In his captivating DLD24 presentation, Michael Chui – a partner at the McKinsey Global Institute (MGI) – analyzes the potential impact of generative AI on the global economy.
Up to $4.4 trillion in annual value could be created, Chui says, with the largest gains in marketing, software development, customer operations and R&D.
By enabling human-level language understanding, generative AI is able to automate knowledge work, Chui points out. This is likely to affect lawyers, managers, doctors, engineers and other professionals who earn above-average salaries because their jobs require a high level of education.
“It’s two sides of a coin”, Chui observes. Generative AI can automate tasks but also give workers “superpowers” by supporting them and increasing productivity.
Combined with other technologies, generative AI could automate about 30% of work hours by 2030, MGI estimates. “That’s a huge number”, Chui says. He emphasizes that businesses must leverage these new technologies strategically while ensuring workers can acquire new skills and remain productive in a fast-changing economy.
Watch the video for details and further insights.
