by Richard Shaw MD Argantic
As we enter 2024, it's clear that this year is going to be a big one for exploring and understanding artificial intelligence (AI). Microsoft delayed making its Copilot widely available because so many people wanted it, showing just how excited people are about AI.
But here's the interesting part: even though many people are excited, they're not exactly sure how they'll use these advanced AI tools or what benefits they'll get.
AI started to become a big deal in 2023, and the delay in releasing Copilot to everyone shows that big tech companies like Microsoft are struggling to keep up with the huge demand for AI solutions. Microsoft decided not to offer Copilot to everyone right away, only to a group called Early Adopters, because they were worried about being able to provide enough support and services at a large scale.
This decision isn't just a smart business move; it shows how much businesses want AI and how challenging it is for companies to keep up with the rapidly changing world of technology.
Research firm Gartner supports this idea by predicting that 2024 will be a crucial year for AI adoption. The delay in releasing Copilot lines up with Gartner's expectation that organisations will be figuring out just how powerful AI can be, creating a time of discovery where businesses try to understand and use these technologies to their full potential.
Market growth projections indicate that the global AI market is set to experience unprecedented expansion in the coming years. Recent studies estimate a compound annual growth rate (CAGR) of approximately 40% from 2023 to 2027, with the market size expected to surpass $300 billion by 2027.
Factors contributing to this exponential growth include increased investment in research and development, the proliferation of big data, and continuous advancements in machine learning algorithms.
What's intriguing right now is that many people aren't sure exactly how they'll use AI. When talking to potential users about Copilot and other AI products, a common answer is, "I'm not sure yet." This uncertainty shows how flexible and powerful AI can be, crossing different industries and uses.
The shift from the initial excitement of AI to a phase of discovery is a natural step in adopting game-changing technologies. While some businesses will quickly see the benefits of AI, others will realise they need to improve their use of cloud services before they can make the most of AI. This first phase will start with a few success stories and gradually turn into a flood as businesses figure out how to use AI in their operations.
The turning point, expected later in 2024, will be when we see a surge in success stories from customers who have experienced real benefits from AI in various industries. These stories will act as guides, helping all kinds of organisations move towards using AI on a larger scale starting in 2025 and beyond.
This year promises to be transformative as we move from the initial excitement about AI to a phase of discovery. The delay in releasing Copilot and the uncertainty among users indicate a larger shift, and Gartner's predictions support the idea that AI is becoming an essential part of how businesses operate.
As we face the unknown, the upcoming months hold the potential for uncovering countless opportunities, propelling us into a future where AI seamlessly integrates into the fabric of organisations.
