How Will AI Impact The Rest of 2024? 5 Predictions

More than a passing fad, AI has now become ingrained in global culture.

Since its boom, it’s unlikely it would ever go away. Instead, it will continue driving the future of technology and humanity, just like it did in the past years. However, it’s already becoming evident that people need to step in and take the wheel. That is, before it goes out of control and leads us to a not-so-happy ending.

In this article, we’ll take a peek into the future of AI and what it has in store for humanity—for all of us. We’ll explore its impact on various aspects of our lives—both good and bad, and everything in between.

Five AI Predictions in 2024

I’ve researched some of the most relevant and insightful predictions for AI in 2024. Specifically, by gathering information from professionals with a sufficient understanding of AI and authority related to the field. There are too many, in fact, but the five mentioned below are the combinations of those various sources. Some of them are not widely discussed yet, so make sure to check them out.

Better Generative AI, More Convincing Fake News

AI has gotten better, but it comes with a price. With the advent of generative AI, digital content manipulation has just become more rampant. In just a few seconds, you can generate realistic images, audios, or videos of people or events that never happened in the real world. A real-life example of this is the AI-generated ad in 2023, featuring President Joe Biden and a dystopian future under his rule.

Without a doubt, all these generative AI tools are becoming disturbingly good. They’re increasingly becoming more human-like, producing highly sophisticated content in various forms. But it’s actually not the AI itself that’s concerning. If we look at the bigger picture, it’s the bad actors who are taking advantage of AI to fabricate information, spread deep fakes, and manipulate people.

Again, while AI models are not perfect, they’re continuously improving. But so are the tactics of these people with evil intentions. A good example is that advanced AI systems continue to become more available to the public with less to no restrictions in 2024. Unfortunately, this means bad actors are also getting access to them, making the public more vulnerable to misinformation and fake news.

An AI-powered Election (First Time in History)

According to The Economist, 2024 is going to be the biggest election year in history, with over 60 countries—including the US and India—and billions of people attending the polls. But do you know what people are looking forward to other than the presidential election itself? As you might’ve guessed, yes, it’s the possibility of AI involvement in politics, making 2024 the first election year powered by AI.

What’s so alarming about AI in elections? Well, to say that these powerful technologies falling into the wrong hands is mitigable but inevitable would be such an understatement. There’ll be “a tsunami of misinformation” as AI expert Oren Etzioni termed it. And it’s going to have far-reaching disastrous effects, washing out transparency and leaving countries in long-term political turmoil.

That makes it even harder to trust anything now, especially during these times—you hardly know if what you’re seeing or reading is real or a sham. So brace yourselves and be extra alert, because elections will never be the same. Again, the 2024 election will be more than just an election. It will be a more dangerous game of facts and fabrications where abusers and those in power will strive to outsmart people with AI.

A More Regulated AI

Undeniably, AI systems are already becoming counterparts of humans. They are doing our jobs, interacting with us using our language, and inherently acquiring traits that makes us human (including our faults). Like fire in the wind though, the wild advances in AI getting out of hand is becoming more apparent. So the government and regulators have come to the conclusion it’s time to intervene.

In April 2021, the European Union released the initial draft of the first-ever AI Act that aims to regulate the development and use of artificial intelligence. It’s set to be finalized and adopted sometime this year in 2024. So, what can we expect and what’s in it for AI? Well, according to the act, AI will most likely receive the same treatment as humans in the world of law. This means AI will no longer be exempted from government policies.

Like the professionals in healthcare, education, and other industries, AI will need to pass standardized tests and get a license to operate under legal conditions. That said, companies that create and deploy AI products will be required to register their models and promote transparency. This is to ensure that they’re reliable and safe to use before launching in the market.

The act will also focus on banning dangerous uses of AI with major restrictions on facial recognition outside national security purposes. This also includes those systems used in public and on the internet. Any violators will face fines of up to €35 million (that’s about $38.9 million), which is 7% of the worldwide annual turnover.

Insurance Companies Responding to AI Hallucination

In 2024, insurers are said to take action against AI hallucination, the infamous phenomenon observed in generative AI. It somehow makes users believe that its responses are reliable and accurate. So how will this go?

The insurance companies will include coverage specially for financial damages caused by faulty AI systems. The insurance policy will also cover the security breaches and other risks in cybersecurity that can arise due to AI inefficiency. This is necessary since cyberattackers are also getting better at their schemes.

