Economic Impact of AI
Artificial Intelligence (AI) is set to significantly impact the global economy, contributing a projected $19.9 trillion by 2030. This massive increase is expected to drive a 3.5% rise in global GDP. Business spending on AI solutions and services is predicted to yield substantial economic benefits.
Key Findings
- Economic Contribution: Adoption and integration of AI across various sectors will result in significant financial gains.
- Return on Investment: Every dollar allocated to AI will generate $4.60 in the global economy.
- Accelerated Development: AI is entering an era of rapid growth and widespread application.
Factors Driving Economic Impact
- Increased Spending: Businesses are investing extensively in AI to enhance efficiency and productivity.
- Stimulated Economy: AI adoption is driving new revenue streams and production increases.
- Extended Supply Chain: Providers of AI solutions and essential supplies are seeing rising revenues.
Insights from Industry Leaders
“By automating routine tasks, AI significantly optimizes operational costs and timelines,” said Lapo Fioretti, Senior Research Analyst at IDC. This view is supported by almost unanimous consensus among business leaders who prioritize AI.
Employment Landscape
Automation and Job Impact
AI’s proliferation will result in varying levels of job automation. According to IDC’s survey:
- Partial Automation: 48% expect some parts of their jobs to be automated.
- Full Automation: Only 3% foresee complete automation of their roles.
New Roles Emerging
While some roles may diminish, new job categories such as AI Ethics Specialists and AI Prompt Engineers will emerge.
- Resilient Roles: Jobs requiring social and emotional capabilities like nursing will remain vital.
- Decision-Making Roles: Positions needing ethical judgment will see humans augmenting AI capabilities.
Rick Villars, Group Vice President at IDC, noted that jobs will evolve as people learn to leverage AI more effectively.
Methodology
Economic Impact Analysis
IDC’s economic impact analysis assesses AI’s overall economic contribution. This includes:
- Direct Effects: Revenue from AI solutions and services.
- Indirect Effects: Economic impact on AI supply chains and benefits to AI adopters.
- Induced Effects: Stimulus generated from increased household income linked to AI.
Carla La Croce, Research Manager at IDC, emphasized the importance of these models in decision-making for businesses and governments.
AI-Specific Impact
IDC’s study, “The Global Impact of Artificial Intelligence on the Economy and Jobs,” evaluates AI’s influence on economic output and employment.
- Regions and Industries: The study covers different regions, technology layers, and industries.
- Goal: To forecast AI’s cumulative contributions to the global GDP by 2030.
About IDC
International Data Corporation (IDC) offers market intelligence, advisory services, and events for IT, telecom, and consumer technology markets. With over 1,300 analysts in more than 110 countries, IDC provides global, regional, and local expertise.
IDC’s insights help business executives and IT professionals make informed technology decisions. Founded in 1964, IDC is a subsidiary of International Data Group (IDG), a leading tech media and marketing services company.
Contacts for More Information
- Michael Shirer: Email: press@idc.com, Phone: 508-935-4200
- Escalate PR for IDG: Email: idg@escalatepr.com, Phone: 508-935-4200
IDC’s continuous analysis and insights help maximize AI’s potential benefits across the global economy, transforming how industries operate and creating new opportunities for businesses and workers alike.