Industry Trends

Generative AI is a Massively Influential Trend for Various Industries in 2024

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Alongside obvious outlets such as customer service, enterprises use generative AI tools to develop code from natural language descriptions and autonomously maintain that code across different platforms. A recent report from Deloitte reveals that 62% of the business and technology leaders among the 2,800 surveyed reported excitement as a top sentiment with regard to generative AI. 79% also said they expect generative AI to substantially transform their organization and industry over the next three years, and 31% believe it can happen within one year.

Aside from increasing productivity and easing workloads through intelligent automation, generative AI can also help tackle highly niche problems. Many startups are creating AI solutions in agriculture, such as detecting microbial pests infecting crops and suggesting automated remedies to help rural farming communities. In industries like construction and heavy machinery, this technology can be used to simulate realistic scenarios for workforce training without exposing them to actual risks. Autonomous vehicle makers use the same application to generate potential accident simulations to train the vehicle’s self-driving function safely. The chemical industry uses this technology to create new cosmetic formulations and optimize production processes. The textile industry also benefits from such operational enhancements and understands changing customer preferences using AI to create new designs.

Generative AI is here to stay, and every facet of the market is adopting it in some manner and to varying levels of sophistication. Some are only experimenting with its chatbot support functions, while others use it to revamp their supply chain. Just like last year, generative AI will continue to live up to the massive hype it created this year. The market is projected to reach US$66.62 billion in 2024 and grow with a CAGR of 20.80 percent between 2024 and 2030.

Large language models will grow phenomenally in the coming months. This development will pave the way for more compact and cost-efficient models operating on low-footprint installations with constricted processing capabilities, including on-edge or smaller enterprise architectures. 2024 will also see a rise in multimodal AI that pushes beyond single-mode data processing to include multiple input types, such as text, images, and sound. Simply put, multimodal AI will bring us a step closer to replicating the human ability to understand and process diverse sensory information.

In addition, agentic AI—sophisticated systems that are autonomous and proactive—will mark a significant shift from reactive to proactive AI. Unlike traditional AI systems, which reply to user inputs and adhere to predetermined programming, AI agents are developed to comprehend their environment, set targets, and achieve them without direct human intervention. Building large language models and revolutionary generative AI systems is costly and requires exceptional computation power. As a result, the year will also see development in open-source AI that enables developers to build on top of each others’ work, crunching costs and making AI access more inclusive.

Today, business transformation is AI transformation.

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