Data 2024 outlook: Data meets generative AI

However, as scale begins to build, access to not just generative AI, but overall sophisticated AI technologies, will become more affordable. Overall, 2024 is the year when tech providers will look to rationalise the cost of AI services, while clients across industries will look to integrate AI in every field—operational infrastructure, cyber security, content and ancillary operations, and more. Mass-scale adoption is likely to go mainstream in nearly every industry next year, thereby making 2024 the year when AI became affordable—not just for large businesses, but for the smaller ones too. The UNICEF Venture Fund is a unique initiative that provides early stage funding and support to frontier technology solutions that benefit children and the world. The Fund invests exclusively in open source solutions that can be scaled and adapted across different contexts and needs. The Fund focuses on emerging technologies such as blockchain, drones, artificial intelligence, machine learning, data science, and extended reality.

So too did finalist Louisville, Ky. in a proposal aiming to establish the region as a national hub for digital health care by broadening the region’s AI talent pipeline and supporting AI adoption in the health care sector. All of which suggests that every region serious about increasing its AI prominence needs to shape a sharp, data-informed AI talent strategy to both organize its own activities and seek federal and other funding. MLOps and model hub providers deliver the tools, technologies, and practices that an organization needs to adapt and deploy a foundation model within its end-user applications.

TCS is here to make a difference through technology.

But the rich are getting richer, with Open AI as the obvious poster child with Microsoft’s $10 billion backing. And then there’s Anthropic PBC, with roughly $5 billion from AWS and Google LLC behind it, recently scoring another $750 million round, placing its valuation at a rather sublime $15 billion, or 75 times revenue. It shouldn’t be surprising that we see gen AI playing a major role with databases in the coming year with vector indexing, data discovery, governance and database design. The synergy between Generative AI and FinTech has reshaped the industry of innovation, efficiency and personalization for the benefit of individuals and institutions alike. Morgan Stanley has collaborated with OpenAI to gain early access to AI products for personalized financial insights. Projects like Next Best Action and Genome showcase their commitment to AI-driven personalization in client communication.

Innovation in sustainable food production could help feed a growing global population and protect the planet. Morgan Stanley sits down with Nandan Nilekani, one of the visionaries behind India’s digital transformation, to discuss how India’s digitalization is transforming healthcare, education and banking in India—and driving its economic growth. Online shopping, enterprise software and video gaming all have the potential to be disrupted by generative AI. The realm of Artificial Intelligence has witnessed remarkable progress in recent years, yet the advent of Quantum AI stands poised to redefine the boundaries of what’s possible in this field. By harnessing the power of quantum computing, Quantum AI represents a transformative leap forward, particularly in accelerating the journey towards Artificial General Intelligence.

The economic potential of generative AI: The next productivity frontier

The growth of hyperautomation is not just a testament to its current success but also an indicator of its potential to drive progress in the field of Artificial General Intelligence. This convergence of AI and ML within the Metaverse represents a significant step forward in the journey towards AGI. In these virtual worlds, AI systems can learn and adapt in complex, dynamic environments that mimic the real world. Such experiences are invaluable for developing AI with a deeper understanding of human interactions, behaviors, and social nuances. As these AI systems become more adept at navigating and operating within the Metaverse, they edge closer to achieving the cognitive flexibility and adaptability level that defines AGI. The Metaverse, a rapidly expanding digital frontier, presents a unique and fertile ground for the advancement of AGI.

It is less about intelligence, per se, but how we can bolster our thinking by working smartly. Having smarts — knowing where to go or how to acquire what we need — has the potential to be an intelligence equalizer. “The government’s investment in teaching coding to children in schools is a fundamental, grassroots effort now paying off,” Napier explained.

Generative AI’s ability to understand and use natural language for a variety of activities and tasks largely explains why automation potential has risen so steeply. Some 40 percent of the activities that workers perform in the economy require at least a median level of human understanding of natural language. As a result, generative AI is likely to have the biggest impact on knowledge work, particularly activities involving decision making and collaboration, which previously had the lowest potential for automation (Exhibit 10). Our estimate of the technical potential to automate the application of expertise jumped 34 percentage points, while the potential to automate management and develop talent increased from 16 percent in 2017 to 49 percent in 2023. Adoption is also likely to be faster in developed countries, where wages are higher and thus the economic feasibility of adopting automation occurs earlier.

Read more about The Economic Potential of Generative Next Frontier For Business Innovation here.