Generative AI Will Add Trillions to Global Economny [Chart]
The global economy will see a significant rise thanks to the integration of generative AI, according to a McKinsey study. The consultant group predicts that new use cases made possible by generative AI will add $2.6 to $4.4 trillion in annual value to the economy, as can be seen in the chart above.
The massive economic gains from deploying generative AI apply across all industries. McKinsey mapped out 63 potential use cases for generative AI across 16 different business tasks. The researchers defined a use case as one where the tech has a specific purpose, such as writing content copy, where there was also a measurable result in the form of new revenue or cost savings. This use case framework provides a roadmap for companies exploring how to implement generative AI to improve their operations and bottom line.
The $2.6 to $4.4 trillion translates to a difference of between 15% and 40% increase to the estimated $11 trillion to $17.7 trillion in economic value of other forms of AI. The new use cases are a large slice of the estimated $6.1 to $7.9 trillion total annual benefit calculated when applying generative AI for knowledge workers economy-wide. The findings highlight the transformative potential of the technology to boost productivity and efficiency at scale.
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