Dive Brief:
- Global GDP will be 14% higher in 2030 because of artificial intelligence, according to research from PwC. By those projections, AI will inject $15.7 trillion into the global economy.
- Productivity improvements are expected to account for about 50% of those gains. PwC projects that AI could hold as high, if not higher, value for "enhancing and augmenting" the enterprise than automation. The other half of those gains will stem from consumer demand from AI-enabled product improvements.
- China and North America will see the largest gains. The two countries combined will see a total of $10.7 trillion, making up nearly 70% of the global economic impact.
Dive Insight:
All those concerns about AI displacing workers may not be so relevant when AI generates huge increases in productivity and helps put more than $15 trillion back into the economy. While retail, financial services and healthcare are expected to be the biggest users of AI in the near future, according to PwC, it’s likely most industries will eventually use AI to some extent.
For those that are ready to jump in, AI represents a huge opportunity. But those that aren’t ready may see themselves out maneuvered by the competition with potential effects on market share as a result.
One major obstacle to moving forward with AI is talent. More than 40% of respondents to a Tech Pro Research survey released in December said their enterprise IT personnel don’t have the skills required to implement and support AI and machine learning.
