If 2023 was a year full of digital solutions, advanced technologies and new innovations, 2024 will drive us deeper into the modern digital landscape where AI is seamlessly integrated in all industries.
Many digital strategies have been rolled out in the past three years, falling in line with national future visions. Many of these initiatives involve the integration of AI systems, aiming to enhance citizens' quality of life and establish intelligent infrastructure for smart cities. According to recent reports, venture capital firms invested USD 21.4 billion into Generative AI start-up companies in comparison with 2022, where USD 5,1 billion was invested in this technology. While the transformation wave is still evolving rapidly, telco and tech leaders all agree that to thrive in the digital era, a lot of dedication, computing knowledge and AI machines are required to reshape the landscape.
AI Wins the Tech-Solution War
Following the release of ChatGPT, artificial intelligence has become the most helpful tool for infinite uses such as: optimizing operations, identifying outcomes, generating analytics, enhancing healthcare and educational delivery and modernizing all kinds of public services.
With the rapid advancement of tech tools, artificial intelligence systems are becoming integral to most phone applications and software. This integration necessitates ongoing support from telecommunications organizations and technology management. So, how does AI influence our daily activities? And what's new in 2024?
Content and Grammar Apps: AI writing tools are rapidly taking over the world, and many may have used them. AI content applications can help create better text and find the right SEO keyword so the content can be more likely spotted. While the opportunities in this field are promising, it is crucial to make sure that AI writing software provides reliable information.
Health Care Delivery: The advent of Covid-19 brought about significant temporal changes, leading to a noteworthy transformation in the ability to diagnose and provide virtual treatment. In light of this, several types of technologies alongside AI are being employed in treatments. However, AI proved that the tech-performance in such cases is much better than human intervention. These AI solutions have the potential needed to elevate the patient's health experience. More recent research showed that AI technologies will be combined with ML and IoT capabilities to turn data into insights and prevention checkpoints.
Economy Booster: Governments and businesses throughout the MEA region are actively deciding whether to embrace the Industrial 4.0 revolution or maintain a distance. They collectively recognize AI technology as a major global game changer.
The focus has now shifted to the digital era in order to utilize tech solutions and all types of AI— in operations and overall services. Experts predict that the Middle East region will accrue 2% of the total global benefits of AI in 2030, equivalent to USD 320 billion. The range of the annual growth in the contribution of AI is expected to be between 20% and 34% across the UAE and KSA.
Chatbots Interaction: New Chatbots are taught to respond to complex questions asked by the customer, identify mistakes in details and ensure user satisfaction. As we step into 2024, the anticipation is high for the impactful months ahead. From small businesses to large corporations, there is a tangible effort to harness the potential of AI chatbots in customer service. These digital solutions have enabled numerous brands and global companies to achieve significant milestones, having built over 50 AI chatbots worldwide.
Social Media Platforms: Given that social media stands out as a primary tool for content management online, artificial intelligence plays a crucial role in understanding users, improving advertisements and marketing for brands, identifying profiles, and recommending similar content that aligns with users' interests.
AI has become part of our daily life, resulting in a direct impact not only on individuals, but also businesses. These are only a few examples of some industries affected by AI use cases.
Tech Titans Facing the AI Storm
Tech leaders are recognizing the extensive impact of Generative AI, slated to influence the market in 2024, while simultaneously, tech giants are actively developing and preparing to launch new features in the current year. 75% of firms said they planned to increase their investment in Generative AI by over 50% by the middle of 2024, according to a survey.
Following the GAI initiatives revealed by Microsoft, Google, Meta, and Amazon, there is an expectation to discover a variety of AI products. The transition to the new digital era is anticipated to continue in 2024, where the emphasis will be on utilizing AI solutions to address complexities.
Despite issues regarding trust, Generative artificial intelligence (GenAI) is anticipated to achieve its peak market size this year— USD 305.0 billion with an annual growth rate (between 2024-2030) of 15.83%.
Building on that, AI systems are very promising this year with a potential to revolutionize all kind of industries, businesses and startups and improve human connection. Regardless of one's stance on the tech revolution, it's time to adopt or adapt to AI, and consider the pervasive use of digital tools and intelligent systems across all domains.
