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It's looking like 2024 is the year of ROI for generative AI
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Generative AI vendors and investors have turned their attention from last year's innovative frenzy to ROI, monetizing the language models that have revolutionized the tech world in a short time.
That's the outlook on 2024 from Kashyap Kompella, founder and analyst at RPA2AI Research, who was a guest on the Targeting AI podcast from TechTarget Editorial.
"If we think about it, 2023 really was the year of shock and awe for AI technology," Kompella said on the podcast. "But I think in 2024, there is going to be some amount of focus -- if not sole focus -- on return on investment."
At the same time, the tech landscape is seeing in 2024 an astonishing profusion of AI language models, from the ever-expanding power of large language models (LLMs) to the rise of small and open source models, and even models adapted for mobile devices, Kompella noted.
"The burst of technological innovation will continue," he said.
Investors looking at generative AI tech vehicles to pump venture funds into are hoping to hit "pay dirt" this year, as Kompella put it.
"But the businesses and the organizations that are looking to implement AI systems, they're going to be also focused on business value and return on investment," he said.
Meanwhile, 2024 is seeing a continuation and even ramping up of the litigation surrounding generative AI systems. There is also a growing emphasis on making generative AI systems safe by attempting to reduce or eliminate bias and inaccurate outputs.
Everyone from comedian and author Sarah Silverman and best-selling novelist John Grisham to The New York Times are suing generative AI vendors for misappropriating their work.
"Businesses are … becoming aware of some of the risks of using the AI systems." Kompella said. "So we'll see more indemnity clauses being offered by AI vendors."
Looking at the swelling generative AI market, Kompella also noted that venture capital activity in the arena is accelerating after a strong year in 2023.
Shaun Sutner is senior news director for TechTarget Editorial's enterprise AI, business analytics, data management, customer experience and unified communications coverage areas.
Esther Ajao is a TechTarget news writer covering artificial intelligence software and systems.
Together, they host the "Targeting AI" podcast series.
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