What to Expect from the AI Industry in 2024

Happy new year! 2024 is here and tech expectations are high for AI, especially Generative AI.

2023 has been the year of AI. Last year, Generative AI truly entered our lives and stood to play a crucial role across several sectors, be it healthcare, logistics, education, financial services, and more. According to the EY India report, Generative AI is estimated to add $1.2-1.5 trillion to India’s GDP by 2030. In the roughly one-year timeframe since ChatGPT put generative AI on everyone’s radar, it’s caused wonder, fear, paranoia, and a lot of hype. With the year coming to an end, we have observed several developments through the months that passed in the realm of AI.

The Tech Panda sought to know how AI impacted 2023 and what entrepreneurs expect in 2024.

GENAI

Venkat Malladi, Co-founder & CTO, Vymo

“One of the prominent trends in 2023 was the rise of generative AI, with companies focusing on leveraging its capabilities to drive innovation and growth. Generative AI has the potential to revolutionize various industries, such as agriculture, insurance, and language support.

In 2024, we can expect further advancements in generative AI technology and increased collaboration between different sectors to harness its potential for interactive and immersive user experiences

“In 2024, we can expect further advancements in generative AI technology and increased collaboration between different sectors to harness its potential for interactive and immersive user experiences.”

Sanjay Sehgal, Chairman & CEO, MSys Technologies, Venture & Angel Investor

While Gen AI continues to be the buzzword, it will have little to no impact on the IT industry which remains the core offering of Indian tech industry

“While Gen AI continues to be the buzzword, it will have little to no impact on the IT industry which remains the core offering of Indian tech industry. The slowdown in the US economy may reflect even more in the IT industry next calendar year.”

ADVERTISING & MARKETING

Prateek N Kumar, Founder & CEO, NeoNiche Integrated Marketing Solutions Pvt. Ltd

“As the final curtain descends on this year 2023 my rear-view glance on advertising and marketing journey in India leads to a narrative with a tapestry of innovation, creativity, and deepened consumer engagement. From the surge of immersive experiences to the evolution of data-driven strategies, each chapter illustrates the industry’s resilience and adaptability within the diverse Indian market. Brands, embracing authenticity, wove narratives that harmonised with audiences in the dynamic landscape of the subcontinent. The year-end resonates with the triumphs of strategic storytelling.

From the surge of immersive experiences to the evolution of data-driven strategies, each chapter illustrates the industry’s resilience and adaptability within the diverse Indian market

“As I look through the windshield ahead on year 2024, Indian brands will prioritize digital-first strategies, leveraging AI-driven personalization and immersive experiences. Sustainability will be a key focus, with brands aligning with eco-conscious values. Influencer collaborations will continue to dominate, and innovative use of augmented reality in marketing will gain prominence, enhancing customer engagement and brand loyalty.”

Sanjay Sehgal, Chairman & CEO, MSys Technologies, Venture & Angel Investor

Adtech industry paired with AI driven recommendations & Gen AI is set to transform the landscape

“Adtech industry paired with AI driven recommendations & Gen AI is set to transform the landscape. Targeted ads should get a major makeover with Gen AI where publishers can attempt to bridge the gap between advertisers and their potential customers.”

EDTECH

Vaibhav Sisinty, Founder & CEO, GrowthSchool

“In the year 2024, the landscape of edtech is poised for continued dominance by generative AI. The rise of technologies like Gemini, likened to OpenAI’s ChatGPT, signals a noteworthy advancement. These strides go beyond mere increments; they embody a transformative power, constrained only by the expansiveness of human creativity. This year unfolds with unforeseen breakthroughs in generative AI, consistently revealing its vast potential.

Within the realm of education technology, this shift manifests as a move toward more individualized learning experiences, highlighting the imperative of AI literacy

“Within the realm of education technology, this shift manifests as a move toward more individualized learning experiences, highlighting the imperative of AI literacy. As we progress, edtech will witness inventive approaches in seamlessly integrating AI into learning, ensuring education becomes more flexible and captivating than ever.”

HEALTHTECH

Balasubramanian (Bala) Sankaranarayanan, President & CEO, Thryve Digital Health LLP

“One of the most important trends that we will witness in 2024 is the augmented usage of AI, especially Gen AI, in healthcare applications.

“We have already seen how digital transformation enabled healthcare providers to achieve better patient outcomes in the wake of the pandemic, and now we are witnessing the democratization of Generative AI. While the AI LLM providers have been evolving their models to cater to specific industries including healthcare – we are still waiting to see which set of use-cases will ramp from Pilots / POCs to production scale.

While the AI LLM providers have been evolving their models to cater to specific industries including healthcare – we are still waiting to see which set of use-cases will ramp from Pilots / POCs to production scale

“While we see a lot of focus and investment on running Pilots around the Customer-facing “effectiveness” use-cases, we are also seeing a lot of interest in engineering and operations-facing “efficiency” use-cases – such as exploring the use of AI to drive automation of coding and testing, processing core business ops, as well as in areas such as data security, which has always been a critical focus for healthcare providers.”

