AI to drive GDP gains of $15.7 trillion with productivity, personalisation improvements
- Global GDP will be 14% higher in 2030 as a result of AI
- Productivity improvements are expected to account for half of all gains to 2030.
HONG KONG, June 27, 2017 (GLOBE NEWSWIRE) -- Global GDP will be 14% higher in 2030 as a result of AI - the equivalent of an additional $15.7 trillion. This makes it the biggest commercial opportunity in today's fast changing economy according to new research by PwC.
Drawing on a detailed analysis of the business impact of AI, Sizing the prize outlines the economies that are set to gain the most from AI.
AI will contribute $15.7 trillion to the global economy in 2030, more than the current output of China and India combined.
Labour productivity improvements are expected to account for over half of all economic gains from AI over the period 2016-2030. Increased consumer demand resulting from AI-enabled product enhancements will account for the rest. The greatest economic gains from AI will be in China (26% boost to GDP in 2030) and North America (14.5% boost), equivalent to a total of $10.7 trillion and accounting for almost 70% of the global economic impact.
- North America will experience productivity gains faster than China initially, driven by its readiness for AI and the high fraction of jobs that are susceptible to replacement by more-productive technologies.
- China will begin to pull ahead of the US's AI productivity gains in ten years, after it catches up on a slower build up to the technology and expertise needed.
- Europe and Developed Asia will also experience significant economic gains from AI (9-12% of GDP in 2030)
- Developing countries will experience more modest increases (less than 6% of GDP) due to the much lower rates of adoption of AI technologies expected (including Latin America, Africa).
"The analysis highlights how the value of AI enhancing and augmenting what enterprises can do is large, if not larger than automation," comments Anand Rao, Global Leader of Artificial Intelligence at PwC. "It demonstrates how big a game changer AI is likely to be - transforming our lives as individuals, enterprises and as a society."
Included in the analysis, the PwC AI Impact Index pinpoints three business areas with the greatest AI potential in each of eight sectors. Areas identified include image-based diagnostics, on demand production and autonomous traffic control.
Overall, the biggest absolute sector gains will be in retail, financial services, and healthcare as AI increases productivity, product value and consumption. By 2030, an additional $9trn of GDP will be added from product enhancements and shifts in consumer demand, behaviour, as AI driven consumption gains overtake those of productivity.
Gerard Verweij, Global Data & Analytics Leader, PwC, comments:
"No sector or business is in any way immune from the impact of AI. The impact on productivity alone could be competitively transformational and even disruptive. Businesses that fail to apply AI, could quickly find themselves being undercut on turnaround times as well as costs and experience, and may lose a significant amount of their market share as a result.
"The big challenge is how to secure the right talent, technology and access to data to make the most of this opportunity."
The analysis underlines how the scale of the opportunity of AI needs to be underpinned by both more robust governance and new operating models to realise its full potential. A recent paper from PwC UK on Responsible AI warned effective controls need to be built into the design and implementation phase to ensure AI's positive potential is secured, and address stakeholder concerns about it operating beyond the boundaries of reasonable control.
1. The report draws on input from sector experts and partners at Fraunhofer, a global leader in emerging technology research and development. Future reports will focus on specific sectors, along with functional areas such as marketing, finance and talent management. We'll also be publishing the detailed economic projections.
2. In the PwC AI Impact Index, three areas with the biggest potential for AI impact are identified in eight sectors.
b. Automotive: Autonomous fleets for ride sharing; Smart cars/driver assist; Predictive and autonomous maintenance
c. Financial services: Personalised financial planning; Fraud detection and anti-money laundering; Transaction automation
d. Retail: Personalised design and production; Customer insights generation; Inventory and delivery management
e. Technology, communications and entertainment: Media archiving and search; Content creation (marketing, film, music, etc.); Personalized marketing and advertising
f. Manufacturing; Enhanced monitoring and auto-correction; Supply chain and production optimisation; On-demand production
g. Energy: Smart metering; More efficient grid operation and storage; Intelligent infrastructure maintenance
h. Transport and logistics; Autonomous trucking and delivery: Traffic control and reduced congestion; Enhanced security
3. 'A Strategist's Guide to Artificial Intelligence' published by PwC Strategy & Business details how organizations get ready to exploit the opportunities from AI. Find out more here
4. PwC Responsible AI framework is designed to strengthen confidence in how to effectively deploy AI solutions and have trust in their outputs. It provides a practical mechanism for ensuring effective monitoring and stewardship of AI outcomes. Find out more here https://www.pwc.co.uk/services/audit-assurance/insights/responsible-ai-how-to-build-trust-and-confidence.html
5. Methodology: To estimate AI impact, our team conducted a dual-phased top-down and bottom-up analysis combining a detailed assessment of the current and future use of AI and an exploration of the economic impact in terms of new jobs, new products, and other secondary effects. Further details can be found at http://press.pwc.com/
At PwC, our purpose is to build trust in society and solve important problems. We're a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
© 2017 PwC. All rights reserved
Tel: +1 646 313 0937 / mobile: +1 347 501 0931
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: PwC via Globenewswire
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
Fentress Architects: The Future of Airports as Civic Spaces21.5.2018 22:27 | Pressemelding
