Harnessing the economic benefits of Artificial Intelligence

The industry is unanimous: AI will change the world and be ubiquitous in tomorrow’s economy. AI major gains are likely to focus on productivity, efficiency, automation and costs, enabling consumers and businesses to capitalise on the digital economy. However, companies that fail to recognise the advent of AI and respond to them by disrupting themselves, innovating and re-engineering their business models will, at best, lose their competitive advantage, and at worst,disappear.

Combined with key technologies such as the Internet of Things, Big Data Analytics or blockchain, AI has the potential to create a new basis for economic growth and to be a main driver for competitiveness and job creation. AI could contribute up to EUR 13.33 trillion to the global economy in 2030, more than the current output of China and India combined.Of this, EUR 5.6 trillion is likely to come from increased productivity and EUR 7.73 trillion from consumption-side effects.