Generative AI Set for Reality Check Amidst Overhype in 2024, Analysts Predict

Generative AI
Generative AI

In the ever-evolving landscape of artificial intelligence (AI), generative AI has been a star player in recent years. However, according to a report by CCS Insight, this technology is in for a significant reality check in 2024. In this article, we’ll explore the key factors contributing to this predicted slowdown and delve deeper into the challenges and opportunities that lie ahead for generative AI.

Key Points:

  1. Generative AI Faces a Reality Check: In 2024, generative AI is expected to experience a significant slowdown due to soaring deployment costs and growing concerns over regulation.
  2. Cost Barrier for Smaller Developers: The rising expenses associated with running generative AI models, driven by the need for high computing power, could make it unaffordable for smaller developers and organizations.
  3. EU AI Regulation Challenges: The European Union’s efforts to regulate AI, while pioneering, may face multiple revisions and amendments due to the rapid pace of AI advancements, potentially delaying final legislation until late 2024.
  4. Transparency and Identity Fraud: Content warnings for AI-generated material are predicted to become more prevalent, and arrests for AI-based identity fraud, utilizing techniques like deepfakes, are anticipated to rise in 2024.

Also Read: What is Generative AI: The Rise and Popularity of Generative AI

Generative AI in the Spotlight

Generative AI, characterized by models such as OpenAI’s ChatGPT, Google Bard, Anthropic’s Claude, and Synthesia, has been the center of attention in the tech world. These models have the ability to generate human-like responses to text-based prompts, leading to a wide range of applications, from generating song lyrics to crafting entire college essays.

The buzz surrounding generative AI has been palpable. Enthusiasts, venture capitalists, and businesses have been captivated by its potential. It’s showcased the incredible capabilities of AI, offering a glimpse into a future where machines can produce creative and coherent content.

However, with great promise comes great responsibility, and generative AI has raised a host of concerns. Governments and the public worry that this technology might become too advanced, potentially displacing jobs and posing ethical challenges. In response to these concerns, calls for regulation have grown louder.

Also Read: 10 Free AI Courses by Google: Learn Generative AI by Google

The Reality of Running Generative AI

One of the primary reasons for the anticipated reality check in 2024 is the cost associated with generative AI. These models require substantial computing power to function effectively. Typically, they rely on advanced graphics processing units (GPUs) to perform complex mathematical operations and generate responses.

Tech giants like Amazon, Google, Alibaba, Meta, and OpenAI have ventured into developing their own specialized AI chips to handle the workload efficiently. While these companies can absorb the costs of such investments, smaller developers and organizations might find it increasingly challenging to keep up.

Ben Wood, Chief Analyst at CCS Insight, emphasizes the immense cost of deploying and sustaining generative AI. He points out that while large corporations can manage these expenses, it could become prohibitively expensive for many developers and organizations. This cost factor is a significant impediment to the widespread adoption of generative AI, potentially contributing to the predicted slowdown.

Also Read: 7 Reasons Against Using Generative AI in Messaging Apps

Regulation on the Horizon

Another critical aspect of the generative AI landscape is the issue of regulation. In the European Union (EU), there have been efforts to introduce specific regulations for AI. The EU is often seen as a trendsetter in technology legislation, and its actions are closely watched by other regions.

The AI Act, a landmark piece of regulation in the EU, aims to implement a risk-based approach to AI. Certain technologies, such as live facial recognition, might face outright bans. However, the pace of AI advancement poses a challenge to crafting and finalizing regulations.

CCS Insight predicts that AI regulation in the EU will face obstacles, with multiple revisions and amendments likely due to the rapid evolution of AI technology. This could mean that final legislation won’t be in place until late 2024, leaving the industry to grapple with self-regulation in the meantime.

The debate over AI regulation is multifaceted. While some tech companies advocate for government involvement and stringent oversight, others prefer a multi-stakeholder approach that involves various parties in shaping the rules governing AI.

OpenAI’s CEO, Sam Altman, has even proposed the creation of an independent government czar to oversee AI’s complexities and license the technology. Google, on the other hand, has suggested a multi-layered, multi-stakeholder approach to AI governance.

Also Read: Google Opens Up Generative AI Features in Search to Teenagers

Generative AI’s Impact and Promise

Generative AI has demonstrated its potential by producing creative and coherent content across various domains. From generating poetry in the style of famous authors to crafting convincing essays, it has showcased AI’s capacity to mimic human creativity. This potential is undoubtedly exciting but also comes with concerns and challenges.

The impact of generative AI goes beyond creative pursuits. It has the potential to streamline content generation, automate customer support, and assist in various data-intensive tasks. However, this transformative potential is a double-edged sword, as it could also disrupt traditional job markets and raise ethical concerns.

Several governments are calling for AI regulation to address these concerns. The idea is to strike a balance between fostering innovation and ensuring that AI is deployed responsibly and ethically. The AI Act in the EU represents a significant step in this direction, but the path to effective regulation is riddled with complexities.

Also Read: Google Announces New Generative AI Search Capabilities for Doctors and Healthcare Professionals

Content Warnings for AI-Generated Material

One emerging challenge in the world of AI-generated content is the need for transparency. As AI continues to generate a growing amount of content, it becomes increasingly important for users to differentiate between human-generated and AI-generated material.

CCS Insight predicts that search engines will soon implement content warnings to alert users when they are viewing AI-generated content from specific web publishers. This approach, often referred to as “watermarking,” is reminiscent of how social media platforms introduced information labels to posts related to Covid-19 to combat misinformation about the virus.

The idea behind content warnings is to provide users with information about the origin of the content they consume. This transparency is essential, especially in contexts where AI-generated content might be mistaken for human-generated content.

Also Read: Microsoft Launches Free AI Training with Professional Certificate: Unlocking the Future of Work

AI-Based Identity Fraud and Deepfakes

Looking ahead to 2024, CCS Insight predicts a concerning trend involving AI-based identity fraud. The report suggests that arrests for individuals who use AI to impersonate others, through techniques like voice synthesis or deepfakes, will become more prevalent.

Image generation and voice synthesis models have made it easier than ever to impersonate someone using publicly available data from social media. The potential consequences of this trend are significant, ranging from damage to personal and professional relationships to fraud in banking, insurance, and benefits.

As AI continues to advance, so do the capabilities of malicious actors who can misuse the technology for fraudulent purposes. Addressing this challenge will require a multi-pronged approach involving technology, legislation, and public awareness.

Also Read: Preserving Authenticity: Best 5 Deepfake Detection Tools & Techniques

The Road Ahead for Generative AI

In conclusion, generative AI is at a crossroads as we approach 2024. The technology has shown immense promise in various applications, from creative content generation to automation of data-intensive tasks. However, it also faces significant challenges, including the soaring costs of deployment and the need for effective regulation.

The predicted “cold shower” for generative AI in 2024 serves as a reminder that, while the potential is vast, the path forward is complex. Balancing innovation with responsibility, transparency, and ethical considerations will be crucial in shaping the future of generative AI. As we navigate this evolving landscape, the impact of AI on society and the economy remains a topic of great importance and debate.

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