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Technology & AI Outlook for 2024

Tech and AI outlook
By SEC Newgate team
21 December 2023
Technology, Media & Telecomms
Digital and Insight
artificial intelligence

“If Generative AI was the key technology story of 2023, the story for 2024 will be… Generative AI” says Bob Huxford, “Already formidable, its exponential rate of development will continue to make headlines over the coming year.” 

Reflecting this, Ian Silvera has predicted that “If March 2023 was generative AI’s grand unveiling thanks to Sam Altman and OpenAI’s breakthrough product ChatGPT, 2024 will be the year when we see it seriously in action.” 

Back to Bob and how AI will be embraced and impact markets and the tech industry: “2024 will likely be a year of mass adoption, where companies stop handwringing about AI’s potential to disrupt their business models and begin to embrace the technology to increase efficiencies and boost productivity. Goldman Sachs predicts this trend could result in a 7% increase in global GDP over the next 10 years, adding $7 trillion to our collective coffers. 

“On the flip side, the cyber-security threat is growing and is predicted to cost the world $9.5 trillion in 2024 alone, according to Cybersecurity Ventures. We therefore expect companies in the year ahead to commit an increased level of investment into technologies that can ensure the security of their digital assets.     

“Finally, we expect to see a rapid acceleration in the adoption of green technologies, particularly in relation to food production and energy, where inflationary pressures continue to weigh greatest.” 

Ian Silvera: “The general elections expected in the US, UK and India will give us a very good idea of how it impacts society and the democratic process. That is because generative AI’s true power comes when it is partnered with other technologies.  

 “To give you just one example, consider the state of the traditional news industry. Oxford University’s latest Digital News Report shows that consumers are now actively avoiding the news, while other studies have continually shown the creation of so-called ‘news deserts’, towns, villages and even areas of large cities which don’t have local or regional outlets.   

“Social media manipulators can easily and quickly take advantage of these info-free-zones, whirling up credible sounding accounts - ‘The Arizona Gazette’ sounds trustworthy, for instance, but the paper actually went defunct in 1928 - and populating them with AI-generated content. Fake information around ‘wedge issues’, including controversial topics like gun control, abortion, or immigration, tend to be particularly potent, and before you know it you are influencing the election to become next leader of the US.  

“This issue has long been known, but regulators have instead concentrated on the frontier side of the AI industry. There is still ‘scary stuff’ here, as one government special adviser told us earlier in the year, but many of the threats from generative AI already exist. Another issue for the more financial-minded is the rise of deep fake videos. We have already seen hacks change stock prices and it now seems a matter of time until a fake CEO appears on social media and a listed business loses millions in value.   

“On the more positive side, AI models are increasingly used in diagnostic medicine, improving the chances of spotting nasty diseases like cancer, and Google is even using old books to produce new and even more effective insect sprays (a key concern for regions of the world heavily impacted by malaria). 

“If nothing else, 2024 will really show if we’re ready for the age of generative AI or not.” 

 David Linnett continues: “With Joe Biden almost assured of the Democrat nomination, we will see an AI race to the bottom during the Republican Primary which will then drag on through to the election itself. We have only scratched the surface with election interference and with new tools available, it will be vital for democracy that these challenges are addressed.

“And on the subject of content creation: “We will begin to see the establishment of some anchor AI ‘brands’ in content creation. Brands such as Openai’s Dall-e and Midjourney will be adopted by more agencies and clients, and we will see clear leaders that become established brands in the industry."

Our Head of Digital, Tom Flynn concludes: “As X becomes a riskier proposition for corporate reputation, LinkedIn and its ad platform will become increasingly important for B2B campaigns. Recent improvements in LinkedIn's analytics and their increasing focus on AI for content generation will only accelerate this move.

“2023 has been a year of huge advances in AI and 2024 is set to be even more transformational with the rollout of technology such as Microsoft’s Co-Pilot and the long-anticipated integration of generative AI into Apple’s iOS. With the new year fast approaching, are you and your business AI crisis-ready?”

Click here to find out how we can help prepare your organisation for the challenges ahead.