The Economic Potential of Generative AI: The Next Productivity Frontier
We are all at the beginning of our journey to better understand the power, reach and capabilities of generative AI. This is the latest of our attempts to evaluate the impact of the new AI era. This research suggests that generative artificial intelligence is set to transform roles, boost performance, and improve efficiency in functions like sales and marketing. It could create trillions of value in sectors ranging from life sciences to banking. Our initial findings are shared in the following sections.
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The impact of generative AI on productivity can add trillions to the global economy. In our latest research, we estimate that generative AI can add $2.6 trillion up to $4.4 trillion per year across the 63 cases we studied. By comparison, the United Kingdom GDP for 2021 is $3.1 trillion. This would increase the overall impact of artificial intelligence by between 15 and 40%. This estimate could be doubled if we included the impact of embedding AI generative into software used for tasks other than those currently being addressed.
Source:
https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier