Artificial intelligence (AI) has been a transformative force in our world, reshaping industries, economies, and our daily lives. As we approach 2024, the AI landscape is poised for significant breakthroughs that promise to further accelerate its integration into society. So strap in as we explore what AI is, its evolving role in society, and predictions for its future.
Artificial intelligence (AI) is rapidly advancing, impacting various industries. For example, in healthcare, AI-powered diagnostics are achieving accuracy levels comparable to human doctors, significantly improving early detection of diseases such as cancer. AI-driven robots are revolutionizing supply chain management in logistics by optimizing routes and improving efficiency, which companies like Amazon are currently leveraging.
According to McKinsey, AI could potentially deliver an additional economic output of around $13 trillion by 2030, boosting global GDP by about 1.2% annually. Furthermore, Gartner predicts that by 2024, 75% of enterprises will shift from piloting to operationalizing AI, driving a fivefold increase in streaming data and analytics infrastructures
Understanding Artificial Intelligence
Artificial intelligence, often abbreviated as AI, refers to the simulation of human intelligence in machines that are programmed to think and learn like humans. AI systems are designed to perform tasks that typically require human intelligence, such as visual perception, speech recognition, decision-making, and problem-solving. These systems are powered by advanced algorithms and massive datasets, enabling them to analyze, predict, and adapt to various situations. Before we get into the latest advancements, let's first understand the key components that make AI function and the process that brings AI to life.
Machine learning algorithms
At the heart of AI development are machine learning algorithms. These are the building blocks that enable AI systems to learn from data, make predictions, and adapt to new information. Here’s a brief overview of the primary types of machine learning algorithms:
Supervised learning: this approach trains the AI system on labeled data. By providing the input and the desired output, the algorithm learns to map inputs to outputs, making predictions based on patterns it discovers during training. An example of this is spam email classification, where the algorithm learns a pattern from labeled examples to decide which messages to filter out.
Unsupervised learning: this approach involves teaching AI systems on unlabeled data, with the goal of the algorithm being to discover hidden patterns or structures within the data. Clustering and dimensionality reduction are common tasks in unsupervised learning.
Reinforcement learning: this approach works to train AI agents to make sequences of decisions in an environment to maximize a reward. These agents learn through trial and error, making decisions and receiving feedback to improve their performance. Reinforcement learning is crucial in developing autonomous systems such as self-driving cars and game-playing AI.
Semi-supervised learning: this approach combines elements of both supervised and unsupervised learning. It uses a small amount of labeled data and a large amount of unlabeled data to train the AI system. This approach is particularly useful when obtaining labeled data is expensive or time-consuming.
Deep learning: this approach is a subset of machine learning that focuses on neural networks with multiple layers (deep neural networks). These networks can learn complex representations from data, enabling them to excel in tasks like image and speech recognition. Convolutional Neural Networks (CNNs) and Recurrent Neural Networks (RNNs) and examples of deep learning architectures.
Data collection and preprocessing
To create robust AI systems, high-quality data is essential, leading to more accurate and highly developed algorithms. The process typically involves the following:
Data collection: gathering a diverse and representative dataset is crucial. For image recognition, this might involve collecting thousands of images with various objects and backgrounds.
Data labeling: annotating data with the correct output is necessary for supervised learning algorithms. This looks like labeling audio clips with transcriptions or matching images with their corresponding objects.
Data preprocessing: making data ready for training is often compulsory, and may include normalization, data cleaning, and feature extraction.
Training and model development
Once data is collected and preprocessed, the AI model is trained through the following processes:
Model selection: choosing an appropriate machine learning model or neural network architecture for the task at hand.
Training loop: iteratively presenting the data to the model, adjusting model parameters, and evaluating its performance on a validation dataset.
Hyperparameter tuning: fine-tuning hyperparameters, such as learning rates or network infrastructures, to refine the model’s performance.
Regularization: applying techniques like dropout or L1/L2 regularization to prevent overfitting, where the model performs well on the training data but poorly on new, unseen data.
Optimization: using algorithms like stochastic gradient descent (SGD) to adjust the model’s parameters for better performance.
Photo by Google DeepMind on Unsplash
Inference and deployment
Once the AI model is trained, it’s ready for deployment. Inference is the process of using the trained model to make predictions on new or unfamiliar data. These phases involve:
Scalability: ensuring that the AI system can handle large volumes of data and make predictions quickly and efficiently.
Real-time inference: developing AI systems with the ability with the capacity for real-time inference. This is a hefty requirement for infrastructures that control autonomous vehicles, as decisions must be made within milliseconds.
Monitoring and maintenance: continuously monitoring the AI system’s performance, considering user-feedback, and making updates as necessary is vital for the consistency and reliability of the application.
Key AI Breakthroughs to Watch in 2024
Now that we have a grasp of the basic AI development process, it’s time to delve into the recent strides made by AI. From revolutionizing transportation to reshaping the landscape of healthcare, let’s explore the tangible ways in which AI is already exerting its influence:
Deep learning: inspired by the structure and function of the human brain, this subset of machine learning has led to several remarkable breakthroughs. Utilizing models such as CNNs and RNNs, image and speech recognition has achieved human-level performance.
