AI
5 AI Trends on the Horizon for 2024
Without a doubt, 2023 has proven to be the year for artificial intelligence (AI), and the upcoming year, 2024, is expected to follow suit.
According to Forrester’s data, 2024 is set to be another significant year for AI, bringing about what we can call “intentional AI.” This means AI is moving away from mere experimentation and gimmicks, focusing instead on purposeful applications. Evidence of this shift is apparent in Forrester’s July 2023 AI Pulse Survey, which shows that 67% of businesses are actively incorporating genAI (AI technology) into their broader AI strategies.
In summary, 2023 has laid the foundation for AI’s continued growth, and 2024 promises to be a year where AI becomes more purposeful and integral to businesses.
Let me now share the five trends that we at InclusionCloud predict will dominate the AI landscape in 2024 and beyond.
Trend 1: AI Changing Jobs Forever
Is AI ready to take over all human jobs? It’s a widespread concern, but let’s check whether there’s any truth behind it. While AI undoubtedly excels in certain areas, it falls short of matching human creativity and nuanced thinking in others. This distinction becomes evident when we dissect AI systems into two categories: open and closed. Open systems, characterized by external variables that remain beyond the machine’s control, are prone to unpredictability. For example,autonomous cars where another driver could unexpectedly cross a red light. On the contrary, closed AI systems, operating within controlled environments, exhibit remarkable efficiency, as seen in AI-powered chess software where the machine knows all potential moves.
However, within this context of AI’s transformative potential, real-world collaborations between humans and AI underscore a different narrative. In healthcare, AI-powered diagnostics equip doctors with faster and more accurate insights, ultimately improving patient care. Similarly, the manufacturing sector showcases seamless collaboration between AI-powered robots and human workers, resulting in heightened productivity and superior quality control. As I often emphasize, this collaborative approach shows that AI’s role is not in displacing jobs but in enriching them.
Trend 2: Who Is in Charge? The Year of AI Laws
The rapid proliferation of AI has inevitably captured the attention of governments worldwide. Striking a delicate balance between fostering AI innovation and safeguarding public interests is the central challenge. In 2024, laws and regulations will be indispensable for deciding the worldwide trajectory of AI.
We’re now finding ourselves at an intersection where robust AI regulations aren’t just a choice, but actually imperative if we are to continue to move forward. It’s about ensuring responsible AI deployment without stifling innovation. Various industries, including the autonomous vehicle sector, grapple with complex regulatory questions. The adoption of AI ethics frameworks, as exemplified by initiatives such as the European Union’s, will delineate the boundaries of responsible AI implementation.
Trend 3: The Growing Impact of AI on Creative Work
The amalgamation of AI and human creativity ushers in an exciting new era of innovation. AI-generated “hallucinations” are not mere glitches but powerful catalysts that inspire fresh perspectives and serve as creative brainstorming tools. However, as we navigate this creative frontier, ethical considerations take center stage.
In the entertainment industry, AI algorithms meticulously analyze viewer preferences to offer highly personalized content recommendations, enhancing the user experience. In design and art, AI collaborates with human creatives, suggesting novel ideas and even autonomously producing art. I believe that AI amplifies human creativity, but it is vital to establish ethical guidelines to navigate this exciting yet delicate collaboration.
Trend 4: AI Models Learning from Synthetic Data
The effectiveness of AI models is determined on the quality and quantity of training data available. This brings us to the debated subject of synthetic data, which has the potential to replace real-world data in a wide range of industries. For instance, in the insurance sector, synthetic data has emerged as a valuable tool for simulating complex risk scenarios, enabling insurance companies to refine their risk assessment models and streamline underwriting processes.
We see synthetic data as a means to democratize AI development, making it accessible across various sectors. However, ensuring its reliability through strict testing and validation is key.
Trend 5: Supercomputers for Super AI
AI’s continual development and sophistication needs unparalleled processing power. As AI models get increasingly complex, cutting-edge hardware developments become critical. From banking to scientific research, industries largely reliant on AI are spending considerably in infrastructure capabilities to support these emerging models.
Supercomputers are the backbone of AI’s future, enabling the training of massive models and unlocking new frontiers of possibility. Quantum computing, in particular, has the ability to tackle complicated problems at unprecedented rates. According to IBM, this innovative technique has the potential to transform sectors such as medicine research and climate modeling.
Conclusion
As we venture into 2024, the AI landscape promises a captivating narrative of change and innovation. These five trends encapsulate the profound impact of AI on our lives and industries. It’s a future where AI serves as an enhancement rather than a replacement, a future where navigating evolving regulations, fostering creative collaboration, exploring the potential of synthetic data, and investing in cutting-edge infrastructure are the guiding principles.
As the CRO of Inclusion Cloud, Nick Baca-Storni leverages his extensive industry experience to spearhead digital transformation initiatives, building strategic partnerships with tech giants such as Google, Salesforce, AWS, Oracle, and ServiceNow.
