2024: The Year of AI

Trends, Transformations, and Opportunities

Author

Angela Benton
December 30, 2023

Friend,

I hope your holiday season was one for the books. I know mine was! As we turn our sights to 2024 and all that waits ahead I wanted to share my outlook and what to expect in AI. While I was writing this trend report I was reminded of a time about 15 years ago, with my first company, when I use to do these reports yearly.

Honestly, I forgot how much work they are, lol!
I also forgot how much fun they are to write.

I spent copious amounts of time over the past month revisiting some of the thoughts I’ve already written about this year, as well as explored new trends that I think will be a big deal. As a holiday gift I added in 5 bonus trends at the end for my premium newsletter subscribers…. thank me later :). The real work was consolidating all of this into digestible pieces so that you’re not reading a textbook lol!

Here’s what to expect below:

  • Each trend includes data to reference and justify why I think it’s a huge opportunity.

  • I also expand on why I think it’s an opportunity for all of my entreprenuers.

  • Some trends are shorter than others and in cases where this is true I link off to a longer form article that I’ve already written.

So without further ado… cozy up with a cup or tea or coffee, kick your feet up, and let’s get into what 2024 has in store!

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The evolution of technology has always been a tale of human ingenuity, shaping and being shaped by the tools we create. As we approach 2024, Artificial Intelligence (AI) stands at the forefront of this narrative, not just as a tool but as a paradigm shift in how we interact with technology and each other. This trend report delves into the emerging trends in AI for 2024. We will explore how these trends create opportunities for entrepreneurs, backed by data and statistics, and forecast the transformative impact of AI across various sectors.

Table of Contents

Trend 1: Professional Services Transformation

Data and Predictions

By 2024, AI is expected to revolutionize professional services like law, accounting, and wealth management. The integration of AI in these sectors is predicted to go beyond mere augmentation; AI will become the workflow. This shift will enable full automation in tasks such as research, data ingestion, and insight generation. Read more

Opportunities

Entrepreneurs can capitalize on this by creating AI solutions tailored for specific professional services, this means not necessarily building custom software but delving into productizing your knowledge with AI. The market for AI in legal tech alone is expected to reach $37.85 billion by 2026. There is immense potential in developing AI tools that enhance efficiency and decision-making in these sectors.

Trend 2: Startups Redefined

Data and Predictions

In 2024, the startup ecosystem will prioritize AI strategy over team size. The new startup DNA will be "Smaller, smarter, faster." AI integration is becoming the new norm, shifting focus from team expansion to technological efficiency. Read more

Opportunities

This shift opens doors for startups focused on AI-driven efficiency tools. With a projected $15.7 trillion boost to the global GDP by AI by 2030*, startups that provide AI integration services or AI-powered operational tools will have a significant market opportunity.

Trend 3: Emergence of the AI App Layer

Data and Predictions

2024 will witness the rise of "Natural Language Programming," enabling anyone to build AI apps using simple language. This democratization will redefine application development, making it more accessible. Read more

Opportunities

The AI app layer explosion presents a unique opportunity for entrepreneurs to create platforms that facilitate AI app development for non-technical users. The market for no-code AI app development platforms is expected to grow exponentially, with a compound annual growth rate (CAGR) of 28.1% from 2021 to 2027*.

Trend 4: Custom AI and the Data Revolution

Data and Predictions

Custom AI, powered by personal data, is the future in 2024. Seamless data connections and integrations with AI will be crucial, emphasizing the need for data privacy and ownership. Read More

Opportunities

Entrepreneurs can focus on creating AI solutions that offer personalized experiences based on user data. The market for personalized AI, especially in sectors like e-commerce, is projected to grow significantly, with an estimated value of $120 billion by 2025. Additionally, there's an emerging market in data privacy and portability solutions.

Trend 5: AI's Reshaping of Social Media

Data and Predictions

AI-generated content will start dominating social media, leading to a transformation in how these platforms are used. There will be a growing demand for authenticity and human creativity, despite the prevalence of AI-generated content. Read More

Opportunities

This trend offers a lucrative avenue for platforms that can distinguish and promote authentic human-created content. Additionally, there's potential in creating private IQaaS (Intelligence and Knowledge-as-a-Service) communities that emphasize genuine interaction and content.

Trend 6: AI in Healthcare Personalization and Remote Monitoring

AI's role in healthcare is evolving rapidly, moving towards more personalized treatment plans and remote patient monitoring. By 2024, AI-driven diagnostics, treatment recommendations, and health monitoring are expected to become more prevalent.

Data and Predictions

The AI in Healthcare market is undergoing rapid growth and transformation. According to a report by Grand View Research, this market is projected to reach a staggering USD 120.2 billion by 2028, expanding at a Compound Annual Growth Rate (CAGR) of 41.8% from 2021 to 2028. This growth is indicative of the increasing integration of AI in various healthcare applications, including diagnostics, treatment planning, and patient care. A significant part of this expansion is attributed to the rise in remote patient monitoring, which, as per Fortune Business Insights, is expected to grow to a market size of USD 117.1 billion by 2025. This trend highlights the growing importance of AI in providing efficient, personalized healthcare services and its potential in revolutionizing the medical field.

Opportunities

Entrepreneurs can target the burgeoning telehealth and remote monitoring market, offering AI-powered diagnostics and personalized treatment recommendations. Entrepreneurs can develop AI platforms that analyze patient data to offer personalized healthcare recommendations. Additionally, there's significant potential in AI-powered remote monitoring devices and telehealth services, catering to a global healthcare market that's increasingly embracing digital solutions.

