In 2024 we will see that people and machines will no longer interact as before, because machines are no longer the same and people’s behaviours have changed. This year we have witnessed conversational AI becoming more and more present, allowing us to improve search and achieve more personalisation. We will also see the conflict between AI-generated content versus human-created content. Here are some of the most interesting trends that will inspire senso-innovation in cosmetics in 2024.
The new era of machine learning (ML): In recent years we have seen a boom of artificial intelligence (AI), virtual reality (VR), augmented reality (AR) and internet of things (IoT) applications in cosmetics. Next year, it’s the turn of machine learning applications to boom in our industry. According to a report by MarketsandMarkets, the global market for AI in marketing is expected to grow from $6.5bn in 2018 to $40.3bn by 2025, at a compound annual growth rate (CAGR) of 29.7%. In general, we can say that ML is the subfield of computer science and a branch of artificial intelligence, which aims to develop techniques that allow computers to learn. The copperdigital.com portal presents some of the ML trends we will see in the coming year:
-Multimodal ML: Multimodal machine learning is an emerging trend with the potential to revolutionize all AI and machine learning in the enterprise landscape. In a nutshell, multimodal machine learning is primarily a vibrant multidisciplinary research field that suggests that the world around us can be experienced in multiple ways (called modalities). Thus, the technology aims to build computational agents with more innovative capabilities, from understanding, reasoning and learning to harnessing multiple communicative modalities, including linguistic, acoustic, visual, tactile and physiological perceptions. In 2024, we can expect AI to continue to evolve, improving its capabilities in natural language processing, image recognition and problem solving.
-Machine learning in healthcare: As the ability to find and analyze patterns and insights by leveraging machine learning in healthcare gains momentum and global adoption, healthcare providers will have access to many more opportunities to take a predictive approach to building a unified system for better diagnosis, drug discovery, efficient patient management, care delivery processes. These advances will also inspire the cosmetics industry in the development of new technology and applications.
Marketing in the metaverse: Statistics indicate that Generation Z consumers are the group that spends the most time in the metaverse and therefore like the brands that have a presence there. The lacaja.company portal indicates that by 2024, 110 million people are expected to use AR at least once a month, in 2019 the figure was 72.8 million. A third of this generation want brands to develop virtual shops and 30% are willing to buy items for their avatars, such as clothes and products. So immersive experiences are set to be the big trend for 2024 in the metaverse.
AI-Powered Predictive Analytics: In medicine, AI is increasingly used to predict disease outbreaks and health outcomes of individual patients. In 2024, predictive analytics will become even more sophisticated and will also benefit the cosmetics industry, as a better characterization of skin types and better prediction of efficacy for new molecules that will be achieved through predictive modelling and data analysis.
Cosmetic chatbots and virtual assistants: Beauty chatbots and virtual assistants will provide instant access to information and advice on routines, products and suggestions, allowing patients to schedule routines and application times, renew products and track cosmetic benefits.
5G Expansion and Integration: The analyticsinsight.net portal in a recent publication indicates that “the rollout of 5G networks will continue to expand, providing faster and more reliable connectivity. The increased bandwidth and reduced latency of 5G will open doors for the widespread adoption of technologies such as augmented reality (AR), virtual reality (VR), and the Internet of Things (IoT), revolutionizing how we interact with the digital world”.
Telecosmetics: This is a concept that will soon be a reality in our industry and is inspired by telemedicine and the technologies that were developed thanks to the pandemic. Telecosmetics will enable the integration of ML, AI, VR, AR and will be crucial for more accessible and personalised cosmetics.
Generative AI: The techopedia.com website states that “this is a cutting-edge technology that has revolutionized several industries by enabling machines to create content that resembles human-generated works. It covers a wide range of applications, from text generation to image synthesis and even music composition. After mastering generative AI, people can pursue interesting job roles in fields such as artificial intelligence research, data science and the creative industries. The ever-expanding applications of generative AI promise a bright future for those who master this technology, offering opportunities to shape the way we interact and create content in the digital age”. The aesthetic evolution of generative AI promises to be fascinating.
Voice search optimization: The puromarketing.com portal in an October 2023 publication states that “the rise of voice assistants has pushed voice search optimization to a crucial place in neuromarketing. It is estimated that by 2024 there will be 8.4 billion voice assistants in use worldwide. Brands will need to adapt their SEO strategies to accommodate voice-based queries. This includes optimizing content for natural language patterns, featured snippets and local search to ensure greater visibility in voice search results”.
Facial coding: The same portal above states that this tool “allows us to analyze consumers’ facial expressions, such as smiles, anger or sadness, using sensors on the face or cameras that capture facial muscle movements”. In 2024 we will see new tools that will allow us to better understand the emotions people express in response to specific stimuli.
Neuromarketing and integration with chatbots: By 2024, chatbot and marketing strategies integrations are expected to grow.
Democratization of EEG: In 2024 we will see how technologies to measure consumer brain activity, such as electroencephalography (EEG) equipment, will become more portable, efficient and accessible. These systems can measure the emotional response of consumers when they are exposed to a stimulus, such as an advertisement, a short film, a product, a design, etc.
Senior Exploration ScientistatBelcorp Colombia
John Jiménez is currently Senior Researcher at Belcorp Colombia. He is a Pharmacist (National University of Colombia) with a Master degree in Sustainable Development (EOI Business School, Madrid) and specialization studies in Marketing, Cosmetic Science and Neuromarketing. John has 28 publications in scientific journals and a book chapter in cosmetic formulation.
Maison G de Navarre Prize (IFSCC 2004), Henry Maso Award (IFSCC 2016) and best scientific papers at Colamiqc Ecuador 2009, Colamiqc Brazil 2013 and Farmacosmética Colombia 2014. He has been a speaker at various international conferences in Europe and Latin America and was President of Accytec Bogotá from 2017–2019.
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