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It is widely agreed that the implementation of Artificial Intelligence is vital for future growth, but talk of AI and how best to use it is not new. Countries and businesses around the world have been attempting to develop and harness the full potential of this revolutionary technology for years. Recently though, it appears that the race for AI is hotting up, with countries investing billions into the technology and tech giants snapping up AI innovative startups and hiring AI talent.
A report by Mckinsey’s Global Institute suggests that if European countries were to scale up investment in Artificial Intelligence technologies it could add trillions to Europe’s combined GDP.
The impact for individual industries is also very impressive, with AI innovative companies in Manufacturing and ICT expected to see huge revenue growth over the next few years. However, those businesses that fail to keep up are predicted to see loses and will likely find themselves struggling to compete.
In order to compare the true impact of AI across industries, we have analysed data from Mckinsey’s Global Institute to see just how much revenue growth AI innovative companies can expect to see when compared to those businesses who fail to invest in the technology. Take a look at the graph to see which industries are tipped to benefit the most over the next decade.
Take a look at the graph below to find out.
According to a Deloitte survey of 1,900 IT and line-of-business executives from companies that are early adopters of AI (prototyping or implementing AI solutions), 57 percent believe that AI technology will substantially transform their company within the next three years, with almost two-thirds saying that AI technologies were “very” or “critically” important to their business success today.
Although all of this growth sounds impressive, upscaling AI development and implementation is difficult. Training the right staff, being able to safely test technology and minimising any potential negative impacts like job cuts are just a few reasons why the use of AI is proving tricky for countries and businesses. But despite these struggles, AI will be the key to sustainable future growth, so which industries will be able to keep up?