Well in the field of AI, it has indeed been quite the year of advancements and disappointments. I wrote the Naughty and Nice Santa Clause list yesterday and you can read those musings here.
Looking to 2024, my top 13 AI Predictions are:
- AI Ethical draft laws will finally start to be legalized in the EU by Q4 2024, but I don’t expect the USA, or Canada to have their new acts finalized until 2025, but I hope that I am wrong. The good news is finally more AI ethical guard rails are laying stronger foundations.
- Generative AI will continue to go mainstream and share prices will continue to grow in 2024 in tech giants If 2023 is a predictor for 2024, already an equally weighted share-price index of Alphabet, Amazon, Apple, Meta, Microsoft and Nvidia grew by nearly 80%.
- Global AI Spending will surpass $200B by the end of 2024.
- Boards of Directors will finally increase their education in AI and Cybersecurity given increasing risks of AI models classified as high risk and impending third party audits.
- More CTO’s will advance into CEO roles, especially in publicly traded companies continue to learn Technology and AI will impact every business process as we are in a major period of disruptive transformation. Technology competency will continue to be in high demand.
- Mental Health and Wellness insurance claims will continue to accelerate and will not drop due to increasing anxiety and depression rates. Our world is in a serious health crisis and the addiction to technology in our teens is growing year over year, so our new talent entering our workforce are not happy. Already 20-30% of employees wake up sad or angry. Hence investments in Mindfulness AI products to advance employee engagement will grow.
- Venture Capitalists will enter into a healthier investment climate in 2024 after the killer year in 2023 of capital flows down by over 60% in most segments, and many AI Unicorns went bust impacting VC confidence See here. That being said 2023 for AI Startups held steady and the outlook for 2024 remains positive. Crunchbase reported that 1 in 4 $ invested went to AI startup companies.
- Take Heed of Microsoft Co-Pilot and Smarter AI Agents going mainstream, becoming more robust and intelligent. Global Market Insights report that Autonomous AI and Autonomous Agents Market size was valued at USD $4.2 billion in 2022 and is estimated to register a CAGR of over 36.5% between 2023 and 2032. Businesses globally are increasingly integrating AI into their operations, propelling market growth.
- USD 4.2 billion in 2022 and is estimated to register a CAGR of over 36.5% between 2023 and 2032. Businesses globally are increasingly integrating AI into their operations, propelling market growth.
- We will continue to see CEOs on earning calls position their AI investments and tout their AI Innovation horns. We already saw a 2–6x: the increase from Q4 2022 to Q1 2023 of tech execs’ use of “AI,” “generative AI,” and “machine learning” on earnings calls (WestMore 2023 Tech Report)
- We will see more AI Experienced Practitioners and AI Ethicists added to formal boards of directors to focus in on AI Data Bias Risk, and solve some of the major challenges eloquently discussed in Dr. Joy Buolamwini’s new book, Unmasking AI.
- Copyright legal court cases will rise by over 300% over generative AI, as larger language models increasingly will come under legal and ethical scrutiny having trained their AI models on copyrighted content.
- Sam Altman will keep his job at least for another year, as CEO of OpenAI, after the dramatic jostling in the recent boardroom debacle.
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