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The economic potential of generative AI June 2023The economic potential of generative AI The next productivity frontier Authors Michael Chui Eric Hazan Roger Roberts Alex Singla Kate Smaje Alex Sukharevsky Lareina Yee Rodney Zemmel ii The economic potential of generative AI: The next productivity frontier Contents Key insights 3 Chapter 1: Generative AI as a technology catalyst 4 Glossary 6 Chapter 2: Generative AI use cases across functions and industries 8 Spotlight: Retail and consumer packaged goods 27 Spotlight: Banking 28Spotlight: Pharmaceuticals and medical products 30 Chapter 3: The generative AI future of work: Impacts on work activities, economic growth, and productivity 32 Chapter 4: Considerations for businesses and society 48 Appendix 53 1 The economic potential of generative AI: The next productivity frontier 2 The economic potential of generative AI: The next productivity frontier 1. Generative AI’s impact on productivity could add trillions of dollars in value to the global economy. Our latest research estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases we analyzed—by comparison, the United Kingdom’s entire GDP in 2021 was $3.1 trillion. This would increase the impact of all artificial intelligence by 15 to 40 percent. This estimate would roughly double if we include the impact of embedding generative AI into software that is currently used for other tasks beyond those use cases. 2. About 75 percent of the value that generative AI use cases could deliver falls across four areas: Customer operations, marketing and sales, software engineering, and R&D . Across 16 business functions, we examined 63 use cases in which the technology can address specific business challenges in ways that produce one or more measurable outcomes. Examples include generative AI’s ability to support interactions with customers, generate creative content f
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The economic potential of generative AI June 2023The economic potential of generative AI The next productivity frontier Authors Michael Chui Eric Hazan Roger Roberts Alex Singla Kate Smaje Alex Sukharevsky Lareina Yee Rodney Zemmel ii The economic potential of generative AI: The next productivity frontier Contents Key insights 3 Chapter 1: Generative AI as a technology catalyst 4 Glossary 6 Chapter 2: Generative AI use cases across functions and industries 8 Spotlight: Retail and consumer packaged goods 27 Spotlight: Banking 28Spotlight: Pharmaceuticals and medical products 30 Chapter 3: The generative AI future of work: Impacts on work activities, economic growth, and productivity 32 Chapter 4: Considerations for businesses and society 48 Appendix 53 1 The economic potential of generative AI: The next productivity frontier 2 The economic potential of generative AI: The next productivity frontier 1. Generative AI’s impact on productivity could add trillions of dollars in value to the global economy. Our latest research estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases we analyzed—by comparison, the United Kingdom’s entire GDP in 2021 was $3.1 trillion. This would increase the impact of all artificial intelligence by 15 to 40 percent. This estimate would roughly double if we include the impact of embedding generative AI into software that is currently used for other tasks beyond those use cases. 2. About 75 percent of the value that generative AI use cases could deliver falls across four areas: Customer operations, marketing and sales, software engineering, and R&D . Across 16 business functions, we examined 63 use cases in which the technology can address specific business challenges in ways that produce one or more measurable outcomes. Examples include generative AI’s ability to support interactions with customers, generate creative content f
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The economic potential of generative AI June 2023The economic potential of generative AI The next productivity frontier Authors Michael Chui Eric Hazan Roger Roberts Alex Singla Kate Smaje Alex Sukharevsky Lareina Yee Rodney Zemmel ii The economic potential of generative AI: The next productivity frontier Contents Key insights 3 Chapter 1: Generative AI as a technology catalyst 4 Glossary 6 Chapter 2: Generative AI use cases across functions and industries 8 Spotlight: Retail and consumer packaged goods 27 Spotlight: Banking 28Spotlight: Pharmaceuticals and medical products 30 Chapter 3: The generative AI future of work: Impacts on work activities, economic growth, and productivity 32 Chapter 4: Considerations for businesses and society 48 Appendix 53 1 The economic potential of generative AI: The next productivity frontier 2 The economic potential of generative AI: The next productivity frontier 1. Generative AI’s impact on productivity could add trillions of dollars in value to the global economy. Our latest research estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases we analyzed—by comparison, the United Kingdom’s entire GDP in 2021 was $3.1 trillion. This would increase the impact of all artificial intelligence by 15 to 40 percent. This estimate would roughly double if we include the impact of embedding generative AI into software that is currently used for other tasks beyond those use cases. 2. About 75 percent of the value that generative AI use cases could deliver falls across four areas: Customer operations, marketing and sales, software engineering, and R&D . Across 16 business functions, we examined 63 use cases in which the technology can address specific business challenges in ways that produce one or more measurable outcomes. Examples include generative AI’s ability to support interactions with customers, generate creative content f
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