For the people most immersed in the tech sector, it’s hard to think of a more controversial topic than the ultimate impact of artificial intelligence (AI).
By eventually empowering machines with a level of superintelligence, there are many different possible outcomes ranging from Kurzweil’s technological singularity to the more dire predictions by Elon Musk.
Despite this wide gap in potential outcomes, most technologists do agree on one thing: AI will have a profound impact on the society and the way we do business.
The Economic Impact of AI
Today’s infographic comes from the Extraordinary Future 2017, a new conference in Vancouver, BC that focuses on emerging technologies such as AI, autonomous vehicles, fintech, and blockchain tech.
In the below infographic, we look recent projections from PwC and Accenture regarding AI’s economic impact, as well as the industries and countries that will be the most profoundly affected.
According to PwC’s most recent report on the topic, the impact of artificial intelligence (AI) will be transformative. By 2030, AI is expected to provide a $15.7 trillion boost to GDP worldwide – the equivalent of adding 13 new Australias to the global economy.
A Geographic Breakdown
Where will AI’s impact be most pronounced?
According to PwC, China will be the region receiving the most economic benefit ($7.0 trillion) from AI being integrated into various industries:
| Region | Economic Impact of AI (2030) | % of Total |
|---|---|---|
| China | $7.0 trillion | 44.6% |
| North America | $3.7 trillion | 23.6% |
| Northern Europe | $1.8 trillion | 11.5% |
| Developed Asia | $0.9 trillion | 5.7% |
| Southern Europe | $0.7 trillion | 4.5% |
| Latin America | $0.5 trillion | 3.2% |
| Rest of World | $1.2 trillion | 7.6% |
| Total | $15.7 trillion | 100.0% |
Further, the global growth from AI can be divided into two major areas, according to PwC: labor productivity improvements ($6.6 trillion) and increased consumer demand ($9.1 trillion).
Industries Most Affected
But how will AI impact industries on an individual level?
For that, we turn to Accenture’s recent report, which breaks down a similar projection of $14 trillion of gross value added (GVA) by 2035, with estimates for AI’s impact on specific industries.
| Industry | 2035 GVA (Baseline) | 2035 GVA (AI steady state) |
|---|---|---|
| Manufacturing | $8.4 trillion | $12.2 trillion |
| Professional Services | $7.5 trillion | $9.3 trillion |
| Wholesale & Retail | $6.2 trillion | $8.4 trillion |
| Public Services | $4.0 trillion | $4.9 trillion |
| Information & Communication | $3.7 trillion | $4.7 trillion |
| Financial Services | $3.4 trillion | $4.6 trillion |
| Construction | $2.8 trillion | $3.3 trillion |
| Transportation & Storage | $2.1 trillion | $2.9 trillion |
Article by Jeff Desjardins, Visual Capitalist
