AI to drive GDP gains of $15.7 trillion with productivity, personalisation improvements
- Global GDP will be 14% higher in 2030 as a result of AI
- Productivity improvements are expected to account for half of all gains to 2030
- North America will experience productivity gains faster than China initially, driven by its readiness for AI and the high fraction of jobs that are susceptible to replacement by more-productive technologies.
- China will begin to pull ahead of the US’s AI productivity gains in ten years, after it catches up on a slower build up to the technology and expertise needed.
- Europe and Developed Asia will also experience significant economic gains from AI (9-12% of GDP in 2030)
- Developing countries will experience more modest increases (less than 6% of GDP) due to the much lower rates of adoption of AI technologies expected (including Latin America, Africa).
- Methodology: To estimate AI impact, our team conducted a dual-phased top-down and bottom-up analysis combining a detailed assessment of the current and future use of AI and an exploration of the economic impact in terms of new jobs, new products, and other secondary effects. Further details can be found at http://press.pwc.com/
- The report draws on input from sector experts and partners at Fraunhofer, a global leader in emerging technology research and development. Future reports will focus on specific sectors, along with functional areas such as marketing, finance and talent management. We’ll also be publishing the detailed economic projections.
- PwC Responsible AI framework is designed to strengthen confidence in how to effectively deploy AI solutions and have trust in their outputs. It provides a practical mechanism for ensuring effective monitoring and stewardship of AI outcomes. Find out more here https://www.pwc.co.uk/services/audit-assurance/insights/responsible-ai-how-to-build-trust-and-confidence.html
- In the PwC AI Impact Index, three areas with the biggest potential for AI impact are identified in eight sectors.
- Healthcare: Data-driven diagnostic support: Pandemic identification: Imaging diagnostics (radiology, pathology)
- Automotive: Autonomous fleets for ride sharing; Smart cars/driver assist; Predictive and autonomous maintenance
- Financial services: Personalised financial planning; Fraud detection and anti-money laundering; Transaction automation
- Retail: Personalised design and production; Customer insights generation; Inventory and delivery management
- Technology, communications and entertainment: Media archiving and search; Content creation (marketing, film, music, etc.); Personalized marketing and advertising
- Manufacturing; Enhanced monitoring and auto-correction ; Supply chain and production optimisation; On-demand production
- Energy: Smart metering; More efficient grid operation and storage; Intelligent infrastructure maintenance
- Transport and logistics; Autonomous trucking and delivery: Traffic control and reduced congestion; Enhanced security
Rowena MearleySenior Manager, Global CommunicationsUnited Kingdomrowena.firstname.lastname@example.org+ 44 207 213 4727+44 7730 598 643