Gen AI projected to add $4.4T to world economy 2030

The Economic Potential of Generative AI

Generative AI is a rapidly developing field with the potential to revolutionize many industries. It is already being used to create new products and services, improve existing processes, and automate tasks. As generative AI technology continues to develop, it is expected to have a significant impact on the global economy.

A study by McKinsey estimates that generative AI could add as much as $4.4 trillion annually to the global economy by 2030. This would represent a significant increase from the $2.6 trillion that generative AI is projected to add to the economy in 2023.

The study found that the largest economic impact of generative AI will be in the following industries:

• Retail and consumer packaged goods: Generative AI can be used to create new products, personalize marketing campaigns, and automate customer service tasks. This could lead to increased sales and efficiency in these industries.

  
  

• Financial services: Generative AI can be used to create new financial products, automate trading, and detect fraud. This could lead to increased profits and reduced risk in these industries.

  
  

• Healthcare: Generative AI can be used to develop new drugs, design new medical devices, and diagnose diseases. This could lead to improved patient care and lower healthcare costs.

  
  

• Manufacturing: Generative AI can be used to design new products, optimize production processes, and automate assembly lines. This could lead to increased productivity and efficiency in these industries.

  
  

• Media and entertainment: Generative AI can be used to create new movies, TV shows, and video games. It can also be used to generate realistic special effects and improve the quality of audio and video. This could lead to increased profits and viewership in these industries.

The study also found that generative AI is likely to have a significant impact on the workforce. It is estimated that generative AI could automate up to 20% of jobs by 2030. However, the study also found that generative AI is likely to create new jobs as well. It is estimated that generative AI could create up to 9 million new jobs by 2030.

The economic potential of generative AI is vast and far-reaching. It is likely to have a major impact on the way we live, work, and play in the years to come.

Here are some visuals showing the projections for the economic potential of generative AI:

• The McKinsey study projects that generative AI could add as much as $4.4 trillion annually to the global economy by 2030.

  McKinsey study projection for generative AI economic impact

  
  

• The study found that the largest economic impact of generative AI will be in the retail and consumer packaged goods, financial services, healthcare, manufacturing, and media and entertainment industries.

  Retail and consumer packaged goods, financial services, healthcare, manufacturing, and media and entertainment industries

• The study also found that generative AI is likely to have a significant impact on the workforce. It is estimated that generative AI could automate up to 20% of jobs by 2030, but it is also likely to create up to 9 million new jobs by 2030.