Where is the AI boom? Experts caution new tech will take time

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Last year saw new artificial intelligence products released at the most rapid pace yet, though predictions of an AI boom on the scale of last decade's tech explosion have yet to come to fruition.

"I think 2023 was the year that AI astonished people and 2024 will be the year of retrenchment as people learn the limitations of AI and where various AI systems have the greatest utility," Christopher Alexander, chief analytics officer for Pioneer Development Group, told Fox News Digital. "I think that the race for AI utility has just begun and AI will become a permanent fixture in people's lives. I think that the grand predictions for AI in this past year confused the current state of AI and the future state, which has led to some confusion in the market."

Alexander's comments come after what was in many ways a landmark year for AI technology in 2023, with new platforms and developments making headlines throughout the year. Yet expectations of a boom that dominated headlines in the five years before it have so far failed to come to fruition, making many wonder where the new tech goes from here.

Phil Siegel, founder of the Center for Advanced Preparedness and Threat Response Simulation, told Fox News Digital that it is still "very early" in the development phase of AI tools but noted there are signs that a takeoff is still on the way.

AI DEVELOPMENT EXPECTED TO