Artificial intelligence (AI) could be worth up to $4.4 trillion to multi-national corporations and their bosses amidst an ongoing race to implement AI tools across business models.
Generative AI, such as ChatGPT, which can create data including videos, pictures, and music, has the potential to automate up to 70 percent of tasks that take up the average workers’ time, which will “add” between $2.6 to $4.4 trillion to the global economy and increase the impact of AI by up to 40 percent, according to a report from consulting firm McKinsey.
AI is expected to be instrumental across a number of industries, from banking to pharmaceuticals. Its uses could range from “automating conversations with customers, to creating personalized messages for customers, generating code, and even ‘generative design’ which is ‘accelerating the process of developing new drugs and materials,’ states the report.
As a result, advances in AI will quickly enable elites to “transform worker productivity” and, therefore, cut costs and maximize profit. The report makes almost no reference to jobs or employment as a result of the deployment of AI technologies – a curiously downplayed discussion point in most current mainstream conversations about the emerging technologies.
This is merely the beginning, argues McKinsey. The industry is likely to grow from $40 billion in 2022 to $1.3 trillion by 2032 at a compounded rate of 42 percent per annum.
