What We Learned at WebSummit 2024: Insights and Trends from the XME.digital Team

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WebSummit 2024 once again proved why it’s one of the most impactful tech events globally. This time we were proud to participate in the Alpha Startup Program. The XME.digital delegation showcased Stella#5, advanced self-service builder for telecom businesses, crafted to streamline service sign-ups and deliver seamless omnichannel experiences.

However, despite the busy schedule we still have time to collect the latest trends and insights and share them with you. Read on to dive into the rise of the space economy, the realities of AI adoption, the push for sustainability, and the shifting dynamics of leadership.

Related: What was discussed about AI at Web Summit 2023

Shift in the Space Economy 

The space economy is entering a critical growth phase, with advancements in launch technologies drastically reducing costs and opening up new commercial possibilities. For example, SpaceX has set a benchmark in making launches more accessible, which has accelerated global interest and investment.

Satellite growth

With nearly 30,000 satellites projected to be operational by 2030, the impact on telecommunications alone is staggering — an estimated $10 billion in annual revenue. Beyond that, satellites are driving advancements in earth observation, climate monitoring, and global internet coverage.

National investments

European countries, from Sweden to Luxembourg, are rapidly developing their own space programs, with some, like the UK, planning domestic launch sites. These efforts signify a growing recognition of space as a key strategic asset.

Private sector innovation

Startups such as Skyrora are rethinking rocket design to increase efficiency, while ClearSpace tackles the issue of orbital debris — a challenge critical to ensuring sustainable growth in satellite deployment and operations.

These changes mark a shift from space being a government-dominated domain to a collaborative ecosystem of private companies and national programs. As these players tackle issues like sustainability and scalability, the space economy is poised to influence industries far beyond aerospace, from logistics to agriculture.

What’s New in the AI Field? 

Artificial intelligence remains a focal point of technological advancement and WebSummit of course. LLMs offer promising solutions while highlighting significant gaps in implementation. This year, discussions around AI provided a realistic view of its current trajectory and the challenges organisations must overcome.

New capabilities

AI is advancing from conversational tools to reasoning systems capable of interpreting complex contexts. The next stages — autonomous agents and organisational AI — promise to upgrade operations but still lack the flexibility and ingenuity of human creativity, which remains a critical factor in problem-solving.

Budget priorities

By 2025, 46% of companies plan to allocate more resources to AI initiatives. However, many struggle with infrastructure readiness and clearly defining ROI. It often results in stalled projects and underutilised potential.

Industry-specific applications

The most impactful AI solutions are highly specialised. For example, WorkyBe integrates AI into sustainability efforts, while Avaeda enhances procurement strategies. These applications demonstrate that AI thrives when tailored to specific industry challenges rather than deployed as generic tools.

AI development depends on strategic, results-oriented implementation. Companies that focus on aligning technology with measurable business goals are likely to benefit most from AI’s capabilities.

Sustainability in Technology: Is It The Next Big Challenge?

At WebSummit 2024, sustainability in technology took centre stage, with discussions spotlighting how the rapid expansion of AI and other technologies is straining global energy resources. From the skyrocketing energy demands of training large AI models to the environmental impact of data centres, the tech industry faces mounting pressure to innovate responsibly. Industry leaders and researchers shared actionable strategies to balance innovation with sustainability, focusing on the importance of efficiency, smarter design, and alternative technologies. 

Photonic computing as an alternative

Rika Nakazawa from NTT emphasised photonic computing, which uses light instead of electricity for data processing. This approach holds the potential to drastically reduce the energy demands of AI, a field notorious for its high resource consumption.

Efficiency through Small Language Models (SLMs)

Instead of training massive AI models on excessive amounts of data, SLMs prioritise high-quality, focused datasets. This shift conserves energy and accelerates development cycles and reduces computational waste.

The role of public funding

Taxpayer-supported initiatives are driving technological advancements, but the benefits of these investments often remain unclear. Are they fostering public good or primarily serving private interests? This question is key in shaping how resources are allocated.

Leadership in the AI Era: A New Paradigm

Leadership is undergoing a transformation, shaped by the demands of rapid technological change and the rise of AI. At WebSummit 2024, industry leaders discussed how fostering collaboration, transparency, and adaptability helps to tailor to this shift and what companies should do to align their leadership approaches with the realities of an AI-driven economy. 

Here’s what emerged:

Diversity as a catalyst for innovation

Companies that incorporate diverse cultural backgrounds and perspectives into their teams consistently produce stronger results. Diversity is a social priority and a business strategy that enhances problem-solving, fosters creative solutions, and drives market-relevant innovations.

Transparency and accountability

Rodrigo Maia from Capgemini stressed that transparency accelerates decision-making by exposing potential issues early. Leaders must encourage open dialogue, where employees feel empowered to raise concerns and share ideas without fear, enabling organisations to address challenges before they escalate.

Risk & speed balance 

A stark comparison between American and European companies revealed the competitive edge of risk tolerance. While European businesses often prioritise consensus, resulting in slower innovation cycles, American startups excel at launching minimum viable products quickly, using market feedback to iterate. 

Leadership in times of AI democratisation demands the ability to build cultures of trust, embrace calculated risks, and leverage diverse perspectives to drive innovation in an increasingly complex business environment.

Conclusion

WebSummit 2024 highlighted that while technology advances rapidly, it’s the strategic, thoughtful approach that will make the real difference. Here are our takeaways to share at the end of the day: 

• The space economy, AI, and sustainability  drive significant change across industries, but businesses still face challenges in execution. 

• Tailored solutions that are grounded in real-world applications will always outpace generic approaches. 

• Leadership today requires taking diversity and transparency into consideration and being willing to take calculated risks and learn from failures. 

• The companies that adapt, align technology with their core values, and build a culture of collaboration and innovation will lead the way.