The 7th annual VST ECS CXO Tech Summit 2024 kicked off in Boracay, Aklan this week, drawing industry leaders and tech enthusiasts eager to explore the revolutionary impact of Artificial Intelligence (AI) on modern business. The summit focused on how AI is shaping the global economy and transforming industries, urging companies to adopt AI-driven solutions to remain competitive.
In his keynote address, Jimmy D. Go, President and CEO of VST ECS, described the rise of AI as a “seismic” shift in technology, rivaling the transformative impacts of the personal computer and internet eras. Highlighting research from McKinsey, Go noted that AI could add a staggering US$13 trillion to the global economy by 2030, with 70% of organizations expected to incorporate AI into their operations by that time.
The Asia-Pacific region, particularly countries like China, Japan, and South Korea, was showcased as a critical player in AI innovation, with the market projected to grow at a 40.8% compound annual growth rate (CAGR) by 2027. This positions the region as a leader in AI advancements and investment.
Throughout the summit, attendees will witness real-world examples of AI’s capabilities and its practical applications across various industries. Highlights included discussions on AI-powered dubbing, enhanced speaker interactions, and the scale of investment in AI infrastructure from leading tech companies.
The summit also addressed the evolving job market shaped by AI. While AI may displace 85 million jobs by 2025, as projected by the World Economic Forum, new roles like AI ethicists, data privacy experts, and AI trainers are expected to rise, creating an estimated 70 million opportunities for the workforce.
Attendees were encouraged to harness AI across diverse sectors, including eCommerce, healthcare, education, and agriculture. Key applications such as personalized marketing, predictive maintenance, fraud detection, and agricultural optimization were highlighted as areas where AI can bring significant benefits.
The VST ECS CXO Tech Summit 2024 underscored the necessity of investing in robust digital infrastructure, data storage solutions, cybersecurity measures, and automation capabilities to unlock AI’s full potential, sending a powerful message: AI is not just the future — it’s here and now. For businesses ready to invest in AI and digital infrastructure, this era offers transformative opportunities in automation, efficiency, and innovation.