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Web Summit 2023 Results: 5 Trends Led By AI

Alexander Prokopiev
Alexander Prokopiev CEO of ARTJOKER
9 min read

The world's leading technology conference presented the main innovation trends for 2024 in Lisbon. The Web Summit brought together more than 70,000 people, 900 startups, 906 investors, and 150 countries.

One of the highlights was the 43% female audience and the 38% increase in female speakers compared to last year's edition. In an environment that is still mostly male, these metrics point to an important movement towards diversity of perspectives and strengthening representation as a model for the next generations.

Our Artjoker team also visited WebSummit in sunny Lisbon. For us, this is a place of power we highly appreciate. During those days, we gained many friends, warm meetings, and new acquaintances. As a result, our delegation returned with new ideas, inspiration, and motivation from sunny Lisbon.

So, what will be on companies' agendas in 2024? Let's find out!

1. Artificial Intelligence (AI)

Web Summit 2023 Results: 5 Trends Led By AI

This topic dominated conversations throughout 2023 and, of course, was not left out of the Web Summit 2023 panels. However, rather than questioning the benefits of AI tools, the event raised discussions about operational efficiency, advanced data analysis, and, above all, regulation and ethics.

Two panels that stood out in this regard were held by:

  • Meredith Whittaker - Signal president and ethical AI researcher
  • Eddie Yongming Wu - CEO of AliBaba

Both spoke about the massive collection of data by big tech to feed intelligent algorithms. The central question was: who should define what is allowed or not with this data?

Companies like Google, Meta, and Amazon hold much of the information and use it to personalize advertisements, generating more commercial value. The ethical discussion lies in the dilemma between letting these companies decide their data collection practices, which are often profit-driven, or bringing this responsibility into the regulatory sphere. The concern is that sensitive and private information is being collected without users' full knowledge.

Another important point discussed at the event was that AI should no longer be seen as a single solution but as an integrated solution. In other words, rather than replacing jobs and drastically changing how companies work today, AI will increasingly become an ally, cutting across all sectors.

AI in Education

Web Summit 2023 Results: 5 Trends Led By AI - 1

A good example of an AI application is education. Artificial intelligence usage is growing in this field, stimulating knowledge through innovative applications such as adaptive learning systems. In it, AI algorithms personalize educational content according to student's individual performance and needs.

Web Summit 2023 proposed an important reflection on how AI technology can improve the educational system, making it more engaging, immersive, and stimulating.

Rask AI reported that AI in the education market had a global valuation of $1.82 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 36.0% from 2022 to 2030. The figures reflect the transformative capacity of artificial intelligence in education.

Issues related to education will certainly continue to be highlighted, especially in the context of digital transformation and new forms of learning. The search for more effective methods, driven by technology, reflects the interest in improving educational systems globally.

2. Sustainability and Energy Transition

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Another issue that will remain high on the agenda is sustainability, especially with the growing focus on the energy transition and innovative solutions to mitigate environmental impacts. The discussion of how technology can drive sustainable practices, such as implementing renewable energy and reducing waste, will continue to be an important topic.

The connection between sustainability and innovation is especially clear with the solutions startups present for companies to measure and improve their sustainable impact. The Web Summit 2023 presented initiatives focused on mapping data and sensors to understand and act on sustainability.

Large corporations also took advantage of the event to showcase their advances.

Web Summit 2023 Results: 5 Trends Led By AI - 3

At the EDP stand, for example, 3 sustainability-related projects were presented. One of them was the largest floating solar park in Europe, inaugurated by the company in Portugal. 12,000 solar energy panels are hovering over the waters of a lake. Visitors could use virtual reality headsets and "walk around" the floating plant to see the project.

3. XR: Augmented Reality, Virtual Reality, and Mixed Reality

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Discussions around augmented reality (AR), virtual reality (VR), and mixed reality (MR) have been actively shaping the discourse, which is evident at events like the Web Summit 2023.

Extended reality is gaining popularity and developing in many areas, thereby improving them and opening up a new market and many opportunities. VR and AR technologies are expected to progress in the coming years. According to a PWC study, the global GDP is projected to increase to USD 1.5 trillion.

