Top 6 AI Advancements and Trends in 2024

Explore AI trends for 2024, including custom solutions, open-source models, and ethical development driving business innovation and growth.

BLOG

Shubham Sahu

9/8/20243 min read

An robot with light in eyes.
An robot with light in eyes.

Top 6 Predictions for AI Advancements and Trends in 2024

In 2024, the early fascination with generative AI is giving way to tangible business results. AI's ability to process and generate text, voice, and video content is transforming how companies enhance productivity, fuel innovation, and spark creativity. According to McKinsey & Company, AI applications could contribute between USD 2.6 trillion and 4.4 trillion annually to the global economy by addressing a variety of business scenarios.

Drawing from extensive collaborations with customers and partners across more than 25 countries, we’re sharing well-informed predictions and emerging trends in AI for 2024. This global perspective highlights how diverse industries are shaping and being shaped by AI. Let’s explore what lies ahead:

1. Custom Enterprise AI Solutions for 2024

In 2024, custom enterprise AI solutions are gaining momentum, with businesses increasingly adopting AI tailored to specific needs. By integrating proprietary data, companies can ensure that AI provides more accurate and relevant insights. For example, global retail chains are utilizing AI models trained on region-specific data like customer preferences and cultural differences, allowing for highly personalized customer interactions.

In countries like Japan, AI is fine-tuned to prioritize precision, while in Brazil, it emphasizes warmth and engagement—reflecting each market’s cultural values. As custom enterprise AI continues to advance, businesses are using AI to improve customer engagement, operational efficiency, and competitiveness. This evolution transforms AI from a generic tool into a powerful strategic asset across industries.

2. Open Source AI Models in Climate Research

In 2024, open source AI models are becoming critical for businesses looking to accelerate growth. By combining these pretrained models with real-time data, companies can boost productivity and lower costs. A notable example is IBM’s collaboration with NASA to create a geospatial AI foundation model—the largest of its kind available on Hugging Face. This model provides access to NASA’s earth science data, aiding innovations in climate-related research and geospatial intelligence.

IBM and NASA's open-source AI model has achieved remarkable results, improving deforestation tracking, crop yield prediction, and greenhouse gas monitoring. This represents a significant leap for businesses looking to harness open source AI models for addressing critical global issues like climate change.

3. API-Driven AI Microservices for Businesses

The rise of API-driven AI microservices is making it easier for companies to build complex AI-driven applications. Through application programming interfaces (APIs), businesses can integrate AI tools that streamline everything from customer behavior analysis to inventory management. For example, IBM developed a suite of custom AI microservices for a large retailer, providing tailored customer service and data-driven marketing strategies.

These AI-powered services, accessible via APIs, help businesses analyze customer feedback, optimize inventory, and improve service efficiency. The flexibility and scalability of API-driven AI microservices for businesses allow organizations to adapt to rapidly changing market demands, enhancing productivity and operational excellence.

4. National Priorities for AI Development

In 2024, AI becomes a national priority for many countries, sparking advances in research, science, and economic growth. Governments are recognizing AI as a strategic asset, similar to the space race of the past. One example is the European Union’s Artificial Intelligence Act (EU AI Act), which sets comprehensive legal frameworks for AI use.

This legislation addresses AI deployment in high-risk areas like welfare, education, and employment, while prohibiting uses that pose unacceptable risks, such as emotion recognition in the workplace. The European Union Artificial Intelligence Act regulations represent a significant step in responsible AI governance, ensuring that AI is deployed ethically and safely in diverse applications.

5. Multimodal Generative AI for Customer Service

2024 will also see a shift from text-based AI to multimodal generative AI, where systems integrate text, speech, and images for more contextually relevant responses. This approach promises to revolutionize industries like customer service, where AI can analyze spoken requests, interpret documents, and assess visual cues during video consultations.

By synthesizing multiple data points—speech, text, and visual information—AI can offer more personalized financial advice or enhance creditworthiness assessments with greater precision. Multimodal generative AI for customer service will enable companies to deliver tailored interactions that improve customer satisfaction and loyalty.

6. AI Safety and Ethics in 2024

As AI continues to integrate more deeply into daily life, there is increasing focus on AI safety and ethics in 2024. Leading organizations are joining forces to establish robust safety protocols and ethical standards. IBM, Meta, and others have formed the AI Safety Alliance, which promotes responsible AI development and open innovation.

This alliance encourages the creation of open AI technology with safety standards that emphasize security, diversity, and scientific rigor. The goal is to establish global benchmarks for responsible AI innovation, ensuring AI systems are built on trust and transparency.

Embracing the Future: A Call to Action for the AI-Driven World of 2024

These trends are more than predictions—they serve as a roadmap for innovation, growth, and societal advancement. AI challenges us to rethink business practices and our interactions with the world. By staying informed and adaptable, we can harness the power of AI to create a more efficient, innovative, and inclusive future.