The impact of Artificial Intelligence (AI) technologies on business

Increasingly, there are lots of speculations and predictions on the real and potential impact of AI technologies on business.

From Machine Learning and Deep Learning, Natural language processing to Computer Vision, it is clear that, these Artificial Intelligence technologies are fundamentally changing the way work is done, the way people and machine interact with data and reinforcing the role of people to drive growth in business.

For many analysts, the impact of AI technologies on business is projected to boost labor productivity. AI can propel economic growth and potentially serve as a powerful remedy for stagnant productivity and labor shortages of recent decades. 

The Accenture Institute for High Performance, in collaboration with Frontier Economics, modeled the impact of AI for 12 developed economies that together generate more than 50 percent of the world’s economic output. AI was found to yield the highest economic benefits for the United States, increasing its annual growth rate from 2.6 percent to 4.6 percent by 2035, translating to an additional USD $8.3 trillion in gross value added (GVA). In the United Kingdom, AI could add an additional USD $814 billion to the economy by 2035, increasing the annual growth rate of GVA from 2.5 to 3.9 percent. Japan has the potential to more than triple its annual rate of GVA growth by 2035, and Finland, Sweden, the Netherlands, Germany and Austria could see their growth rates double.