The economic potential of generative AI: The next productivity frontier

The economic potential of generative AI: The next productivity frontier

Generative AI is a new step in the evolution of artificial intelligence technology.

AI-powered digital tools have the potential to significantly transform the labor market by boosting productivity and boosting the financial performance of companies. This is stated in the new report of the international consulting company McKinsey. The organization estimates that generative AI can generate between $2.6 trillion and $4.4 trillion annually for the global economy (experts analyzed 63 applications).

More than 75% of all possible use cases are in four areas - customer operations, marketing and sales, software development and R&D. Among the tasks that generative AI can handle are interacting with customers, creating content, writing computer code based on natural language prompts.

The banking sector, the HiTech industry are the industries that can receive the greatest dividends from the introduction of generative AI. The potential income from the use of AI in the banking industry is from 200 to 340 billion US dollars per year, in retail - 400 to 660 billion US dollars per year. In addition, generative AI can change the structure of the labor market, on the one hand, by expanding the capabilities of individual employees by automating processes, and on the other hand, by abolishing certain professions. AI-driven automation is powerful due to the ability of AI to understand natural language, which is required to complete 25% of all work tasks.

Generative AI can provide labor productivity growth of 0.1-0.6% per year until 2040, depending on the speed of technology adoption and the redistribution of working time to other activities. Combining generative AI with other digital solutions can increase productivity by 0.2% to 3.3%.

According to the organization's experts, realizing the full potential of generative AI will take time, primarily to optimize the risk management system, improve the skills of employees and rethink work processes.

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