So, 2024 will most likely be a fruitful year for insurance companies. The majority of the businesses now are operating using AI, leading to an increase in their need for more robust security and better risk management. This will potentially lead to them buying from insurance companies, therefore generating more sales for insurance providers, for sure.

Companies Embracing Smaller But More Specialized AI Models

AI has helped businesses streamline their processes for years ever since it’s been commercialized. However, it’s getting hard to keep up with large AI models designed for general use . This is largely due to their heavy requirements in terms of computing and storage, not to mention the costly production. So, it’s predicted in 2024, companies will switch to smaller AI models.

To save up and maximize their resources, they will opt for AI models that are smaller but more specialized for domain-specific tasks, such as finance, marketing, analysis, or the like. So an AI’s increased efficiency, performance and focus on specific tasks plays a key role in the companies’ decision-making when choosing the right and the best AI tool for their business.

AI Winter—Coming Back?

Contrary to the hyped theories about AI in 2024, some aficionados in the industry predicted that AI winter will once again resurface. This is a phase in AI history that significantly slowed down the overall progress of AI in 1974-1980 and 1987-2000. This means there may be a halt in the development of AI technologies, as well as in funding. In other words, a sudden decrease in interest and investment in AI in general.

Rodney Brooks, an Australian roboticist who also writes predictions about technology since 2018, shared in his 2024 predictions scorecard that a “full-scale tech winter” will occur for the second time around. But this time, even colder. Clément Delangue, the CEO of Hugging Face, even remarked first in his AI predictions in 2024 that an AI company will go bankrupt or be bought for a cheap price.

On a similar note, Eric Siegel, the founder of Big Think and the author of The AI Playbook, predicted that people will be left with nothing but disappointment. For what exactly? Well, for expecting something big from AI that’s not going to happen. I know this prediction is quite contradictory to what the majority is currently looking out for, but what if it manifests and prevails to be real?

More Appreciation For Authenticity and Human-made Content

Whether you admit it or not, we’ve had good times using generative AI tools like ChatGPT, Midjourney, and other AI generators at some point in our lives. However, as the saying goes, some things are only as fun as their novelty lasts. In the case of mainstream AI, its novelty hasn’t even worn off yet but the fascination for AI has toned down a bit. Why?

As AI’s unfavorable impact on social media, public, education, and other industries finally came to light, it dawned on people that AI can be a way to warp reality. They then soon find relief in appreciating the authenticity of everything more than ever before. Genuine content continues to grow more paramount as people realized that they’re on the brink of losing something precious—of not knowing the truth.

Even before AI-generated content sprung out, we were already seeing content online that looked almost too perfect but was not even real. For example, take the heavily Photoshopped images of fashion models that have messed with women’s insecurities for years. What if more fake photos like that or even more deceiving content dominates the internet with the power of AI? For sure, more trust issues will ensue.

The good thing though, is that some experts agree with the prediction that companies—especially those in the AI field including Adobe—will bolster and promote transparency. They will do so by normalizing the content credentials in their product’s content. Mike Gioia, a prompt engineer and a co-founder of Pickaxe, specifically predicts that Apple will add a “Photographed with iPhone” stamp on photos taken using its camera.

In the midst of all the grim AI predictions in 2024, this eye-opener will create a subtle impact on how we view AI. This prediction will be about making people realize what’s at stake.

The Bottomline (and What’s For Sure)

AI predictions are all over the place, but which of them actually is the most certain? We don’t know the exact answer to that at the moment. But one thing’s for sure: people will keep an eye out, regardless of whether the prediction says AI will continue to advance or take a hiatus.

There will be optimists, cynics, and skeptics debating about it. But there will also be neutrals and some unbothered, nonchalant individuals, of course. What’s even more obvious today is that clearly, there’ll be some adjustments no matter the outcome. AI flourishing or waning does not necessarily mean it will be the instant end of the world.

After all, AI predictions don’t materialize in a completely helpless way like the unalterable weather forecasts. Unlike with nature, we can still have a grip on how AI in the future will turn out; after all, it’s our kind that gave power to AI. So needless to say, the rest of the future still lies in our hands.

That’s a wrap, and I hope you’ve learned something from this article that will help you better prepare for whatever’s about to come. Which of these predictions do you think will happen? Share with us your thoughts!