From the very beginning of Web Summit 2024, one thing was unmistakable: artificial intelligence dominated the agenda. The event's main stage buzzed with bold declarations about AI's transformative future. Industry leaders, ambitious startups, and seasoned experts took turns in the spotlight, all echoing a shared sentiment—AI is no longer just a buzzword. It is steadily becoming a core part of our everyday lives and the way businesses operate.
“AI will become commonplace. Web Summit proves it, and makes one thing abundantly clear—AI is transitioning from a trend to a fundamental aspect of how we work, innovate, and live. This transformation is not just on the horizon; it is happening now,” says Serhiy Tokarev, co-founder and partner at Roosh Ventures, a venture capital fund that invests in AI-based startups and products.
Artificial intelligence is spreading across sectors like a powerful undercurrent. Healthcare, finance, retail, and manufacturing are witnessing rapid AI adoption rates—a McKinsey & Company survey reports that 65% of enterprises regularly use generative AI, nearly double the figure from just ten months ago.
Venture capital funding is following AI’s meteoric rise. In 2024, investment in AI startups surged by 45% compared to the previous year, reaching $127 billion globally, according to PitchBook.
Tech giants are also enhancing the industry. Microsoft announced a $1.3 billion investment over the next three years to enhance AI infrastructure and initiatives aimed at promoting digital and AI skills. Google, meanwhile, is collaborating with several European AI research labs, artists, and scientists to explore how AI can meet diverse needs and strengthen Europe’s position in AI research.
These financial commitments illustrate that investors are not just betting on AI’s future—they are staking everything on its inevitability.
Artificial intelligence is no longer optional; it has become a critical component for businesses looking to stay competitive. Companies that resist adopting AI risk falling behind in an era where innovation is key.
“Companies that ignore AI risk obsolescence, while those who embrace it are at the forefront of a new era,” emphasizes Serhiy Tokarev.
The widespread appeal of AI lies in its ability to enhance efficiency and reduce costs. Here are some of its most impactful applications in business:
1. Streamlining Operations: AI automates repetitive tasks, significantly boosting operational efficiency.
2. Transforming Customer Support: AI-driven tools reduce response times, enable human agents to focus on complex issues, and improve the overall customer experience.
3. Data Analysis at Scale: AI processes massive datasets at incredible speeds, identifying trends and insights that would be impossible for humans to uncover.
4. Personalized Products and Services: From tailored streamlined recommendations to wearable health trackers, AI enables hyper-personalization.
5. Innovating Business Models: AI powers new platforms that connect service providers and consumers in groundbreaking ways.
This is just the tip of the iceberg. AI applications vary widely across industries and businesses, demonstrating its versatility. And its influence extends far beyond business—it is reshaping many other aspects of our lives.
The scope of artificial intelligence is expanding by leaps and bounds. Companies and organizations are integrating AI into science, sustainable development, ecology, and creative pursuits, in addition to business applications.
AI is revolutionizing science by accelerating breakthroughs in genomics, drug discovery, climate science, and experimental design. It enhances data analysis, predicts new drug efficacy, optimizes experimental workflows, and integrates diverse datasets to enable interdisciplinary innovation.
AI plays a critical role in advancing sustainable development by optimizing resource use, supporting biodiversity conservation, and enabling precision farming. It enhances data analysis to inform sustainable practices, predicts climate-related events for better disaster response, and monitors ecosystems in real time.
By processing vast amounts of information in real time, AI is improving the accuracy of climate models and enabling swift responses to environmental changes, making it a vital tool for advancing research and solving complex global challenges.
Web Summit 2024 also highlighted AI’s role in improving internal business processes, fostering collaboration within teams, enhancing creativity, efficiency, and accuracy of decision-making, and boosting information consumption.
Yet, new opportunities also bring new challenges. We should expect an increase in the need for cybersecurity and specialists in this area. Machine learning models are already helping identify and mitigate fraudulent activities, protect sensitive data, and save businesses from costly losses.
“Cybersecurity and cyber hygiene will become the new normal for everyone in their personal lives and a necessity for companies. We must realize this, accept it, and start implementing it in our daily lives and businesses,” shares Serhiy Tokarev.
On the consumer side, AI-powered tools are becoming household names. Millions use ChatGPT to streamline communication, learn new skills, or even draft heartfelt letters. Generative AI apps that create art, music, and code from simple prompts are drawing users of all ages.
Recent research by Boston Consulting Group shows that 75% of respondents have used ChatGPT or similar AI-driven tools—an indicator of how deeply AI is embedding itself in everyday lives. Meanwhile, the global smart home market, valued at USD 87.51 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of 17.26% through 2028.
The World Economic Forum predicts that artificial intelligence will create 97 million new jobs globally by 2025. However, this technological shift will also lead to the displacement of 85 million existing roles, as AI automates tasks in industries like customer service and trucking.
“AI is transforming the job market, reshaping some professions while creating millions of new ones. We understand this, that’s why we founded SET University in Ukraine—to provide innovative higher education for future leaders of the technology industry,” comments Serhiy Tokarev.
The future promises AI-driven educational tools tailored to individual learning styles and healthcare applications offering personalized advice. AI is poised to become an invisible yet indispensable companion in daily life.
Web Summit 2024 made it clear: AI's integration into our world is inevitable, and various data and researches proves it. The question is no longer if but when—and for most industries, the answer is now. Businesses must embrace AI, not as a futuristic novelty but as a core driver of their current and future success. Individuals, too, should seek to understand and utilize AI tools to enhance their productivity and creativity.
The road ahead is filled with both promise and challenges, but one thing is certain: AI will play a pivotal role in shaping a better, more innovative world. The opportunity now lies in our ability to harness this technology responsibly and creatively—to ensure that as AI becomes commonplace, it does so in a way that benefits us all.
“AI opens up a lot of new opportunities. The urgency is clear: to thrive in the future, we must learn to make the most of AI's potential in our personal lives and for work,” Serhiy Tokarev concludes.