Summary Bullets:
• GlobalData predicts 2024’s killer app will be medically-related.

• VCs have indicated a major shift in investments from LLMs to the application layer in 2024.

Following a year of investment upheaval resulting from the dawn of ChatGPT and generative AI (GenAI), Silicon Valley based venture capitalists (VCs) have indicated that major funding will now shift to the application. VCs and leading cloud platform providers invested heavily in 2023 for LLMs–infrastructure services that are computational and capital-intensive to build. This year, attention will be turned to the application layer of GenAI innovation.

Applications in this space will become far more complex, reflecting the use of multiple LLM-powered agents that will power advanced apps and automatically route prompts to the most appropriate data sources. As a result, the industry will see an emphasis on new forms of data access to simplify the workflow layer for vastly improving common business processes, and significantly enriching the user experience (UX).

GlobalData predicts 2024 will be the year of the GenAI killer app, and it will likely appear in the medical field. Such a compelling application will support an uncomplicated UX for providing aging populations and their caregivers with significantly improved access to medical professionals, services, and benefits.

Global citizens will be armed with a deeper understanding of their medical conditions and more direct routes towards available services and appropriate care. The technology will largely be enabled through data integration and management, featuring the consolidation of data from various sources within a unified data model.

The concept of access to multiple data systems at this level, coupled with AI-injected automation, has never been realized. Numerous indications point to a strong tendency toward the creation of advanced apps beginning within the medical field. Recent research reveals that following a survey of consumers’ medical questions, a panel of physicians preferred medical answers generated by an LLM over answers provided by their colleagues (source: US Medical Licensing Examination, USMLE).

For more 2024 predictions on cloud trends, please see Cloud Reset: 2024 Predictions.