Artificial intelligence can bring 13 trillion. dollar for additional global economic activity by 2030 and its contribution to growth can be compared to the impact the steam engine had in the past, according to the McKinsey Global Institute, after a simulation.
Technology has the potential to contribute another 1.2 percent to the growth of the gross domestic product for at least another decade later, according to CNBC.
According to the simulation, almost 70% of companies will adopt at least one form of artificial intelligence by 2030 and some will benefit from the full range of technology.
Artificial Intelligence uses large arrays of information and algorithms that mimic human behavior. Two of the world's largest economies China and the United States are already competing to invest in improving technology. Beijing added it to its five-year development plan, which would become a leader in this area by the end of the next decade.
"Without artificial intelligence, China can face major problems in realizing economic growth in the coming years," said Yong Min Song, senior research fellow at McKinsey.
He noted that the productivity of workers in the Asian country is below the global average, while the world economy is becoming increasingly dependent on consumption.
Sjoong expects Artificial Intelligence to have a significant impact on sales and marketing, which will increase consumer spending while delivering noticeable results for the supply chain and production.
The McKinsey report describes how technology will affect the global economy through multiple channels, including helping or strengthening human productivity and expanding existing products and services.
The simulation shows that a broader application of the technology will result in a number of business and social restructuring costs, while at the same time negatively affecting employment and reducing consumption.
"Improving productivity and growth in the labor market is a challenge for all economies around the world," said Takashi Miva, senior economist at Nomura, that such technologies would lead to higher income inequalities.
McKinsey's analysis shows that countries that have established themselves as leaders in artificial intelligence can get between 20% and 25% of the economic benefits compared to current levels, and this is largely the case for most developed countries, with benefits will be at least half as small in emerging markets, "Sjoeg said, adding," The future depends on us. "