AI
SCCG Management Announces Strategic Partnership with SSTrader the Next-Gen Sports Analytics and AI-powered Predictions Platform
SCCG Management, the leading management advisory firm in the gambling industry, is excited to announce its partnership with SSTrader, a state-of-the-art AI-powered sports analytics platform that is set to redefine sports betting. This collaboration marks a significant step forward in the sports betting industry, combining SCCG’s global influence and expertise with SSTrader’s innovative technological solutions.
Stephen Crystal, CEO of SCCG Management, said, “At SCCG, we pride ourselves on identifying and partnering with the most groundbreaking ventures in the gambling arena. SSTrader’s unique platform, which merges the complexities of big data, AI, and machine learning, represents the future of sports betting. In addition, we believe their proprietary AI-powered chatbot is a first-of-its-kind customer engagement and retention tool, set to take the industry by a storm. We’re thrilled to be part of their journey and to provide them with unparalleled access to global markets through our extensive network.”
Boris Chaikin, Strategic Advisor and Partner at SSTrader expressed his enthusiasm for the partnership, stating, “We are honoured and humbled to have the ability to work with SCCG at this early stage of our development. The assistance we expect to receive is instrumental in the development of our team’s product and vision. We look forward to tapping into SCCG’s unrivaled industry network for early market penetration and further technological development in the sports betting space.”
With SCCG Management’s global offices located in every corner of the world, and its position as the top-tier advisory firm in the gambling industry, SSTrader is poised to expand its reach and disrupt traditional sports betting experiences.
Epoxy.ai, the leading AI and ML personalisation software provider in the sports betting industry, has confirmed that it has secured a multi-million-dollar investment round led by existing investor SeventySix Capital, Andover Ventures, with several other investment funds also participating.
Epoxy.ai is an AI and ML based personalization technology company providing tools that help sports leagues, betting companies and media entities develop new forms of customer acquisition, engagement and retention. This investment will enable the global expansion of its customizable experiences powered by AI and ML.
With a combination of off-the-shelf plug and play components, as well as a suite of licensable and easily integrated API’s, Epoxy.ai has established itself as one of the market’s most advanced AI-based engagement platforms, servicing the likes of AWS, Kambi, Playtech and NASCAR.
In recent weeks Epoxy.ai has also announced the launch of its SmartPicks, the industry’s first one-to-one plug and play personalized betting offering with major operator group betPARX in the US. SmartPicks utilizes AI to quickly enable one-to-one personalized bets for customers, giving unique bet suggestions based on a wide variety of variables.
Epoxy.ai will be expanding its offerings in sports betting and venture into iGaming and media and expects to announce further significant investors in its latest funding round in the coming weeks.
“As part of our latest funding round, we’re delighted to secure investments from both SeventySix Capital and Andover Ventures,” stated Chris Reynolds, co-founder and CEO of Epoxy.ai, “While we’re only at the start of our journey, it is an incredible vote of confidence in our cutting-edge technology and we’re confident that our understanding of AI and ML technologies will allow us to bring unmatched engagement to partners.”
“We’ve continued to invest and now lead this round because Epoxy.ai has proven to be one of the most innovative technology companies in the sports betting industry,” commented Wayne Kimmel, Managing Partner of SeventySix Capital. “Chris and Jason are forward-thinking entrepreneurs who are building the future of sports betting and beyond.”
“Epoxy.ai has an excellent management team and a proven product already that stands apart.” stated Andover Ventures. “We’re delighted to back them with our investment and look to work together to progress to the next level. It’s an exciting time to be involved in the AI world, and we are sure that Epoxy.ai will push its betting and gaming products to new heights.”
AI
Esports Technologies Files Patent for Artificial Intelligence-Powered Real-Time Odds Modeling & Simulation System
Esports Technologies, Inc., a leading global provider of advanced esports wagering products and technology, announced today that it has filed a provisional patent application for a technology that uses artificial intelligence to generate odds models for use in a betting algorithm for esports tournaments and various stages of a tournament.
The system uses machine learning and advanced quantitative methods to generate odds instantly for any number of esports match and tournament types, as well as for different stages of the match or tournament for proposition bets, and a variety of betting markets. The filing contemplates a system where bettors can wager on teams throughout a tournament and while games are being played. Examples of bets that could be made with this technology include which team will place in the top three, or outside the top five, or what round the team will make it to.
Bart Barden, COO, Esports Technologies, said, “I’m extremely proud of our quant and modeling team, which continues to develop potential industry-leading data solutions. Harnessing cutting-edge modeling and artificial intelligence to create the technology for this planned next-generation wagering tool demonstrates our commitment to innovation and our focus on the needs of esports enthusiasts and bettors everywhere. We continue to advance and innovate the esports wagering experience for customers.”
This technology is the latest addition to Esports Technologies’ portfolio of advanced wagering offerings. In June 2021, the company filed a patent covering a proprietary live streaming technology that integrates sports and esports wagering across many of the most popular streaming platforms, including Twitch, YouTube, Facebook Gaming, and Hulu, among others.
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