Will GenAI Disrupt Everything? 10 Predictions for 2024

Generative AI predictions for 2024: Uncover disruptions across industries and challenging norms

In the era of Generative AI, discover the mysteries of an evolving technological landscape. Will Gen AI disrupt everything? Explore groundbreaking predictions that delve into the transformative potential of generative AI, reshaping industries and challenging the status quo.

AI on jobs: Regulatory considerations:

Artificial Intelligence has the potential to replace jobs, disrupt employment sectors globally. It underscores the dual impact of job displacement and the creation of new opportunities in AI-related fields. The lack of comprehensive legislation is noted, with a potential reliance on global initiatives like the Global Partnership on Artificial Intelligence (GPAI) and the EU's AI legislation. Anticipation is expressed regarding the need for national AI laws and heightened discussions on global AI regulations in 2024.

Dominance of tech giants in GenAI landscape:

In 2024, the dominance of U.S. tech giants in the generative AI (GenAI) landscape, especially in hardware and large language models, is evident. An ongoing competitive scenario is exemplified by Google's Gemini AI challenging OpenAI. India is seen as having fewer contenders unless actively involved in acquisitions. Despite challenges, optimism exists for Indian startups in niche GenAI applications like generative audio or video.

Surge in generative video adoption:

The year 2024 will witness a surge in generative video adoption within startups, particularly in marketing and advertising. While generative text and images address operational needs, generative video proves capital-intensive due to high hardware costs. Innovations like Nvidia's Gen AI-specific data centers aim to reduce expenses. Martech startups are eyeing acquisitions of early-stage AI counterparts for marketing-specific features. Accel's Swaroop highlights the potential impact on education and ed-tech startups, envisioning increased content production and engagement in the digital entertainment space through AI-generated audio and video.

Generative AI Impact on Software and SaaS:

Generative AI is transforming software development, with no-code startups like Akkio simplifying processes. Despite facilitating legitimate software creation, concerns arise about potential misuse for malicious purposes, leading to cybersecurity challenges. Open source models face vulnerabilities, from altered chatbot tones to serious data breaches. Investors anticipate AI-generated software disrupting the SaaS landscape in 2024, posing competition for established players.

Multimodal AI models:

These are generative AI models that can integrate and process different types of data, such as images, language, and audio, in a coherent and context-aware manner. Multimodal AI models can enable more natural and intuitive interactions with computers, as well as create new forms of content and experiences. For example, OpenAI's ChatGPT Vision and Meta's integrative models are examples of multimodal AI models that can generate realistic images and text from natural language inputs.

AI-powered digital employees and expert workers:

Generative AI applications excel in tasks demanding human-like intelligence, including communication, problem-solving, and decision-making. AI-driven digital employees and expert systems enhance workplace productivity, presenting both opportunities and challenges for the future. An illustration is GPT-4, a robust language model capable of tasks beyond information processing.

Vertical Gen AI in India's startup solutions:

Investors foresee vertical generative AI addressing India-specific challenges, anticipating a shift from the global horizontal approach. Mistral's open-source models outperform GPT3.5 in some metrics, but accuracy remains a challenge for specific tasks. Indian startups may build cost-effective, niche models atop global ones, leveraging local data. Challenges include the lack of customer data compared to larger global firms. The focus on the infrastructure layer and tools is emphasized, with optimism for Indian startups contributing innovative solutions globally.

Generative AI in creative industries:

This is the use of generative AI tools and techniques to enhance or transform the creative process and output in art, music, design, and other domains. Gen AI can provide artists and designers with new sources of inspiration, collaboration, and expression, as well as create novel and original forms of art and music. For example, generative AI models such as StyleGAN and Jukebox can generate realistic images and music from various inputs and styles.

Navigating chip shortage challenges in AI development:

This is the impact of the global chip shortage on the development and deployment of generative AI models and applications. The scarcity of essential hardware components, such as GPUs, can pose significant obstacles and costs for AI developers and companies, as well as affect the performance and quality of generative AI outputs. To overcome this challenge, generative AI developers and companies may need to adopt alternative solutions, such as cloud computing, edge computing, and quantum computing.

Ethical and social implications of generative AI:

This is the consideration of the potential benefits and risks of generative AI for individuals, society, and the environment. Generative AI can offer many opportunities for innovation, education, entertainment, and social good, but it can also pose threats to privacy, security, authenticity, and human dignity. To ensure the responsible and ethical use of generative AI, there is a need for more awareness, regulation, and governance of generative AI technologies and applications.