Artificial Intelligence in 2024: What Trends to Expect?

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In recent years, we all have seen how capable AI is. 2024 is the high time to use these capabilities in full.

Artificial intelligence advancements are fast and numerous, so you may feel lost in this storm of progress. If so, we highlighted five main AI trends you should keep an eye on this year and illustrated them with successful market cases. But first, let us talk numbers.

The Five AI Stats You Should Know in 2024

What exactly do we mean when saying AI is booming right now? The hype around innovations is real, and it is not just our fantasy. Let us talk figures.

• AI market size will reach 306 billion USD in 2024, adding 27% to the previous year.
• The total number of artificial intelligence users will extend to 314 million people, growing by 24% year-to-year.
• By 2030, AI will contribute 15.7 trillion USD to the global economy. It is more than China’s and India’s current contributions combined.
• 55% of businesses report they use AI in one or more functions.
• 57% of workers believe artificial intelligence will change the way they work.

Key AI Trends to Watch in 2024

Smart technologies progress so fast that you can easily lose your focus. We have chosen five main AI trends you should not miss in the upcoming year and illustrated them with cases from our portfolio.

Trend 1: Generative AI Goes Mainstream

In 2023, big tech introduced game-changing AI tools that transformed how we work and find information, as these advanced systems used generative AI that can autonomously produce new and diverse content, based on patterns learned from existing data.

In 2024, machine learning generative models are reaching new heights. More and more businesses will adopt creative AI tools to streamline creative processes, optimize costs, and increase productivity by up to 40%. Step by step, generative AI applications become our mandatory co-pilots for mundane creative operations.

Generative AI refers to a class of AI techniques and models that are created to generate new data or content that is similar to, but not necessarily identical to, existing data. Such systems can create new information based on patterns and knowledge learned from large datasets, such as text, images, audio, and more.

Market Example: AI-Powered Banking Digital Assistant for a UK Commercial Bank

Our client, a leading UK commercial bank, sought to revolutionize its digital services by leveraging advanced AI technologies. The project aimed to enhance operational efficiency, automate routine tasks, and elevate the overall customer experience through the development of a financial digital assistant.

We built smart AI software to automate routine tasks in banking operations and developed secure on-premise software for searching and filtering sensitive information.

The implementation of AI chatbot and smart filtering attracted and engaged new customers, enhancing user experience. Project success translated into an impressive 33% revenue surge in FY2022, highlighting the positive impact on the client’s financial performance.

Trend 2: AI Chatbots Speak Out

Powered by intelligent tech, chatbots rapidly advance from basic client service providers to proactive virtual assistants. Today, they can understand natural speech, foresee questions, and make recommendations.

In 2024, the global chatbot market will grow with a 25.9% CAGR and reach 8.43 billion USD. We will witness the omnichannel presence of AI chatbots, further integration with voice assistants and smart devices, and even better personalization.

Beyond Conversations: Exploring ChatGPT Capabilities in BusinessRead more

Market Example: Interactive AI Chatbot in a Mobile App

Modern artificial intelligence chatbots are smart enough to build up an emotional connection (yes, it has gone that far) with human users, which creates unique opportunities for brands in various niches.

Our client, a telecom company, decided to revive customer relations and deliver a new mobile app with an AI chatbot in the form of a cute animated mascot. The character can inform customers about the company’s services, respond to their queries, and tell a joke. As any other chatbot, this one learns a lot and continuously broadens its vocabulary with new words and even can change its behavior.

The audience warmly welcomed such an interactive innovation. Now, the chatbot processes 30% more queries at much lower operation costs. And customer conversion rates are projected to grow by at least 8%.

One More Market Example: AI Voice Assistant in a Geosocial Networking App

Another exciting innovation is chatbots with voice recognition functions. In 2024, 8.4 billion digital voice assistants are expected to be in use, and they all need an intelligent part behind them.

Our client decided to launch a new geosocial networking platform employing a GPT-powered voice assistant. The chatbot recommends venues and events and responds to user queries. It understands English and Vietnamese and can translate street signs and names. This convenient interactive experience is particularly helpful for use on the go.

