In 2024, we can expect big changes in generative AI. This means we will see new artificial intelligence trends that will change how we use technology. 

For business owners, staying ahead of these generative AI trends will be key to maintaining a competitive edge and unlocking new avenues for growth. These trends will change how we interact with technology, how creative we can be with AI, and how we understand what AI can do. 

As you plan things for 2024, here are some important future trends in artificial intelligence for you. 

 Top 5 Generative AI Trends In 2024  

 1.Rise of Small Language Models 

 While large language models like GPT-3 have garnered attention as one of the latest trends in AI, there’s a growing trend towards developing smaller, more efficient models – Small Language Models (SLMs). These models aim to retain the capabilities of their larger counterparts while being faster and less resource-intensive.  

Small Language Models (SLMs) are particularly useful in specific fields like finance and entertainment. In finance, they can sort transactions, analyze feelings in reports, and organize messy data. 

 J.P. Morgan Chase launched an AI platform called COIN (Contract Intelligence) in 2017. It uses Natural Language Processing (NLP) to review and interpret commercial loan agreements. Initially, COIN aimed to reduce human errors and speed up the review process for loan agreements. The finance company later expanded COIN’s use to include equity research. 

 In 2024, this generative AI trend is one to monitor, as you can expect these models to become more prevalent, making AI more accessible and sustainable for various applications. 

 2.Advanced Autonomous Agents 

In 2024, autonomous AI agents are expected to become more advanced. This is another new AI trend to watch out for if you are planning to automate tasks and processes and increase productivity. 

 These are software programs designed to achieve specific goals with minimal human help. They can generate content on their own, which is a big step forward from traditional AI systems that need human prompts. 

 These agents can learn from data, adapt to new situations, and make decisions independently. OpenAI’s custom GPTs are examples of how these agents can operate effectively without constant human guidance. 

In the future, we expect to see autonomous agents that can interpret complex intentions and perform multiple actions for users. These AI systems will better understand the meaning behind user prompts. 

 3.Open Models Rival Proprietary Models 

 Open-source AI models are gaining traction, offering a collaborative and transparent approach to AI development.  

 In 2023, large AI models developed for natural language processing tasks gained a lot of attention. These models understand and generate human-like text and are used in various applications, such as language translation, text completion, and answering questions. 

 As one of 2024’s generative AI trends, we can expect these open models to rival proprietary models in terms of performance and capabilities. Open-source AI models are expected to improve significantly and may become as good as proprietary models. However, the comparison between open and proprietary AI models is complex. It depends on factors like specific use cases, development resources, and the nature of the training data. 

 Going ahead, open models will become more appealing for businesses, especially for use in hybrid or on-premises environments. Their flexibility and accessibility offer an alternative to proprietary models. As new open models are released and made available as APIs, their use in business processes and applications is expected to increase. 

 4.Cloud Native Become a Key Integration 

 If we are discussing future trends in artificial intelligence, it can’t happen without mentioning cloud technology. 

In 2024, cloud-native technologies are expected to become increasingly important for on-premises generative AI (GenAI) deployments. An example of cloud-native technologies is Kubernetes for container orchestration. Essentially, Kubernetes makes it easier to manage applications that are made up of many parts running in containers across multiple machines. 

 Businesses interested in the latest trends in AI will be happy to know that these technologies will allow organizations to scale, be flexible, and be efficient while controlling their data and infrastructure. So, a company could use cloud-native technologies to deploy a GenAI model that analyses customer data on-premises, ensuring data privacy and security while benefiting from the scalability and efficiency of cloud-native architecture. 

 5.Growth of Multimodal AI Models 

Multimodal AI models are revolutionizing the field by integrating multiple forms of data, such as text, images, audio, and video. These models can process and understand complex inputs, leading to more intuitive and interactive AI applications.  

An example of this is BigRock’s AI Domain Name Generator, which was a part of the 2023 trends in AI. It uses AI to process and generate creative domain names based on user input, which can include phrases, descriptions, or sentences. BigRock’s AI Domain Name Generator allows you to experience how AI models can be used to automate and enhance creativity. 

Multimodal AI is definitely at the top of the list of artificial intelligence trends in 2024, as it is expected to make significant advancements, leading to a shift in generative AI capabilities. These models will move beyond traditional single-mode functions, incorporating diverse data types such as images, language, and audio. As a result, AI will become more intuitive and dynamic. 

 READ: How AI can help you start a business on a budget 

The advancements in generative AI in 2023 were impressive, but 2024 is taking it to a whole new level. 

This year’s trends in AI will transform the way we work and live from the ground up. Imagine AI evolving from simple note-taking to creating stunning works of art. 

2024 is set to be the year when we’ll look back and realize how much has changed. With powerful mini-models right in our pockets and AI colleagues in the office, the future of AI is here.