The European Cultural Centre and Global Art Affairs Foundation invited Fentress Architects and North Carolina State University College of Design to participate in the 2018 Venice Architecture Biennale May 26-November 25, 2018, at the historic Palazzo Bembo. Denver, Colo. - May 21, 2018, May 21, 2018 (GLOBE NEWSWIRE) -- Architecture students from North Carolina State University College of Design will join Fentress at the Palazzo Bembo to present their designs for airports of the future. Fentress has been guiding students in preparation for the exhibition, which allows 11 students to embark on a once-in-a-lifetime opportunity to travel to Italy for the 2018 Venice Biennale of Architecture. Their designs will be featured in the "Time Space Existence" exhibit, offering the public a glimpse at the future of airport design. The students are participating in an Airport Design course with Principal in Charge of Design Curt Fentress, FAIA, RIBA, and Alumni Distinguished Professor of Architectur
Oxford Immunotec's T-SPOT®.TB Test Included in the World Health Organization's First-Ever Essential Diagnostics List21.5.2018 22:15 | Pressemelding
OXFORD, United Kingdom and MARLBOROUGH, Mass., May 21, 2018 (GLOBE NEWSWIRE) -- Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, high-growth diagnostics company, today announced that the Company's T-SPOT.TB test for tuberculosis (TB) infection has been included in the World Health Organization (WHO) Model List of Essential In Vitro Diagnostics (EDL) - First Edition. The EDL includes the 113 most important tests recommended by WHO for use at various levels of the health care system. These essential diagnostics satisfy the priority health care needs of the population and were selected with due regard to disease prevalence and public health relevance, evidence of efficacy and accuracy, and comparative cost-effectiveness. 58 of the tests listed are for the detection and diagnosis of a wide range of common conditions, providing an essential package that can form the basis for screening and management of patients. The remaining 55 tests are designed for the detection, diagnosis, and moni
Virgin Pulse and RedBrick Health Joining Forces to Create World's Largest Digital Employee Wellbeing and Engagement Company21.5.2018 17:00 | Pressemelding
Merger Will Create First and Only One-Stop-Shop for Employee Health, Wellbeing and Benefits Engagement; Combined Company Will Have More Than 3,300 Customers Across 190 Countries PROVIDENCE, R.I., May 21, 2018 (GLOBE NEWSWIRE) -- Providence-based Virgin Pulse and Minneapolis-based RedBrick Health announced today that the industry pioneers will merge, creating the world's largest, most comprehensive digital health and engagement company. This powerful combination will deliver the industry's only fully integrated digital platform, with benefits navigation and live coaching to support global clients and members across the entire health, wellbeing and benefits lifecycle - from screening and assessment to activation, behavior change and the adoption of sustainable, healthy habits. "We are thrilled to join with RedBrick to set a new vision and standard for employee health, wellbeing and engagement," said David Osborne, Virgin Pulse CEO, who will serve as CEO of the combined company. "Bringing
Hotels.com App Wins 2018 MediaPost Appy Award in Travel & Tourism Category21.5.2018 16:00 | Pressemelding
Developed by EPAM, app is recognized for creativity and excellence in app design NEWTOWN, Pa., May 21, 2018 (GLOBE NEWSWIRE) -- Hotels.com® and EPAM Systems, Inc. (NYSE:EPAM) announced their triumphant win at the 2018 MediaPost Appy Awards in the Travel and Tourism category this week. The Hotels.com mobile app, developed in collaboration with EPAM Systems, Inc., a leading global provider of digital platform engineering and software development services, has been crowned the best app developed for airlines, hotels, travel search engines, destinations, cruises, travel advice or car rentals. With over 70 million downloads and a 4.5+ star rating from consumers on both iOS and Android app stores, the Hotels.com app has now been recognized by the industry leading Appy Awards, which honor creativity and excellence in app design. The app provides a simple, fast and secure way for users to plan, book and manage hotel reservations, and allows travelers to book hundreds of thousands of places to
Claroty Launches Channel Program and Announces New Industrial Cybersecurity Partnerships21.5.2018 15:00 | Pressemelding
Claroty Vision Program Expands Global Reach and Joint Solution Delivery with OT Leaders, Including Dimension Data/NTT Security, Optiv, and Kudelski Security NEW YORK, May 21, 2018 (GLOBE NEWSWIRE) -- Claroty, the leader in operational technology (OT) network security, today unveiled Claroty Vision, a new global channel partner program for integrated solution partners, managed service providers (MSPs), and resellers. The program is tailored to provide partners with the tools and resources they need to accelerate revenue in the fast-growing industrial cybersecurity market. The company also announced several new partnerships under the Claroty Vision banner, including the addition of Optiv and Kudelski Security. Comprised of four participation levels - Elite, Premier, Authorized, and Referral - the Claroty Vision program provides partners with a broad range of tools, benefits, and incentives such as increased margin, deal registration, an online demo environment, and co-marketing activitie
Wabtec and GE Transportation to Merge, Creating Global Leader for Rail Equipment, Services and Software21.5.2018 13:00 | Pressemelding
Strategic Combination Will Drive Shareholder Value Creation by Accelerating Innovation in Transportation and Logistics Following the transaction, Wabtec will have approximately $8 billion in revenues, a more diversified business mix, higher margins, and approximately 15 percent cash EPS accretion in year one. Both businesses are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. Complementary businesses and large global installed base will create additional opportunities for cross-selling, aftermarket services growth and new solutions in a rapidly evolving industry. GE Transportation is positioned for a substantial rebound, with estimated adjusted EBITDA growing from about $750 million in 2018 to between $900 million and $1 billion in 2019. Substantial annual run-rate synergies of $250 million and a net present value of approximately $1.1 billion of net tax benefit will accrue to the combined company. The transaction is valued at appro
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom