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'Overhyped' generative AI will get a 'cold shower' in 2024, analysts predict

Oct 11, 2023 - news.bensbites.co
Analyst firm CCS Insight predicts a reality check for the generative artificial intelligence (AI) space in 2024 due to fading hype, rising costs, and increasing calls for regulation. The firm suggests that the cost, risk, and complexity of generative AI will replace the current hype, and that the technology may become too expensive for many organizations and developers. The firm also predicts that AI regulation in the European Union will face obstacles due to the rapid advancement of AI, and that legislation will not be finalized until late 2024.

CCS Insight also predicts that a search engine will soon add content warnings to alert users to AI-generated material, and that arrests will start being made for AI-based identity fraud as early as 2024. The firm suggests that AI can be used to impersonate a target using data posted publicly on social media, leading to potential damage to personal and professional relationships, and fraud in banking, insurance, and benefits.

Key takeaways:

  • CCS Insight predicts that the hype around generative AI will face a reality check in 2024 due to the high costs, risks, and complexity involved in deploying and sustaining the technology.
  • AI regulation in the European Union is expected to face obstacles and will likely be revised multiple times due to the rapid advancement of AI technology.
  • A search engine is expected to add content warnings to alert users that the material they are viewing is AI-generated, in response to the increasing number of AI-generated news stories.
  • CCS Insight also predicts that arrests will start being made for people who commit AI-based identity fraud, with the first arrest expected as early as 2024.
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