It's the most wonderful time of the year... to predict what will come next year. Cozy up and dig into the Narratize team’s predictions for AI in 2024.
“By the end of 2024, a company’s successful adoption of generative AI will be an indicator of its market position and long-term stability.”
- Katie Trauth Taylor, CEO, Narratize
The AI market is poised for explosive growth in the coming years, presenting a wealth of opportunities for businesses and investors alike. According to Business Insider, the generative AI market is [.link]expected to grow[.link] from $40 billion in 2022 to $1.3 trillion over the next decade, with a 42% CAGR. This rapid expansion will be fueled by advancements in training infrastructure for large language models (LLMs) and the proliferation of inference devices for LLMs, digital advertising, and specialized software.
2023 was called the “breakout year” for generative artificial intelligence. Over the course of one year, GenAI went from a topic of interest to a top-down strategic imperative for most enterprises. By mid-year, [.link]93% of companies[.link]were actively buying GenAI solutions to achieve revenue and productivity gains. In 2024, I predict that enterprises will start to achieve scale and realize new levels of usability and ROI from their investments in GenAI. Startups like [.link]Narratize[.link], which has been rated as 73% more accurate than any other GenAI solution, will scale as more innovative enterprises seek trustworthiness and human-centered AI approaches that enable them to harness tacit knowledge of their people while speeding time to market.
The increasing availability of vast amounts of data, coupled with the development of more powerful computing hardware, has created a fertile ground for AI innovation. Industries across the spectrum, from healthcare to manufacturing to financial services, are recognizing the transformative potential of AI and are actively seeking AI-powered solutions to optimize operations and generate new value for customers.
With more industry standards on AI governance and policy, enterprises will be positioned to lean in and move beyond “experiments” with the tech, but start to truly scale what works. By the end of 2024, a company’s successful adoption of generative AI will be an indicator of its market position and long-term stability.
In 2024, AI will be more than just a curiosity. It will be a critical tool that helps workers make better decisions, be more innovative, and achieve higher levels of productivity. AI will continue to improve communication and collaboration across teams and divisions. Solutions that pull and organize tacit knowledge and ideas will unlock the most value to enterprises seeking innovation ROI from their generative AI investments.
If developed and used responsibly, AI can help to create a more fair and equitable workplace. Companies that adopt AI solutions that embed into professionals' existing workflows will hold the best potential to transform and elevate their market positions while upholding human-led innovation.
There's growing awareness of the gender gap in AI leadership, from [.link]criticism[.link] of the complete lack of women featured on the New York Times' Top 50 List of AI Leaders to the Turing Institute's report that female founders [.link]only get .3%[.link] of the venture capital that goes to AI startups. This gap will become more amplified in 2024. Companies will recognize the opportunity to live and breathe their diversity, equity, and inclusion (DEI) imperatives by selecting AI companies that prioritize diverse leadership and train their models to recognize and prevent bias.
We predict more share of voice on the importance of diverse perspectives in AI development and decision-making. Lack of diversity in AI research and development will begin to improve in 2024 as awareness increases. In 2024, we predict a growing demand for AI-powered tools and platforms that promote inclusion and accessibility, as businesses and organizations look to create more inclusive environments. For example, AI-powered coauthoring platforms like Narratize will achieve new levels of trustworthiness for users who need to confidently write in alignment with DEI best practices and reduce risk of embarrassment that can come from GenAI hallucinations, lack of evidence-based content authoring tools, and lack of training on gender-inclusive language and cultural awareness.
In 2024, we expect to see a surge in venture capital investments in AI startups that leverage AI's capabilities to automate complex tasks, analyze vast amounts of data, and make accurate predictions. AI security, privacy, ethics, and governance is another area of predicted growth. As AI becomes more prevalent, concerns about data privacy and security are growing. Investors are backing startups that develop AI solutions to address these concerns and ensure the responsible development and deployment of AI technologies.
Increased collaboration between AI startups and large enterprises will spark significant innovation in 2024 and beyond. Large enterprises' vast amounts of data and customer-driven innovation, combined with AI startups' unique expertise in prompt architecting, data science, and narrative science, will result in magic for the technological breakthroughs afforded by generative AI. Startup and BigCo collaborations will position enterprises to leverage AI's capabilities to improve their operations, enhance decision-making, harness tacit knowledge of their workforce, and gain competitive edge.
Generative AI holds the potential to transform how teams innovate. By generating new ideas, concepts, and solutions, teams can break through creative barriers and achieve faster speed to market for innovative solutions.
AI will not slow down in 2024. With increased investments in AI startups, the development of innovative AI applications, and the growing collaboration between startups and enterprises, we can expect to witness significant advancements in the accuracy, usability, and capabilities of artificial intelligence technologies in the coming year – and likely beyond.
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