raises questions about the uncertain future of AI development and its potential for unrestricted use. The directions it might take are challenging to predict.
Despite the obvious risks, Generative AI can still make a significant contribution to the advancement of various industries and holds substantial business potential. Let's take a look at some industry data:
This obviously means that the Generative AI field is still young and has a lot of room for innovation. Investors keen on exploring these opportunities, however, face the main challenge of finding ways to overcome or reduce the risks and be able to satisfy their audiences.
Despite reasonable doubts, it’s too late to stop the AI revolution. Salesforce’s latest State of IT report found that 86% of IT leaders expect generative AI to soon play a prominent role in their organizations and that 57% of them believe that Generative AI is a “game changer.”
How you can make the most of this opportunity? Keep an eye on the top Generative AI trends, and ensure the feasibility of your idea before proceeding to development. If you need the advice or the support of an experienced partner, don't hesitate to reach out to us.
Every year, Brainhub helps 750,000+ founders, leaders and software engineers make smart tech decisions. We earn that trust by openly sharing our insights based on practical software engineering experience.
Software development enthusiast with 6 years of professional experience in the tech industry.
A serial entrepreneur, passionate R&D engineer, with 15 years of experience in the tech industry.
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