Generative AI could add up to $4.4 trillion to the global economy annually, a McKinsey report says.
The hype around generative AI has reached a fever pitch in recent months and for good reason as the industry has the potential to add $4.4 trillion to the global economy annually, a new McKinsey report argues.
The report, which looks at the economic potential of generative AI, says it could add between $2.6 to $4.4 trillion to the global economy through "63 generative AI use cases spanning 16 business functions," which is roughly the same amount as the UK's GDP in 2021.
Generative AI refers to conversational AI tools like OpenAI's ChatGPT released in November, which impressed the world with its wide-ranging abilities including creating content, generating music, and writing code.
This would largely impact high earners like knowledge workers and could add "trillions of dollars in value to the global economy," McKinsey said.
Persons:
ChatGPT, Bing, McKinsey
Organizations:
McKinsey, Morning, Google, Bloomberg Intelligence