2024’s Tech Trends: Mastercard’s Report Reveals the Power of Generative AI

Emerging Technology Trends for 2024: Mastercard’s Report Unveils the Impact of Generative AI on Commerce

• Mastercard’s “Emerging Technology Trends for 2024” report highlights the transformative impact of generative AI in the retail and travel sectors.
• Generative AI is revolutionizing the shopping experience by enabling AI-driven personal shopping assistants and chatbots.
• In the travel industry, generative AI is reviving the concept of virtual travel agents, streamlining the process of arranging trips.
• Wearable technology that incorporates generative AI, such as Meta Ray-Ban smart glasses and AI Pins, is also emerging.
• Generative AI is transforming software development by automating tasks, boosting productivity, and enhancing the creative aspects of coding.
• The report suggests that generative AI will continue to play a crucial role in shaping the future of commerce and technology.
• It emphasizes the need for responsible management of generative AI in terms of privacy and ethical use.

The Mastercard report on emerging technology trends for 2024 focuses on the impact of generative AI, particularly in the retail and travel sectors. It highlights the transformative capabilities of generative AI in enhancing the shopping experience and revolutionizing the travel industry.

In the retail domain, generative AI is enabling the development of AI-driven personal shopping assistants. These assistants, equipped with advanced conversational abilities and personalization techniques, streamline the process of product discovery and purchase. Big players like Shopify, Instacart, Mercari, Carrefour, and Walmart are experimenting with generative AI chatbots, which promise a more personalized, efficient, and user-friendly shopping experience.

In the travel industry, generative AI is reviving the concept of virtual travel agents. Business travelers can use AI chatbots on platforms like TripAdvisor or Kayak to arrange their trips. The generative AI then seamlessly integrates various elements of the trip, such as flights, lodging, dining, and sightseeing, to create a comprehensive itinerary in minutes. This technology significantly reduces the time and effort required in trip planning.

Wearable technology incorporating generative AI is also emerging as a trend. The latest iteration of Meta Ray-Ban smart glasses incorporates generative AI, and a startup called Humane has developed the AI Pin wearable device, which offers voice access and various functions like instant translation and nutritional information scanning.

Generative AI is also revolutionizing software development by automating tasks and boosting productivity. GitHub Copilot, an AI-powered tool, assists developers by providing suggestions for code completion. It streamlines the coding process and is adept at understanding natural language requests.

The report emphasizes that generative AI will continue to play a critical role in shaping the future of commerce, travel, and technology. It anticipates increased engineering productivity and a shift in how software development projects are approached and executed. However, it also highlights the importance of responsibly managing generative AI in terms of privacy and ethical use.