Natural language processing (NLP): driven by the development of transformer-based models, NLP has seen notable progress. BERT, a family of language models introduced in 2018, has revolutionized NLP by understanding the context of words in a sentence, leading to significant improvements in search engines and language understanding. In 2022, OpenAI’s Chat GPT-3, with 175 billion parameters, demonstrated groundbreaking capabilities in generating human-like text.
Healthcare: tuned AI algorithms can compare patient data to vast datasets, helping to detect diseases like cancer and diabetes at early stages. The same types of algorithms can identify potential drug candidates and improve overall patient outcomes.
Climate change: improved climate change models, created by machine analyzing vast datasets of historical climate data, has resulted in more accurate predictions of future climate trends. This advancement is invaluable for policymakers and scientists striving to make more informed decisions about climate action.
Finance and investment: AI-powered trading algorithms execute trades at lightning speed, leveraging data and real-time information to identify profitable opportunities. These algorithms outperform human traders in terms of speed and analysis, making financial markets more lucrative.
Autonomous systems: self-directed cars and drones are becoming more reliable; Tesla’s autopilot system, with AI at its core, inches closer and closer to fully autonomous driving. These modes of transportation have the capacity to react instantaneously, eliminating human errors and increasing efficiency.
Source: Semrush
Is AI the Future? Predictions for AI in 2024
As we look ahead to 2024, it’s clear that the age of AI and our human future will become increasingly intertwined. AI is poised for even more extraordinary breakthroughs, reshaping both our technological and physical worlds. While we don’t have a crystal ball, here are some predictions for the future of AI:
AI bias mitigation: addressing bias in AI will become a top priority. Advanced techniques, including fairness-aware machine learning algorithms and diverse dataset collection, will be employed to reduce and, if possible, fully eliminate any biases of AI in the future.
AI regulation: implementing technology-related law has always been a game of catch up, but as governments and regulatory bodies take note of growing AI risks, they’re expected to take action. This will look like creating more stringent regulations to address algorithm transparency, job displacement, and the inherent unpredictability of AI’s future.
AI-assisted creativity: generating art, music, and literature are just the beginning of AI’s role as a creative partner. It’s expected that AI designs and sounds will become completely indistinguishable from human creations, challenging the boundaries of imagination and sparking discussions that question the definition of art and human expression. Additionally, existing notions of artistic ownership, copyrights, and royalties will evolve as AI systems become routine collaborators.
AI-quantum computing: harnessing the power of quantum bits or qubits will turbocharge AI’s problem-solving prowess. This synergy will fuel breakthroughs in healthcare, materials science, finance, and cryptography, as quantum computing empowers AI to tackle complex challenges at unprecedented speeds.
AI-powered education: utilizing data around individual students' learning styles and needs, AI-driven education platforms will be on the rise. These platforms will offer tailored informational content, quizzes, and recommendations that simulate a one-on-one learning experience. In addition, the growth of virtual reality (VR) offers the possibility for fully immersive educational explorations; historical events, scientific phenomena, and complex concepts can be made into interactive digital worlds for students to study.
AI-infused work: possessing the ability to wield AI tools will become an indispensable skill across several industries beyond the tech sphere. Whether it’s retailers using AI for inventory management or real estate agents leveraging AI to analyze property and homebuyer data, those who know how to command AI tools will stand out as competitive candidates within their field, and be more attractive to forward-thinking companies.
AI career opportunities: growing awareness of AI and its value has sky-rockted the demand for AI professionals. Companies will actively seek AI experts, including data scientists, machine learning engineers, and AI developers, to spearhead AI initiates and create future AI tools. Additionally, it’s expected that there will be a greater demand for AI-ethicists, who will play a crucial role in guaranteeing that AI technologies are developed according to ethical standards and are safeguarded against bias.
Steps to Prepare for AI Implementation
Assessment: Evaluate your organization's readiness for AI.
Pilot Projects: Start with small-scale AI projects to test feasibility.
Tool Selection: Choose the right AI tools and platforms for your needs.
Training: Train your team on AI technologies and their applications.
Implementation: Scale up successful pilot projects and integrate AI into core business processes.
As we stand on the cusp of 2024, the trajectory of AI is undeniably upward, with breakthroughs waiting to be unlocked and horizons waiting to be expanded. The question isn’t whether AI is part of your future, but rather how you can be a part of shaping its future. If you’re eager to be at the forefront of this technological revolution, there’s no better time to take action. Check out our bootcamps and become a catalyst for change in the world of artificial intelligence.
About the Author:
Juliette Carreiro is a tech writer, with two years of experience writing in-depth articles for Ironhack. Covering everything from career advice and navigating the job ladder, to the future impact of AI in the global tech space, Juliette is the go-to for Ironhack’s community of aspiring tech professionals.
