According to a report from the renowned global management consulting firm McKinsey, the rise of powerful generative AI applications such as ChatGPT and Stable Diffusion is paving the way for an economic revolution.
Generative AI Gold Rush
McKinsey asserts that this revolutionary technology has the capability to contribute as much as $4.4 trillion annually to the global economy. Remarkably, this figure represents a substantial portion, ranging from 15 to 40 percent, of the overall economic impact generated by artificial intelligence.
McKinsey’s analysis suggests that certain domains such as customer operations, marketing and sales, software development, and R&D are particularly susceptible to the influence of generative AI. They further project that approximately half of present-day work tasks could potentially be automated within the time span of 2030 to 2060. This prediction has been causing increasing concern as the popularity of AI tools continues to grow.
Global Market Impact
In parallel, PricewaterhouseCoopers, a global services firm, has released a report indicating that the contribution of AI to the global economy could reach an astounding $15.7trillion by 2030. These optimistic forecasts have instigated a significant shift in investor interest, with a notable transition from cryptocurrency to artificial intelligence technologies.
The heightened interest in all things AI-related has prompted a broader range of investors and hedge funds to explore the potential implications of generative AI on business and society. Consequently, many of these investors have redirected their attention from cryptocurrency to startups in the field of AI.
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