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

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

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

Mastercard’s “Emerging Technology Trends for 2024” report offers an insightful glimpse into the longer term of commerce, with a special concentrate on the transformative impact of generative AI within the retail and travel sectors. This comprehensive study reveals how the convergence of artificial intelligence, computational power, and data technology just isn’t just revolutionizing shopping experiences but can be poised to reshape the travel industry.

A Latest Era in Retail with AI-Powered Shopping Assistants

Within the retail domain, generative AI is significantly enhancing the shopping experience. Mastercard’s report highlights the appearance of AI-driven personal shopping assistants, exemplified by Shopping Muse from Dynamic Yield, a Mastercard company. These assistants, equipped with advanced conversational abilities and personalization techniques, are streamlining the journey from product discovery to buy.

Big players like Shopify, Instacart, Mercari, Carrefour, and Walmart are experimenting with generative AI chatbots, that are expected to turn into widely available in the approaching yr. These AI assistants promise a more personalized, efficient, and user-friendly shopping experience, with capabilities far beyond traditional digital assistance.

Transforming the Travel Industry with Generative AI

The travel sector can be on the cusp of a significant overhaul due to generative AI. The report delves into how this technology is reviving the concept of travel agents in a virtual format. As an example, a business traveler could use a bot on platforms like TripAdvisor or Kayak to rearrange a visit. The generative AI then takes over, seamlessly integrating various elements of the trip – flights, lodging, dining, sightseeing – across different time zones and currencies, to create a comprehensive itinerary in minutes as an alternative of hours.

Wearable Technology and AI Pins: The Next Frontier

The report also touches on the emergence of wearable technology that comes with generative AI. For instance, the newest iteration of the Meta Ray-Ban smart glasses released in late 2023 represents this trend. Furthermore, revolutionary interfaces just like the AI Pin, developed by startup Humane, are highlighted. This wearable device, which could be affixed to clothing, offers voice access to ChatGPT and functions reminiscent of easy translation and dietary information scanning, further integrating AI into on a regular basis life.

Revolutionizing Software Engineering with Generative AI

One in every of the standout tools mentioned within the report is GitHub Copilot. This AI-powered tool represents just the tip of the iceberg when it comes to how generative AI is transforming the software development process. GitHub Copilot assists developers by providing suggestions for code completion, effectively streamlining the coding process. This tool one in every of many AI code generators is especially adept at understanding natural language requests, allowing developers to explain their coding needs in easy terms and letting the AI generate the required code in the specified programming language.

Boosting Productivity and Efficiency

The report anticipates a considerable increase in engineering productivity due to the combination of generative AI. By automating a spread of tasks, from supporting and maintaining legacy code to assisting within the creation of user interface and user experience (UI/UX) designs, generative AI is about to significantly reduce the effort and time traditionally required in software development. This automation extends to more complex tasks as well, reminiscent of debugging, testing, and even within the conceptual stages of software design.

Generative AI and Legacy Code

One of the crucial time-consuming features of software maintenance is coping with legacy code. Generative AI is poised to automate the handling of such code, making it easier for developers to update and improve older systems. This capability is especially crucial for industries that depend on legacy systems but have to keep pace with modern technological advancements.

Enhancing Creative Tasks

Beyond the more routine tasks, generative AI can be enhancing the more creative features of software development. In UI/UX design, for instance, AI will help generate layouts and design elements based on specified parameters, freeing designers to concentrate on more revolutionary features of their work. This mix of AI assistance in each the technical and inventive processes represents a big shift in how software development projects are approached and executed.

The Way forward for Software Development with Generative AI

Looking ahead, the report suggests that the role of generative AI in software development is barely set to grow. Its ability to know and process natural language inputs and its versatility in handling a wide selection of tasks will make it an indispensable tool for developers. This can not only speed up the event process but additionally open up latest possibilities for innovation in software design and functionality.


“Emerging Technology Trends for 2024” by Mastercard underscores the critical role of generative AI in shaping the longer term of commerce, travel, and technology. As we advance, the combination of this AI into various sectors guarantees not only enhanced efficiency and personalization but additionally poses challenges that need responsible management, especially concerning privacy and ethical use. This report serves as an important guide for businesses and consumers to navigate and harness the potential of generative AI within the evolving digital landscape.


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