Harshit Jain, MD, Founder & Global CEO, Doceree

“The year 2023 witnessed an incredible evolution within the life sciences ecosystem, fuelled by unprecedented advancements in digital healthcare initiatives. With pharma marketers becoming assertive about the potential of Artificial Intelligence (AI) in creating solutions better and effective than ever before, the year witnessed a strategic inclination towards making data-driven decisions across diverse marketing dimensions.

As we step into 2024, the landscape will continue to redefine itself, embracing personalized strategies that leverage AI and targeted engagement with endeavours of heightened precision in reaching HCPs

“The year also witnessed a massive shift in ROI towards script lifts over HCP reach. As we step into 2024, the landscape will continue to redefine itself, embracing personalized strategies that leverage AI and targeted engagement with endeavours of heightened precision in reaching HCPs. At Doceree, we are committed to spearheading this digital transformation, fostering fruitful global partnerships, and empowering the life sciences sector to achieve new milestones in a responsible, ethical and effective manner.”

SKILLING

Amit D Mishra, Founder & CEO, iMocha

“The corporate landscape is set to undergo a shift towards Skills-First Transformation (SFT) in the year ahead. Driven by the escalating demand for tech and AI skills, organizations are likely to prioritize ‘power-user’ employees with multi-disciplinary expertise. HR and business leaders are increasingly recognizing the role of Generative AI in talent retention and management.

Skills intelligence platforms are becoming foundational for AI integration and nurturing talent at scale

“Skills-First Transformation is no longer an option but an imperative, with over half of the companies already on this journey, led by telecom, software products, and IT verticals. Companies focusing on SFT are already seeing early signs of higher revenue growth and a positive impact on talent. The foundation to achieve SFT will be about having a clear view of the skills within an organization that a skills intelligence solution offers. Skills intelligence platforms are becoming foundational for AI integration and nurturing talent at scale. The future of hiring will rely on SFT, where skills take center stage in strategic initiatives.”

BLOCKCHAIN

Shivam Thakral, CEO, BuyUcoin

“The crypto market performance in 2023 has been really impressive. We have witnessed very encouraging numbers in terms of growth. The total market capitalization has increased by around 60% year-to-date. This growth was driven by factors like institutional adoption, DeFi’s rise, and NFT popularity. Bitcoin, the world’s largest digital asset by market cap is up by 155% at the time of writing, which makes Bitcoin one of the the best performing asset class of 2023.

2024 is likely to see continued regulatory developments, but with a focus on clarity, consumer protection and addressing specific issues rather than implementing a comprehensive framework in most jurisdictions

“I think we will see a crypto super cycle in 2024. The mega events like Bitcoin Halving and ETF approval anticipation will play a key role in driving the momentum of crypto assets. US monetary policy and subsequent decisions on the interest rates by the US Fed will have a significant impact on market sentiment and risk-taking capacity of traders. Simultaneously, clarity on the regulatory front will attract institutional giants to start their digital asset journey. As predicted by banking giant Standard Chartered, Bitcoin will hit the $100,000 mark by the end of 2024.

“I think the core focus of regulatory developments in 2024 will be to prevent illicit use of digital assets. Continued focus on combating money laundering and terrorist financing through crypto, with potential for stricter enforcement and harmonization of regulations across jurisdictions. The IMF-FSB synthesis paper will act as a guiding force for nations actively working towards regulating digital assets in their region. More countries are expected to explore or launch CBDCs, potentially impacting the role and regulation of cryptocurrencies.

“Overall, 2024 is likely to see continued regulatory developments, but with a focus on clarity, consumer protection and addressing specific issues rather than implementing a comprehensive framework in most jurisdictions.”

Om Malviya, President, Tezos India

“The blockchain technology has captivated tech enthusiasts’ interest right from its inception. Several industries, including banking, finance, supply chain, and healthcare have embraced blockchain technology. From transforming finance to revolutionising education, blockchain has redefined the digital experience across various sectors.

An exciting trend likely to emerge in 2024 is applications based on the fusion of AI and blockchain. The rapidly rising number of startups in this space are coming up with solutions for the existing pain points, making blockchain ever more useful and secure

“From being an innovative technology, blockchain is now seeing greater adoption across different industries and sectors. Areas such as Enterprise Blockchain Solutions, Decentralised Finance (DeFi), Blockchain in Education, AI-integrated Blockchain Technology and Tokenisation of RWAs will be in focus in 2024.

“As we explore these trends, 2024 is likely to be both transformational and promising for blockchain technology. An exciting trend likely to emerge in 2024 is applications based on the fusion of AI and blockchain. The rapidly rising number of startups in this space are coming up with solutions for the existing pain points, making blockchain ever more useful and secure. In the coming year, blockchain adoption is likely to pace up.”