According to a new McKinsey Global Institute report, the exciting potential of generative artificial intelligence technology is mind-blowing – with an estimated value to the global economy potentially reaching $4.4 trillion each year by 2030.
Imagine a world where half of all work done by employees today is automated using Generative AI chatbots like ChatGPT and Google's Bard that can save 60 to 70% of work time. Well, that is the future to be expected between 2030 and 2060 according to the 68-page report, which was published early Wednesday.
By emphasizing the ability of Generative AI to augment individual workers' capabilities, the report found that four types of roles — customer operations, marketing and sales, software engineering and R&D — were likely to account for 75% of the value add of GenAI in particular.
Addressing the debate over how AI will affect jobs, displacing people from their work, a professor of economics at M.I.T, David Autor, says any conclusions about the technology’s effects may be premature. “We are really, really in the early stage,” he added.
And while the report acknowledged that Generative AI is still in its early stages cautioning against unrealistic expectations, it provides a strong rationale for the technology's potential.
It also noted the challenges that industry leaders and regulators would need to address with A.I., including concerns that the content generated by the tools can be misleading and inaccurate.