Shahid Hanif is the Chief Technology Officer and Founder of Shufti Pro, a biometric identity verification (IDV) solution.
Artificial intelligence (AI) has led to countless technological advancements in 2023. The advent of automation and machine learning will contribute to a more developed tech ecosystem in 2024. In 2022, AI use was twice as likely in larger companies, and 80% of retail executives plan to harness AI to experience automation by 2025. This is primarily because modern AI has recently come out of its development stage, and it is now maturing slowly.
The AI market was projected to grow by 38% in 2023, and the use of AI is projected to reach $6.8 billion and $7.2 billion, respectively. However, most tech enthusiasts are skeptical about the growth of AI in 2024. As per some experts, creating generative AI is an expensive venture right now and requires chips that are currently short in supply. These speculations have created a bubble around AI that projects an “AI cold shower” for 2024. Although the bandwagon myths are true, companies have invented extensively in this niche without correctly predicting their future. However, it is just a myth, and it can’t be said that there will be an AI cold shower in full bloom.
Debunking The Myth
As discussed above, there are speculations about AI facing a downturn in 2024. First, it needs to be clarified that this opinion has multiple aspects. Looking at the AI market’s growth from an investor’s point of view, there will be a downturn, primarily because of the immense investments flowing into the sector. Technology maturation is a time-intensive process that was totally ignored by tech giants in 2023.
The potential that 2024 holds is immense. AI will enter early maturation, and the world will see the development of real-world applications. An interesting debate that sparks here is that of AI eliminating significant jobs. By 2025, AI is expected to eliminate 85 million jobs but create 97 million new ones, resulting in a net gain of 12 million, which rejects the myths of this aspect being negative.
However, here’s what AI in 2024 has in store:
AI Development Democratization
AI will develop user-centric growth. For a better understanding, we can take examples of platforms like WordPress that allow laymen to utilize the complex technology of stack development.
The same applies to AI models, especially large language models (LLMs) such as ChatGPT and Google Bard. This will allow users with limited coding experience to build and deploy AI models, which will become increasingly accessible, empowering individuals and small businesses to leverage AI without relying on large tech companies. Open-source communities like GitHub and Reddit will allow users access to a wide range of learning and ready-to-use material.
Development Focus And Niche Specialization
AI is projected to be self-sufficient at the stage of total development. As AI models become more complex, interpretability and explainability will be paramount. XAI (explainable AI) techniques will help users understand how AI models arrive at their decisions, building trust and mitigating concerns about bias and opacity. Apart from that, niche-specific solutions will also see a massive surge. Tasks as small as organizing data sets to more complex tasks, such as managing payrolls, will have niche-specific AI solutions deployed.
Which Industries Will Benefit The Most From AI?
AI is rapidly transforming industries and streamlining processes to create a more convenient business environment for users and businesses. However, the sector that will benefit the most from the progress in AI is the cybersecurity sector.
AI algorithms can analyze vast amounts of data from network traffic, logs and endpoints to identify anomalies and suspicious patterns that might indicate a cyberattack. AI and ML are a combination that has given birth to new mechanisms that allow users to leverage intelligent pattern recognition and anomaly detection. By amalgamating these two technologies, businesses can recognize cyber threats beforehand and create a safer business environment. This will also be used to predict future attacks by mapping the behavior of an entity before it deals any actual damage.
AI will also be used in the cybersecurity sector to accurately assign risk scores to entities—for instance, if an entity wishes to establish contact with a business. AI and ML algorithms will fetch data on it and analyze it using its algorithms to create a profile that will accurately determine its risk level. This will ultimately aid informed decision-making and allow businesses to have safer business processes.
Why Is AI All About Augmentation?
We’re now aware of the full potential of AI and what it can achieve. The question here is how this potential will be achieved in 2024.
To answer this question, we need to accept the fact that the aim of AI is actually to complement human processes. Simply put, as AI grows, it will continue to copy human behaviors and capabilities. 2024 is a very crucial year in achieving this augmentation. AI developers must focus on developing synergy between AI algorithms and human behaviors.
AI can augment our cognitive abilities with tools like language translation, virtual assistants and personalized recommendations. It can improve physical abilities with prosthetics, exoskeletons and augmented reality interfaces. The goal is to empower people to achieve more, overcome limitations and enjoy a more prosperous life experience.
AI Investment Surge: What It Means For Businesses
As discussed above, the rapid investment surge in AI is a problem that needs to be approached with a sound strategy. Businesses that are jumping blindly into this race to gain profit will have to face disappointment. On the other hand, businesses that have identified the growth potential of AI and are looking forward to growing with this technology will have a positive future.
As Shufti Pro’s CTO, I emphasize that the end goal of AI is not to eliminate human intervention and automate all of your tasks completely, but rather to complement your business processes and offer numerous advantages, such as enhanced efficiency, reduced costs and improved decision-making. However, AI can automate mundane tasks and free up resources for more high-value activities.
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