Trend 7: AI-Enhanced Cybersecurity

As digital infrastructures become more complex, the threat landscape is expanding. Ya’ll know I don’t like to focus on doomsday scenarios but as we become more integrated with technology through AI cybersecurity is becoming more and more important. AI's ability to predict, identify, and respond to cyber threats in real-time will be crucial in 2024.

Data and Predictions

Turning to the realm of cybersecurity, AI's role is becoming increasingly crucial. The AI in cybersecurity market is expected to reach USD 46.3 billion by 2027, growing at a CAGR of 23.6% from 2020 to 2027, according to Fortune Business Insights. This growth is a response to the rising cyber threat landscape, which has seen a 600% increase in cyberattacks due to the COVID-19 pandemic, as reported by Cybersecurity Ventures. AI's ability to predict, identify, and respond to cyber threats in real-time is becoming indispensable for securing digital infrastructures in our increasingly connected world.

Opportunities

There is immense potential in developing AI-based cybersecurity solutions, especially for emerging threats in IoT and cloud computing. There's a growing market for AI-based cybersecurity solutions that can provide advanced threat detection, response automation, and predictive analytics. Startups focusing on AI-driven security for IoT devices, cloud services, and enterprise networks could tap into a market that's becoming increasingly vital as digital dependencies grow.

Trend 8: AI in Sustainable Energy and Climate Solutions

AI is set to play a key role in addressing climate change and promoting sustainability. By 2024, AI could be instrumental in optimizing energy consumption, enhancing renewable energy systems, and monitoring environmental changes.

Data and Predictions

In the energy sector, AI is poised to make a substantial impact. Markets and Markets report that the AI in the energy sector is expected to grow at a CAGR of 22.6% from 2020 to 2025, reaching a market size of USD 20.9 billion by 2025. This growth is driven by AI's capability to optimize energy consumption and enhance renewable energy systems. The integration of AI in this sector is not just a matter of economic benefit but also crucial for addressing global sustainability challenges. PwC further underscores AI's environmental potential, noting its ability to reduce global greenhouse gas emissions by 4% by 2030.

Opportunities

Entrepreneurs could focus on AI solutions for renewable energy management and environmental monitoring, tapping into a market with both commercial and environmental impact.Entrepreneurs can leverage AI to develop solutions for smart energy management systems, predictive maintenance for renewable energy sources, and climate modeling. Such innovations not only have commercial potential but also contribute to global sustainability goals.

Trend 9: AI in Education and Personalized Learning

The education sector is undergoing a transformation with AI enabling personalized learning experiences. AI tools can adapt to individual learning styles, pace, and preferences, offering customized educational content.

Data and Predictions

AI's influence in the education sector is also expanding rapidly. The AI in education market is anticipated to grow from USD 1.1 billion in 2019 to USD 6 billion by 2024, at a CAGR of 38.3%, according to Markets and Markets. This growth is fueled by the increasing adoption of AI-driven personalized learning experiences, which adapt to individual learning styles and preferences, offering customized educational content. This trend not only signifies a technological advancement but also marks a shift in educational paradigms, focusing on enhancing student engagement and learning outcomes.

Opportunities

This growth presents opportunities in AI-driven personalized learning platforms, adaptive learning technologies, and educational analytics tools.Developing AI-driven educational platforms and tools that provide personalized learning experiences presents a significant opportunity. This includes AI tutors, adaptive learning programs, and AI-driven analytics for educational content optimization.

Trend 10: Ethical AI and Governance

As AI becomes more integrated into everyday life, ethical considerations and governance will gain prominence. Issues like bias in AI algorithms, ethical use of AI, and transparent AI decision-making processes will be at the forefront in 2024.

Data and Predictions

The topic of Ethical AI and Governance is gaining significant attention in the technology sector. As AI becomes more integrated into various aspects of society, ethical considerations around its deployment are becoming increasingly important. Gartner predicts that by 2022, 85% of AI projects will deliver erroneous outcomes due to bias, highlighting the critical need for ethical frameworks and governance in AI development and implementation. This scenario presents a pressing need for tools and frameworks that ensure AI is developed and used responsibly. The demand for ethical AI solutions is on the rise, and with it, the opportunity for entrepreneurs to innovate in this space. This includes developing solutions for bias detection and mitigation in AI systems, AI audit tools, and consultancy services focused on ethical AI implementation.

Opportunities

Entrepreneurs can innovate in AI ethics tools, bias mitigation solutions, and consulting services for ethical AI implementation, catering to an increasingly aware and regulated market. There is a niche for entrepreneurs in developing tools and frameworks for AI ethics and governance. This includes solutions for bias detection and mitigation in AI systems, AI audit tools, and consultancy services for ethical AI implementation.

If you’ve gotten this far, thanks! But also, buckle in! These next 5 trends for my premium subscribers get a little more down to earth. I wanted to include trends that apply to those of us with big visions but also for the many people who are looking to solve the problems of today with the tools that we currently have. Below you’ll find 4 glaring opportunities for AI that I ran into over the year, one 1 bonus trend for us big thinkers. These trends are ripe for disruption like yesterday.

Bonus Trend 1: AI for Aging Populations

Data and Predictions

The AI in Elder Care market is another area witnessing significant growth. Market Research Future reports that this market is projected to reach USD 5.5 billion by 2025, growing at a CAGR of 21.3% from 2019 to 2025.

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