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PwC report evaluates AI potential, how a business can capitalize AI & its impact on world economy by 2030

PwC report evaluates AI potential, how a business can capitalize AI & its impact on world economy by 2030

Artificial Intelligence based technologies will contribute nearly $15.7 trillion to the global economy in 2030, per a report published by Price Waterhouse Coopers (PwC).

Of the contribution, $6.6 trillion is likely to come from increased business productivity by organizations who will use AI to automate and augment their workforces, while remaining $9.1 is expected to come from increased consumption from those customers who will look for better and higher-quality goods.

The report analyzed AI’s role in the global economy between the present time and 2030 and included various regional economies and eight commercial sectors.

PwC analysts further reported that the increased adoption rate of AI will result in higher GDP jumps also and will supposedly go up to 14%.

Amongst the regions likely to get largely benefited from the AI trend, China and North America stood at the top with 26% and 14% hike expected in GDP in 2030.

And the sectors which will get highly benefitted will be retail, healthcare and financial services. Apart from these, capital-intensive sectors like transport and manufacturing will also see high usage and productivity gains from AI, driven by the need of process automation in these industries.

The increased consumer demand will open new sets of AI opportunities for both new entrants and established organizations who can drive innovation across new business models. The AI wave will boost the demand for other connected technologies like IoT and attract new job opportunities as well.

The report suggests companies be better aware of the AI disruption and try to be at the forefront when it comes to experimenting and innovating with AI. The biggest commercial units of today can no sooner be out of the scene if they lag behind in realizing the AI potential. They will also need the right talent and data to help execute AI applications faster and with more transparency.

See the full report here.

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