Businesses’ investment in artificial intelligence (AI), leveraging its use in existing operations to deliver better products and services, is expected to have a cumulative global economic impact of $19.9-trillion and to drive 3.5% of global gross domestic product by 2030.
According to new research undertaken by global market intelligence, data and events provider International Data Corporation (IDC), every new dollar on business-related AI solutions and services in 2030 will generate $4.60 in the global economy through indirect and induced effects.
“In 2024, AI entered a phase of accelerated development and deployment defined by widespread integration that has led to a surge in enterprise investments aimed at significantly optimising operational costs and timelines,” says IDC emerging technologies and macroeconomics senior research analyst Lapo Fioretti.
“By automating routine tasks and unlocking new efficiencies, AI will have profound economic consequences, reshaping industries, creating new markets and altering the competitive landscape.”
The report, titled ‘The Global impact of artificial intelligence on the economy and jobs’ and assesses the impact of AI on economic output and employment, indicates that 98% of business leaders view AI as a priority for their organisations.
AI is also expected to impact on jobs and industries such as contact centre operations, translation, accounting and machinery inspection.
About 48% of the respondents to the IDC's Future of Work Employees Survey expect some parts of their work to be automated through the use of AI and other tech over the next two years, while 15% expect most of their work to be automated.
Only 3% of employees expect their jobs to be fully automated by AI.
“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 report shows.
The research further indicates that the human-touch intensity and level of task repetitiveness characterising each job will assist organisations in identifying roles that are susceptible to full AI and automation replacement and those where technology’s role will be to augment human capabilities. 