Trend 3: Facial Recognition Systems Become More Powerful

With face recognition technology reaching near-perfect accuracy, its global market is expected to grow by over 5.7 billion USD next year, adding about 14%.

So now, facial recognition software is in high demand in many security-focused industries like banking, healthcare, and retail. But it is surely not the limit. In 2024, more breathtaking tech applications will appear on the market. Think of passport-free airport security controls, contactless payments, or street security solutions.

Market Example: Face Recognition System for Photographers

Our client takes professional photos in schools and kindergartens, which means nearly a thousand photos daily. Then, parents have to filter photos of their kids. Imagine how challenging it is with this number of images! So, the client decided to call smart tech for help.

Our team researched, designed, and developed a facial recognition system that can find all photos of a certain child. This is how it works:

• A photographer uploads all the photos to the cloud;
• Parents find and check a couple of photos with their kids;
• The system finds the rest of the kid’s photos in no time.

The provided solution can now detect and recognize faces of different sizes and at various angles, distorted with emotions and partly overlapped. It is enough to streamline photographers’ creative work and save parents’ time.

Trend 4: Machine Learning Boosts Business Automation

​As technologies evolve, AI business automation systems are becoming powerful enough to deal with complex operations. At the same time, ready-made AI models allow engineers to build more affordable solutions for startups and small businesses. Automation can now enter any door.

Market Example: AI Automation Solution for Logistics

Every international logistic operation usually goes with a package of 10–25 different documents. It takes many hours to find, identify, and process these papers, bringing huge operational costs to the table. Our client, a logistics company from Canada, decided to eliminate this issue with a robotic process automation (RPA) solution.

CHI developers created a tool that uses machine learning, natural language processing, computer vision, and optical character recognition (OCR) technologies. What a powerful mix! By removing even one technology from the equation, we would not be able to achieve the desired software quality.

The system does the following:

• enables users to upload PDF files;
• identifies a document category (invoice, bill of lading, proof of delivery, etc.);
• extracts information from documents;
• recognizes signatures and logos of counterparties and reads QR codes;
• learns to distinguish unknown document types and fields.

It is another long-awaited innovation saving hours of human work and, of course, accelerating several operations at once.

One More Market Example: Parcel Tracking Tool

Automation solutions are usually good at sorting parcels. But not always. The problems occur when a tracking code is mechanically damaged, or there is not enough lighting on a sorting station. In such cases, a system cannot see tracking codes well. So, our client, a delivery company, came to us with the idea of an AI tool that could scan codes in unfavorable conditions and maximize the chance for successful delivery.

Our engineers trained a custom neural network to read bar codes on parcels correctly, even if there were some mechanical damages. This innovation is crucial for optimizing postal services while the e-commerce market is growing exponentially every year.

Trend 5: AI-Powered Mobile Applications Are On the Rise

AI intensively goes mobile because of emerging advancements in hardware and software. Powerful mobile chips, developed 5G networks, and stronger edge computing enable users to utilize intelligent tech on the go. So in 2024, more apps will contain generative AI features, and we will see more mobile solutions for content generation, healthcare, and AR/VR experiences.

AI in mobile apps boosts profitability by improving user experience, optimizing app performance, automating marketing, ensuring efficient customer support, efficient resource allocation, and fostering innovation.

Market Example: Mobile AI Assistant for a Cosmetic Retailer

Our client, a leading cosmetic retailer in North America, decided to arm their customers with an in-pocket AI mobile assistant. This is what it means in terms of features:

• Recommendation system: An advanced algorithm analyzes a customer’s face with computer vision and suggests makeup products and colors;
• Virtual try-on for makeup products: A revolutionary AR/VR feature lets customers test new styles and try on makeup products online and in-store;
• Trend analysis feature scans makeup trends on social media platforms and suggests what will work in every particular case;
• A GPT-based chatbot communicates with shoppers, informs them about promotions and discounts, shares tips, and tracks orders.

This blend of AI technologies has put the app’s user experience to a whole new level. Think of it as an ideal customer service that you always have by your side. What customer would say no to it?

If AI is something that interests you a big deal, you’re welcome to read this article in full. There, we’ve listed thrilling business benefits that you can get with AI implementation this year.