VR and AR have transcended their origins in gaming and entertainment, rapidly infiltrating diverse sectors such as economics, business, tourism, healthcare, and education. Notably, contemporary VR technologies now incorporate tactile feedback systems, like gloves or suits, enabling users to experience physical sensations within virtual environments.

XR is poised to redefine social interactions, offering users expanded avenues for communication both with each other and with brands. In the marketing landscape, the advent of augmented reality technologies introduces a paradigm shift.

VR marketing enables brands to narrate their story or memorably unveil new products, elevating brand awareness. Moreover, it opens up avenues for immersive pre-purchase experiences, empowering consumers to make informed decisions about their purchases. As we embrace these advancements, it's evident that the marriage of technology and marketing will continue to reshape how businesses connect with their audiences in profound and innovative ways.

4. No-Code Development

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The next trend to watch out for is no-code programming. No-code and low-code platforms help reduce app development time by 90%. Thus, developing websites, apps, and other digital products is becoming easier and easier. This approach has several key advantages:

  • Cost. Thanks to no-code platforms, even those with no programming experience can create simple projects, saving money and involving IT specialists only to solve complex problems.
  • Speed. Web product development becomes much faster thanks to pre-built templates and a simple interface.
  • No programming language requirements. This approach does not require coding skills. You create an application by simply dragging and dropping elements on the screen and combining them.

An example of a code-free platform is the Ukrainian startup Octy, which was presented at Web Summit Lisbon. It helps startups grow with minimal resources and allows them to create mobile apps in a few hours without using code just by describing the idea of the app to the AI constructor.

5. Decentralization (Web 3.0)

Web Summit 2023 Results: 5 Trends Led By AI - 6

The development of digital technologies has led to an increase in the decentralization of the Internet. This trend has led to the emergence of the Web 3.0 concept, which goes beyond cryptocurrencies. The global Web 3.0 market size in 2022 stood at USD 2.2 Billion and is set to reach USD 81.9 Billion by 2032, growing at a CAGR of 44.5%. This shows that more and more users are becoming interested in Web 3.0, and any investment you make now can yield potential returns.

Web 3 is redesigning the entire Internet system, promoting decentralized decision-making, privacy protection, full control over one's own data, and interaction with financial systems.

This concept also affects marketing development in the context of Web 3.0. Its peculiarity is to improve the interaction between the user and the content, providing the user with interactive and personalized advertising. It also opens up the possibility of receiving micropayments for interacting with advertising. This approach also includes the use of artificial intelligence in Web 3.0 marketing. AI is important in improving data processing and developing more effective strategies.

Web Summit 2023 Conclusion: Innovation Maturity

Web Summit 2023 Results: 5 Trends Led By AI - 7

One of the points of view that the Artjoker team defends in the market was corroborated during the Web Summit Lisbon: innovation is going through a transformation in which it stops being hyped and delivers tangible results.

And since innovation involves risks, collaboration is a key to increasing success rates. Numerous panels discussed how partnerships between governments, companies, and investment funds can generate positive results for the entire world. We consider these 5 topics must continue to be top of mind in 2024.

Complexity of challenges

Many of today's challenges are complex and multidisciplinary, such as the energy transition and health and social impact issues. Collaborating with different companies and sectors allows for more comprehensive approaches and effective solutions.

Market maturity

Innovation has reached a point where market maturity demands concrete results. Companies and investors recognize that collaborating can speed up the development of solutions, increasing the chances of success in a highly competitive environment.

Risk reduction

Innovating involves risks, and many initiatives may not achieve the expected results. Collaborating with multiple partners, including competitors, allows the distribution of risks and resources. This way, the lessons will be learned, and investments will not be completely lost, even if an initiative fails.

Holistic vision

By bringing together different perspectives, companies can take a more comprehensive view of the problems they are trying to solve. This helps to identify gaps and opportunities that may not be evident when working in isolation.

Search for efficiency

The contribution of different players with their key competencies results in operational gains and better results. This is especially important when efficiency is becoming crucial for business survival and success.

Conclusions

Web Summit 2023 provided an immersion in the main trends in technology and innovation, pointing to what we can expect in 2024. The search for integrated, sustainable, and pragmatic solutions is evident. It indicates a transition from theoretical discourse to practical implementation.

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