The use of artificial intelligence (AI) won't mark the end of the world for humans, but its economic impact will be sizeable by 2030, according to a report.
PwC Consulting is saying that enterprises should be focused on the impact that AI will have on their businesses, both from a competitive standpoint as well as the opportunities it presents.
PwC's "Sizing the Prize" report focused on the economic upside of AI across various verticals by 2030. According to the report, Global Trade Analysis Project (GTAP) data across regional economic sectors could be 14% higher in 2030 -- due to the accelerating development and uptake of AI -- which is the equivalent of an additional $15.7 trillion in the global economy. Out of that amount, $6.6 trillion "is likely to come from increased productivity and $9.1 trillion is likely to come from consumption-side effects."
The biggest AI gains were projected to be in China and North America, with up to 26% GDP and 14% GDP, respectively, by 2030.
Those GDP gains by China and North America will lead to increases in productivity, but each will travel its own AI path. The report predicted that North America would realize the benefits of AI faster than China, but China, despite the slower start, could see a large impact on GDP by 2030.
The report said that the biggest sector gains would be across retail, financial services and healthcare as AI boosts productivity, consumption and product quality.
Because AI is still in the early stages of development, there's the opportunity for new, as yet unheard of companies to leapfrog over today’s more well-known, bigger commercial companies, according to the report.
As for AI reducing the number of jobs for humans, the report acknowledged that some jobs would be redundant, but new jobs would be created in the AI value chain.
— Mike Robuck, Editor, Telco Transformation