Today Accenture Research and Frontier Economics published How AI Boosts Industry Profits and Innovation. The report is downloadable here (28 pp., PDF, no opt-in).The research compares the economic growth rates of 16 industries, projecting the impact of Artifical Intelligence (AI) on global economic growth through 2035. Using Gross Value Added (GVA) as a close approximation of Gross Domestic Product (GDP), the study found that the more integrated AI is into economic processes, the greater potential for economic growth. One of the reports’ noteworthy findings is that AI has the potential to increase economic growth rates by a weighted average of 1.7% across all industries through 2035. Information and Communication (4.8%), Manufacturing (4.4%) and Financial Services (4.3%) are the three sectors that will see the highest annual GVA growth rates driven by AI in 2035. The bottom line is that AI has the potential to boost profitability an average of 38% by 2035 and lead to an economic boost of $14T across 16 industries in 12 economies by 2035.
Key takeaways from the study include the following:
- AI will increase economic growth by an average of 1.7% across 16 industries by 2035 with Information and Communication, manufacturing and financial services leading all industries. Accenture Research found that the Information and Communication industry has the greatest potential for economic growth from AI. Integrating AI into legacy information and communications systems will deliver significant cost, time and process-related savings quickly. Accenture predicts the time, cost and labor savings will generate up to $4.7T in GVA value in 2035. High growth areas within this industry are cloud, network, and systems security including defining enterprise-wide cloud security strategies.
Today Accenture Research and Frontier Economics published How AI Boosts Industry Profits and Innovation. The report is downloadable here (28 pp., PDF, no opt-in).The research compares the economic growth rates of 16 industries, projecting the impact of Artifical Intelligence (AI) on global economic growth through 2035. Using Gross Value Added (GVA) as a close approximation of Gross Domestic Product (GDP), the study found that the more integrated AI is into economic processes, the greater potential for economic growth. One of the reports’ noteworthy findings is that AI has the potential to increase economic growth rates by a weighted average of 1.7% across all industries through 2035. Information and Communication (4.8%), Manufacturing (4.4%) and Financial Services (4.3%) are the three sectors that will see the highest annual GVA growth rates driven by AI in 2035. The bottom line is that AI has the potential to boost profitability an average of 38% by 2035 and lead to an economic boost of $14T across 16 industries in 12 economies by 2035.
Key takeaways from the study include the following:
- AI will increase economic growth by an average of 1.7% across 16 industries by 2035 with Information and Communication, manufacturing and financial services leading all industries. Accenture Research found that the Information and Communication industry has the greatest potential for economic growth from AI. Integrating AI into legacy information and communications systems will deliver significant cost, time and process-related savings quickly. Accenture predicts the time, cost and labor savings will generate up to $4.7T in GVA value in 2035. High growth areas within this industry are cloud, network, and systems security including defining enterprise-wide cloud security strategies.
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