Artificial intelligence (AI) is engendering all kinds of breathless headlines, from being able to play Go to spotting rare cancer tumors. But how will AI impact the economy in broad terms? The answer hinges on both on what AI can be used for and the dynamics of a competitive race to adopt AI that’s set to unfold between firms.
How Competition Is Driving AI’s Rapid Adoption
The technology could add $13 trillion to global GDP by 2030.
October 17, 2018
Tomohiro Ohsumi /Getty Images
Summary.
New research finds that AI could deliver an additional $13 trillion to global GDP by 2030, averaging about 1.2% GDP growth a year across the period. This would compare well with the impact of steam during the 1800s, robots in manufacturing in the 1900s, and IT during the 2000s. But the economic impact of AI depends on the speed in which it’s adopted, and this is being driven by a competitive race among firms to invest in it.