ALBAWABA - A report by management consulting firm McKinsey reveals that Generative AI could add between $2.6 and $4.4 trillion annually to the global economy through 63 use cases covering 16 different functions. This is roughly equivalent to the Gross Domestic Product (GDP) of the United Kingdom in 2021.
Generative AI refers to AI tools such as ChatGPT, which was unveiled by OpenAI in November.
According to McKinsey, Generative AI is expected to become foundational across all industries, particularly in the banking sector, high-tech, medical and pharmaceutical products. The report also states that Generative AI could add between $200 billion and $340 billion in value to the banking sector and between $240 billion and $390 billion to retail.
The report also notes that 75% of the potential value of Generative AI will be concentrated in four key areas: customer operations, marketing and sales, software engineering, and research and development.
McKinsey predicts that this will have a significant impact on high-income earners and could add trillions of dollars to the global economy.
