According to a report by International Data Corporation (IDC), business spending to adopt artificial intelligence (AI), to use AI in existing business operations, and to deliver better products/services to business and consumer customers will have a cumulative global economic impact of $19.9 trillion through 2030 and drive 3.5 per cent of global gross domestic product (GDP) in 2030.
The report mentioned that as a result, AI will affect jobs across every region of the world, impacting industries like contact centre operations, translation, accounting, and machinery inspection. Business leaders, who are nearly unanimously 98 per cent in their view, are driving a shift towards AI as a priority for their organizations.
As per the report, every new dollar spent on business-related AI solutions and services will generate $4.60 into global economy in 2030, in terms of indirect and induced effects. This is determined 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 and impact along the whole AI providers supply chain, increasing revenue for the providers of essential supplies to AI solutions and services providers.
Commenting on the report, Lapo Fioretti, senior research analyst, emerging technologies and macroeconomics, IDC, said, “In 2024, AI entered a phase of accelerated development and deployment defined by widespread integration that is led to a surge in enterprise investments aimed at significantly optimising operational costs and timelines. 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 mentioned that 48 per cent respondents or most (15 per cent) expect parts of their work to be automated by AI and other technology (tech) over the next two years, while only three per cent 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.
It further indicated 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.
