2024 GenAI Predictions: Part One

By Datanami December 21, 2023

From the article:

Saad Siddiqui, General Partner at Telstra Ventures shares his thoughts on GenAI going into the new year.

In 2023, the world witnessed the emergence of generative AI, triggering a race to master and exploit its potential while navigating its inherent risks. Venture capitalist predictions have underscored a landscape with both opportunities and obstacles for 2024. Forecasts point to marked growth in AI capabilities by year-end, empowering businesses to make pivotal decisions guided by AI insights. However, the journey won’t be devoid of challenges, as AI firms face heightened scrutiny over data privacy and security issues.

Language models are expected to evolve with enhanced capabilities and reduced parameters, signaling a departure from the prevailing Transformer architecture toward systems facilitating multimodal AI. Generative AI is also poised for commoditization, with integration into a variety of applications. Additionally, venture capitalist predictions show a trend toward localized deployment, giving startups greater control over their data and operations.

Concerns about adverse effects persist despite these exciting advancements. These issues include job displacement, an increase in deepfakes, and rising global inequality. An approach to AI adoption that balances value maximization with risk mitigation is essential.

Experts predict a shift toward innovative approaches in generative AI as predictive analytics and ethical AI grows more popular among users. However, it’s important for users to understand the limitations of generative AI so that they do not overestimate its capabilities.

Deepfakes are projected to soar to new heights, with a majority of U.S. consumers likely encountering synthetic media by the end of 2024, which may cause the spread of misinformation.

The emergence of hybrid roles combining expertise in AI and bioscience is expected to bridge the gap between pharmaceuticals and technology. Smaller companies may explore alternative resources, such as less-powerful GPUs and distributed networks, to innovate and contribute to the AI landscape.

These predictions provide a comprehensive outlook on the evolving landscape of generative AI in 2024, with its immense potential and unique challenges. 2024 GenAI Predictions—Part Two will continue to delve into and examine this critical subset of artificial intelligence.