The year 2024 will be the ‘year of AI and Generative AI’ and will put even 2023 in the shade. Big players in AI such as OpenAI, Microsoft, Google, Meta and well-funded startups such as Anthropic and Inflection will put newer AI models. There could be GPT-4.5 or GPT-5. Large Language Models will become Large Multi-Modal Models (LMMs). At the same time, there would be SLMs or small language models for specific tasks such as Gemini Nano or Microsoft Orca.

The year will mark the beginning of AI adoption. Early adoption could be seen in customer care, software development and marketing campaigns. The biggest opportunity is in banking. In insurance and capital market, there could be early adoption. Gen AI will also be implemented in retail, travel, health and energy sectors.

Generative AI is driving a technological revolution similar to the internet or mobile communications revolution. In the year 2024, there would be evidence that generative AI could transform knowledge work, business processes and supply chains. It will reshape industries, will enlarge human capabilities and creativity.

Telecommunications, e-commerce, public services will adopt generative AI. There would be changes in enterprise resource planning, human capital management advertising and infrastructure.

In edtech, generative AI can produce content. The administrative work can be automated, e.g. student entry, verification, record accuracy etc.

In food tech, generative AI can build personalized menu, can recommend food choices, can do demand forecasting and can forecast food wastage.

Early adopters will leverage the cloud technology both for operational efficiency and strategic growth.

If 2023 was the year of experimentation, 2024 will be the year of rollout and implementation.

Gen AI poses certain challenges — AI bias, IP rights, inherited risks from training datasets, AI hallucinations among others. These will have to be addressed while deploying generative AI.