HANNOVER MESSE 2019, 01 - 05 April
switch to:
Artificial Intelligence

AI technologies boost the economy

New artificial intelligence (AI) technologies show significant potential for boosting economic growth. According to a recent study, they could give the economy a considerably greater boost than the introduction of steam engines or industrial robots did in the past.

20 Sep. 2018
HMI-ID09-023kt_McKinsey_01
AI technologies boost the economy (Photo: © McKinsey & Company)

This is the conclusion of a study by the McKinsey Global Institute (MGI) . According to the researchers, the adoption of AI technologies could generate a 1.2% annual increase in global gross domestic product (GDP) on average until 2030. The economic effect is thus much greater than that produced by the advent of steam engines (0.3%), industrial robots (0.4%), or information and communication technologies (0.6%). Germany is on a par with China (1.3%) in terms of growth potential, while the USA (1.5%) and Sweden (1.7%) score slightly higher.

The values are based on the assumption that 70% of all companies will be using relevant AI solutions by 2030, primarily in the areas of automatic image recognition, natural language, virtual assistants, robot-based process automation, and advanced machine learning. According to McKinsey, the extent to which individual companies profit from the modernization measures in individual cases depends primarily on how early they implement the new technologies and on the organization of the respective country's labor market structure: It is primarily the small and medium-sized enterprises in Germany that are suffering from the current shortage of digitization experts .