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What 2024 holds for AI: Predictions for the year ahead

Wanna become a data scientist within 3 months, and get a job? Then you need to check this out !

The year 2023 was, without question, the year of the AI. Here are some of the things we witnessed.

  1. We saw the rise of ChatGPT.
  2. Google’s efforts to compete against OpenAI
  3. The drama with Sam Altman, his firing and re-hiring.
  4. Generative AI breaking into the mainstream

With everything that transpired in 2023, everyone’s been wondering what the next year holds for AI.

Here are some of my predictions.

  1. AI gets commoditised, and subscriptions to AI services gets even cheaper.
  2. 90% of the AI startups die out. OpenAI releases add-ons that kill whole business models.
  3. 50% of all coding takes place through AI. This is a bold prediction, but I foresee AI becoming ever more central to programmers as time progresses. By 2030, AI will be as fundamental for coders as calculators have been for accountants.
  4. The creative industry faces an existential crisis. The professionals in that industry realise that 90% of these jobs will not exist within 5-10 years.
  5. EU keeps lagging behind. It keeps focusing on regulation, instead of innovation.

AI gets commoditised

As AI technology advances, it’s expected to become more commoditized and affordable in 2024. This trend is driven by the increasing availability of open-source AI models and platforms that reduce the barriers to entry for businesses and individuals alike.

With tech giants and emerging players continuously pushing the boundaries, the cost of deploying AI solutions is likely to decrease significantly. This democratization of AI technology enables a broader range of applications, from small-scale personal projects to large-scale industrial solutions, making AI accessible to a wider audience.

90% of AI Startups Die Out

The AI landscape in 2024 is expected to undergo a significant consolidation, with predictions suggesting that as many as 90% of AI startups might fail. This stark statistic reflects the highly competitive and rapidly evolving nature of the AI sector.

Many startups face challenges in scaling their solutions, securing funding, and differentiating themselves in a crowded market. As AI becomes more mainstream, only those with truly innovative, scalable, and marketable solutions are likely to survive and thrive.

50% of All Coding Takes Place Through AI

By 2024, it’s anticipated that AI will play a substantial role in software development, with predictions stating that up to 50% of all coding could be done through AI. This shift is facilitated by the emergence of sophisticated AI tools capable of understanding and generating complex code.

These tools not only assist programmers in writing and debugging code but also enable non-technical individuals to develop software through more intuitive, language-based interfaces.

The Creative Industry Faces an Existential Crisis

The creative industry is poised for a major shake-up in 2024, facing an existential crisis brought on by the proliferation of AI in creative domains. AI tools are increasingly capable of producing art, music, literature, and design works that rival human-created content. This technological leap challenges traditional notions of creativity and originality, causing a significant reevaluation of the role of human artists and creators.

EU Keeps Lagging Behind

In the race for AI supremacy, 2024 might see the European Union (EU) continuing to lag behind leading players like the United States and China. The EU’s slower pace can be attributed to its more stringent regulatory framework, which, while protecting privacy and ethical standards, may also hinder the rapid development and deployment of AI technologies.

This cautious approach, although beneficial for ensuring responsible AI use, could limit the EU’s competitiveness in the global AI market.

2024: An exciting year for AI

2024 will be an even more important year for AI than 2023 was. The best way to get ready is to make sure you educate yourself, and understand how AI can help your business and career.

That’s why our mission is to help you get there.

  1. If you want to become a data scientist, you need to check out Beyond Machine. We train you to become a data scientist, and even help you find a job.
  2. If you are a business owner, you can check out our AI services.
  3. If you are a senior professional, check out the AI and Web3.0 mastery program by the Tesseract Academy.

Wanna become a data scientist within 3 months, and get a job? Then you need to check this out !