Hello dear reader! In this article you will learn about 7 of the top Generative AI Trends to watch out for in this year, so please please sit back relax, enjoy, and learn!

Generative AI is an innovative technology that has revolutionized the tech world. It falls under machine learning and uses deep learning algorithms and programs to create music, art, and other creative content based on the user’s input. 

Artificial Intelligence traces its origins back to the 1950s when leaders like John McCarthy and Alan Turing were involved. However, significant strides were made in 2014 when Lan Goodfellow and his team introduced Generative adversarial networks (GANs).

Generative AI solutions gained popularity with the launch of ChatGPT, developed by OpenAI, in 2023. Supported by Natural Language Processing (NLP), Large language modules (LLMs), and Machine Learning (ML), Generative AI can evaluate and create extensive images and texts to assist users.

Each generative AI can generate unique creative pieces depending on the user input, utilizing the vast amount of data already fed in.

2024 will be no different and will see significant strides in the Generative AI space. Major players like OpenAI and Google are working rigorously to develop the most advanced Generative AI technologies, such as GPT-4o and Gemini ultra.

Before heading toward the trends, let’s have a look at some statistics related to Generative AI’s market size and its predictions for the future:

Statistics on Generative AI’s Market Size

The Generative AI market is expected to grow exponentially between 2023 and 2030. At the end of 2023, it stood at just under 45 billion U.S. dollars, nearly double the size of 2022. This growth of almost 20 billion U.S. dollars annually is expected to continue until the end of the decade.

7 Generative AI trends to look out for in 2024

1. Open-Source AI models 

Open-source AI models refer to models whose source code is accessible to researchers, developers, and organizations. This accessibility allows for collaboration and customization based on individual needs. With the rise of large Generative AI models, businesses are leveraging open-source AI models for greater control and customization.

In 2024, there’s been a lot of interest in pre-trained open-source Generative AI models. By 

Open-source pre-trained Generative AI models are also gaining much attention in 2024. By integrating these modules with private or real-time data, businesses can enhance their growth, increase cost efficiency, and improve productivity.

2. Multimodal generative AI 

Generative AI solutions are no longer limited to text-based language. They now encompass multimodal capabilities incorporating languages, speech, text, audio, video, and images. This allows users to combine various content based on the varied modes to stimulate and produce new content. 

It is predicted that multimodal Gen AI will experience significant growth in 2024, uncovering new-generation AI capabilities. ChatGpt has gained massive popularity among its users due to its multimodal features, making GenAI more dynamic and intuitive.

We can expect the emergence of open-source models such as LLava or Vision Assistant.

3. Small language models

In 2023, large language models (LLMs) were in high demand. However, in 2024, Generative AI development services have shifted the focus to Small language models (SLMs). These SLMs are trained on limited datasets but still produce high-quality, authoritative content, such as information in textbooks and journals.

SLMs can generate better-quality content than LLMs and are free from the noise that LLMs tend to produce. Additionally, SLMs have minor parameters, and their storage and memory requirements are smaller, allowing them to run on less expensive and less power-intensive hardware. 

Enterprises can customize SLMs for specific tasks related to particular domains, such as meeting regulatory and legal requirements. 

Currently, only two promising SLMs -Mistral 7B and Microsoft’s PHI-2—stand out as potential fuels for potent Generative AI applications. 

4. Autonomous agents 

Generative AI models are progressing by introducing autonomous agents, which are software programs designed to perform specific tasks. This advancement will eliminate the need for traditional prompt engineering in generative AI.

These autonomous agents use data to adapt to new situations, learn, and make decisions independently without human intervention. 

By investing in responsive and intelligent interactions, autonomous agents have the potential to enhance customer experience substantially through extensive contextual knowledge. These agents can benefit specific industry sectors such as hospitality, travel, retail, education, and more. 

5. Customizing Enterprise AI 

In 2024, businesses are increasingly looking for custom Generative AI applications to meet their specific needs. These applications use proprietary data to provide relevant responses. This signifies a shift towards efficient and customizable AI-driven business solutions.

This trend has the potential to lead to highly specialized strategic applications. Generative AI can significantly improve engagement, customer service, and operational efficiency. Custom AI solutions can give a competitive advantage in the ever-evolving business world.

6. AI governance

As businesses increasingly use Generative AI, associated risks need to be addressed. Organizations are investing in governance and compliance to mitigate these risks. This involves monitoring internal AI usage, identifying inappropriate prompts, and staying updated with government regulations. 

Generative AI solutions also prioritize AI safety and ethics. The AI Safety Alliance aims for responsible  AI innovation to ensure security, trust, diversity, and economic competitiveness. 

7. AI-Augmented Apps and Services

In 2024, AI-augmented applications and services are leading the way in Generative AI trends, representing a significant change in how technology enhances human capabilities across different domains. This trend involves integrating advanced AI algorithms into various software and platforms, improving user experiences with personalized, intelligent functionalities.

Moving Forward with the Generative AI Trends in 2024

Looking ahead to 2024 and beyond, it is clear that Generative AI is leading the way in innovation and has made remarkable advancements. Its potential can transform any industry, including marketing, sales, operations, etc. The Generative trends for 2024 and beyond show the technology’s impact and capabilities. 

This article will help you understand the trends of 2024. Businesses can also take advantage of Generative AI development services backed by a team of Generative AI developers to fully leverage the potential of Generative AI trends in 2024.

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