Artificial intelligence driving global GDP

Artificial intelligence will contribute $19.9 trillion to the global economy through 2030 and drive 3.5% of global GDP in 2030, according to a forecast by International Data Corporation (IDC). The forecast comes at a time when financial reports from big tech companies show giant investments in AI but markets have been hesitant looking for more proof that the huge investments will be profitable.

“AI will affect jobs across every region of the world, impacting industries like contact center operations, translation, accounting, and machinery inspection. Helping to trigger this shift are business leaders who almost unanimously, 98%, view AI as a priority for their organisations”, the forecast says.

The majority of companies in IDC’s survey expect some (48%) or most (15%) parts of their work to be automated by AI and other tech over the next two years while only 3% of employees expect their jobs to be fully automated by AI.

According to the research, in 2030, every new dollar spent on business-related AI solutions and services will generate $4.60 into the global economy, in terms of indirect and induced effects.

This is, according to the report, explained by:-

• Increased spending on AI solutions and services driven by accelerated AI adoption
• Economic stimulus among AI adopters, seeing benefits in terms of increased production and new revenue streams
• Impact along the whole AI providers supply chain, increasing revenue for the providers of essential supplies to AI solutions and services providers

“In 2024, AI entered a phase of accelerated development and deployment defined by widespread integration that’s led to a surge in enterprise investments aimed at significantly optimizing operational costs and timelines,” says Lapo Fioretti, senior research analyst at IDC. 

“By automating routine tasks and unlocking new efficiencies, AI will have profound economic consequences, reshaping industries, creating new markets, and altering the competitive landscape.”

“While some work will be negatively impacted by the proliferation of AI, new positions such as AI Ethics Specialists and AI Prompt Engineers will emerge as dedicated roles within global organisations.”

“The research further indicates that a “human touch intensity,” combined with the level of “task repetitiveness” by which each job is characterised, will inform organisations about roles that are subject to a full AI and automation replacement, versus those where tech’s role will be to augment human capabilities. As such, positions where human social and emotional capabilities are critical, such as nursing and roles where decision-making encompasses ethics and comprehension beyond numbers will remain robust.”

Stressing the importance of implementation of AI, the report quotes a CEO interviewed saying: “AI will not replace your job but someone who knows how to use AI better than you will.’”