It’s obvious there could be serious
money in artificial intelligence.
A new study now suggests that AI has the potential to actually boost business rates of profitability and push those rates into the trillions of dollars.
Businesses could increase profitability by an average of 38%, leading to an added $14 trillion in additional gross value added across 16 industries in 12 economies, according to a new report by
Accenture Research and Frontier Economics.
The duo measured the potential economic impact of AI in gross value added, which they say is a close approximation of gross domestic product that
accounts for the value of goods and services produced.
The industries most impacted will be information and communication, manufacturing and financial services. Those three sectors alone will
account for an additional $6 trillion in 2035, according to the study.
The study actually breaks down the results by industry, suggesting that in labor-intensive sectors, such as retail and
wholesale, AI will augment the human workforce, enabling people to become more productive, leading to a profit increase of almost 60%.
Here, by industry, is the share of profit increases
projected by 2035:
- 84% -- Education
- 74% -- Accommodation and food service
- 71% -- Construction
- 59% -- Wholesale and retail
- 55% -- Healthcare
- 53% -- Agriculture, fishing
- 46% -- Social services
- 44% -- Transportation and storage
- 39% -- Manufacturing
- 31% -- Financial services
- 27% -- Public
service
- 26% -- Arts, entertainment
- 24% -- Professional services
- 17% -- Information and communication
- 9% -- Utilities
By country, the largest
economic impact due to AI is projected to be the United States and the least is Italy.
Of course, these projections are for the year 2035, which is hardly around the corner.
The report
makes several suggestions to get there. These include creating an AI roadmap, using AI beyond automation, such as harnessing the intelligence of self-learning machines, and creating an open AI culture
in an organization.