Last updated on : December 16th, 2024 by Techferal
Web Summit 2024 made one thing clear: artificial intelligence (AI) is no longer a niche topic or futuristic concept. It is rapidly becoming a central force in business, innovation, and everyday life. Thought leaders, industry experts, and startups at the event repeatedly emphasized that AI is transitioning from a trend to an essential technology.
“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,” said Sergey Tokarev, co-founder and partner at Roosh Ventures, a venture capital fund focused on AI startups.
The adoption of AI is accelerating across all sectors. Healthcare, finance, retail, and manufacturing are just a few industries seeing the transformative power of AI. According to a McKinsey & Company survey, 65% of enterprises are now using generative AI, nearly doubling the adoption rate from a year ago.
Investments in AI reflect this rapid growth. In 2024, global funding for AI startups reached $127 billion, a 45% increase from the previous year, according to PitchBook. Major corporations are also prioritizing AI. Microsoft announced plans to invest $1.3 billion in AI initiatives over three years, while Google is partnering with European AI labs and artists to advance research and innovation.
Sergey Tokarev stressed the urgency for businesses to adapt. “Companies that ignore AI risk obsolescence, while those who embrace it are at the forefront of a new era,” he said. Businesses using AI gain a competitive advantage by improving operational efficiency, personalizing services, and uncovering new insights from data.
AI’s potential extends far beyond corporate applications. It is revolutionizing scientific research, sustainability, and creative endeavors. AI accelerates discoveries in genomics, drug development, and climate science, enabling breakthroughs that would otherwise take years. In sustainability, AI supports biodiversity, precision agriculture, and real-time ecosystem monitoring.
At Web Summit 2024, experts highlighted AI’s ability to enhance internal processes and boost collaboration. However, these advancements come with challenges, particularly in cybersecurity. “Cybersecurity and cyber hygiene will become the new normal for everyone in their personal lives and a necessity for companies,” emphasized Sergey Tokarev. AI-powered tools are already critical in detecting fraud and safeguarding sensitive information.
AI-powered tools are becoming an integral part of daily life. Generative AI applications, like ChatGPT, are widely used for tasks such as writing, learning, and creative projects. According to a Boston Consulting Group survey, 75% of respondents have used such tools, indicating their growing presence in society.
AI is also reshaping the job market. While it is expected to create 97 million new jobs by 2025, it will also displace 85 million roles as automation takes over routine tasks. Sergey Tokarev addressed this shift, saying, “AI is transforming the job market, reshaping some professions while creating millions of new ones. That’s why we founded SET University in Ukraine—to prepare future leaders for the technology-driven economy.”
The consumer market is also evolving. The smart home industry, valued at $87.51 billion in 2022, is expected to grow significantly, driven by AI innovations. This is just one example of how AI is embedding itself into everyday routines, making life more personalized and efficient.
Web Summit 2024 underscored AI’s inevitability as a cornerstone of innovation. For businesses, adopting AI is no longer optional; it is essential for maintaining relevance in an increasingly competitive landscape. Individuals, too, must embrace AI tools to enhance their productivity, creativity, and knowledge.
“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,” Sergey Tokarev said.
The future of AI promises groundbreaking advancements, but its responsible and equitable use will be key to ensuring its benefits are widely shared. As AI becomes commonplace, it is up to businesses, governments, and individuals to navigate its challenges and unlock its full potential.
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