Generative AI to add trillions to economy
NEW YORK, UNITED STATES — The global economy is poised to benefit from the generative artificial intelligence (AI) industry, with a $4.4 trillion annual contribution expected to generate in the coming years.
“We identified 63 generative AI use cases spanning 16 business functions that could deliver total value in the range of $2.6 trillion to $4.4 trillion in economic benefits annually when applied across industries,” said a new report by McKinsey & Company.
McKinsey’s data, drawn from the analysis of over 800 job roles and AI applications in organizations, indicates a fast-paced adoption of generative AI tools, such as ChatGPT. The report anticipates these tools will automate a vast range of work from 2030 to 2060.
The report reveals AI will significantly impact high-wage, highly educated knowledge workers, especially in decision-making and collaboration. Industries like sales, marketing, software engineering, and customer service stand to benefit most.
“Generative AI will change the future of work – work tasks will be re-imagined and industries transformed in a matter of months rather than years,” said Anna Katariina Wisakanto, consultant at McKinsey’s office in Helsinki.
“Technology allows companies and employees a new kind of agility and productivity boost, which our economy desperately needs,” she added.
Wealthier nations like the United States and Germany will likely see faster automation due to higher wages compared to lower-wage countries like China, India, and Mexico. However, concerns persist about risks like job losses, algorithmic biases, and security vulnerabilities.
McKinsey, a global management consulting firm, operates across more than 65 countries.
