Generative AI, the technology that has been causing a stir with its ability to produce human-like responses to user prompts, is about to hit a reality check. According to CCS Insight, the hype surrounding generative AI will fade in 2024 as the true costs, risks, and complexities associated with the technology become apparent. While major players like Google and Amazon have been championing generative AI, the reality is that it requires substantial computing power and high costs to run. This can make it inaccessible and prohibitively expensive for smaller companies and developers.
Furthermore, CCS Insight predicts that AI regulation in the European Union will face obstacles. While the EU is known for being at the forefront of technology legislation, the speed of AI advancements may result in multiple revisions of the regulations. In the meantime, industry players will be left to self-regulate.
AI-generated content is also expected to receive warning labels in search engines. With an increasing number of AI-generated news stories being published, often with factual errors, there is a need to distinguish between AI-generated content and content created by humans. Similar to how social media platforms have introduced labels for COVID-19-related posts, search engines are expected to add labels to AI-generated material to combat misinformation.
In a more sinister prediction, CCS Insight believes that arrests will be made for AI-based identity fraud in 2024. Criminals will use AI to impersonate others using publicly available data from social media, resulting in potential damage to personal and professional relationships, as well as fraud in various industries such as banking and insurance.
As generative AI faces challenges, AI regulation hits roadblocks, AI-generated content receives warnings, and AI-based identity fraud becomes a crime, what does the future hold for this technology? Will it live up to the hype or fade into obscurity? Let us know your thoughts in the comments below!
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