The rapid development in the field of generative artificial intelligence (AI) has been a topic of great public interest since the publication of ChatGPT in November 2022 and GPT-4 in March 2023. Generative AI applications can perform a variety of routine tasks, such as organising and classifying data and writing texts and program code.
Expectations are correspondingly high that generative AI will bring considerable economic benefits in the near future. A study by McKinsey Digital is now specifically analysing the productivity-enhancing potential of generative AI in 63 identified use cases, such as supporting customer interactions, generating creative content in advertising or writing programme code.
In total, generative AI could contribute a value of 2.6 trillion to 4.4 trillion US dollars to global GDP per year. Around 75% of the estimated economic value of generative AI is attributable to use cases in the areas of customer service, marketing and sales, software development and research and development. The sectors in which the greatest increases in revenue can be expected as a result of generative AI are retail, banking, high-tech, pharmaceuticals and healthcare. In the retail and consumer goods sector alone, the potential for an increase in turnover is estimated at between USD 400 billion and USD 660 billion per year.
According to the study, the aforementioned increases in production go hand in hand with the fact that around half of all current work activities could be automated between 2030 and 2060. This applies in particular to occupations with higher wages and training requirements. However, investments and extensive retraining measures for employees will be required to make this possible. To achieve this, it is necessary to identify the skills required in dealing with generative AI. In some cases, this means completely redesigning business processes.
Even though there is currently a great deal of enthusiasm for generative AI, realising the full potential of generative AI for the benefit of companies and employees is not a matter of course, as the authors of the study emphasise.
