Economic Projections and Implementation Strategy for the Widespread Adoption of AI
The impending widespread adoption of artificial intelligence will dramatically alter our global economic landscape. Businesses who prepare for and invest now in emerging technologies will gain an enormous economic advantage during and after the upcoming decade of explosive technological innovation and application. A recent study done by PwC, a multinational professional services network, estimates that AI advancements will create a 14% increase in global GDP by 2030. The study indicates that China is expected to benefit most long- term from a global incorporation of AI, boosting GDP growth by 26% in the next ten years. This is largely because China anticipated the impending need for technological innovation and was an early-adaptor, investing in artificial intelligence largely meant to further bolster their position as the leader in global manufacturing and at a rate far exceeding that of North America or Europe. Even still, the US will have the initial upper hand and should expect an estimated growth in GDP of 14.5% or $3.7 trillion by 2030 given their current trajectory. Adopting predictive, data- processing, and natural language processing AI advancements now will provide technological front-runners with the consumer data to inform business models and product development.
These inevitable economic changes will manifest mainly as the result of two types of artificial technology--the automation of labor and innovations in products and services. Comprising these broad categories are eight major global sectors, listed in order of the estimated industry economic impact of the widespread incorporation of AI: Healthcare; Automotive; Financial services, Transportation and Logistics, Technology, Communications, and Entertainment; Retail; Energy; Manufacturing. Each of these sectors has its own list of considerations as they enter into the age of AI, and businesses will need to begin thinking critically and outside of the box in order to maximize the efficacy of their investment. Some will be best served by utilizing data processing AI, and others will benefit most from a natural language processing software, which has applications as practical as allowing a small business owner to interact effectively with immigrants and non-native speakers in their local communities.
The US and China are poised to profit the lion's share of financial gains due to advancements in artificial intelligence software innovation. But, some other developed economies and smaller global economies are also well-positioned and highly motivated, due to slow productivity growth, to capitalize on the potential financial gains inherent in worldwide AI adoption. Countries worldwide will find their companies experiencing widely disparate success rates, depending on how rapidly and appropriately artificial intelligence technologies were applied to their specific product or service. Firms, both small and large, fall into three categories- -early adaptors, followers, and stragglers. Those who have readily embraced AI technologies, only about 10% of businesses, may disproportionately benefit over the next decade.
The necessity of adapting business to maximize the potential of artificial technology. The next step is to detail a personalized road map to thriving before, during, and after the global economy embraces this incoming technological wave. Your plan should consist, at least, of these three key directives to consider when readying your business to capitalize on the opportunities of an emerging new AI-driven economy:
➢ Research the AI technology and automation that those in your sector have primarily begun implementing and determine which to adopt. Decide upon the products and software best suited to achieving your goals and gather your resources.
➢ Realistically evaluate your response and position. Are you an early-initiator of technological advancement or have you lagged in your response? Is your objective to make waves in this new age or just maintain?
➢ Hire conscientiously. Emerging AI advancements will absolutely change the hiring landscape, so making sure to gather the right team whose talents can't be replicated by data-processing artificial intelligence.
As effective communication between countries in a global economy has become increasingly vital, a unique subset of AI development companies has emerged to fill the need, offering apps, software, and search engines that use natural language processing in their primary function. These companies stand to exponentially increase their net worth over the long term and would be wise to consider partnering with a firm such as iDCS, which connects them with the resources and software required to thrive in a dynamic and increasingly technological economy. Visit our website for more information about our products and services.
