What does McKinsey estimate about AI technology?

What does McKinsey estimate about AI technology?

What does McKinsey estimate about AI technology?

The McKinsey Global Institute estimates that AI will have an economic impact of $13 trillion to $33 trillion per year by 2030. That’s much higher than their estimated impact of $3 trillion to $5 trillion per year by 2026, when they published their most recent report on the topic. The increased estimate includes AI’s effects on the economy, both direct and indirect, as well as its effects on labor markets and productivity.

Introduction

What does McKinsey estimate about AI technology?

What does McKinsey estimate about AI technology?

McKinsey estimates that artificial intelligence will affect 40% of jobs in the US by 2025. It’s predicted that jobs like retail store workers, call center employees, and equipment assembly workers may be replaced with robots and software automation. This means that there will be a shift from blue-collar to white-collar jobs. The new jobs created by AI are expected to require more creativity, problem solving skills, and empathy than the old ones. As a result of this shift, there will be an increase in demand for well educated workers who can think critically and creatively.
Here is what McKinsey estimates about AI technology 1) Automation of certain tasks such as collecting and analyzing data, translating text into another language, driving a car on highways – these are all tasks which will likely be taken over by machines in the next 10 years; 2) Machines won’t replace humans at work altogether but they will replace them in specific areas; 3) Humans need to learn how to work together with machines – they need to complement each other so they don’t compete against one another; 4) Some jobs will disappear while others change drastically. But as humans learn how to adapt their work style, we’ll eventually get better at using our strengths rather than trying too hard to protect our weaknesses.

What is AI technology?

AI stands for artificial intelligence and is a term that describes the power of computers to do things that people would ordinarily need human intelligence to do. The most common type of AI is machine learning, where software can detect patterns in data and make predictions based on those patterns.
AI has been around since the 1950s when computer scientists first began creating programs that could play chess against each other or develop strategies for winning games such as tic-tac-toe. These early programs could only run in small doses because they needed to be told what to do by their human creators, but modern programs can learn from past experience and figure out how to solve problems on their own. McKinsey estimates that 50% of all jobs will be automated by 2035. Many jobs will no longer require human labor thanks to new technologies like AI, robotics, and 3D printing. Jobs will also change in ways we cannot anticipate: some workers may shift from manual tasks to more creative roles while others may move from low-skilled into high-skilled positions.
McKinsey predicts that workers should focus on training for careers involving creativity, social intelligence and complex problem solving – all areas where humans still have an edge over machines (yet).

What does McKinsey estimate about AI technology?

McKinsey estimates that by 2055, as much as 30% of all work activities may be automated. That’s millions of jobs lost in every industry. But it’s not just the blue-collar jobs that are at risk. White-collar workers too could see their positions made redundant by AI. Salespeople, accountants, and other professionals will be replaced with smarter software and more sophisticated algorithms. Doctors and lawyers might find themselves working side-by-side with an artificial intelligence (AI) capable of drawing conclusions from vast stores of medical or legal information to offer expert advice. Even CEOs, who typically have been less worried about automation than lower-level managers because they’re at the top of organizations’ hierarchies, might worry when AI can do their own jobs better than they can.

How can businesses use AI technology?

McKinsey estimates that AI will be a $3.5 trillion dollar opportunity by 2030. One of the ways businesses can use this technology is by using bots to increase customer service, such as answering customer questions and following up with customers to solve problems. This can also be used in sales, where bots are programmed to automate the sales process by scheduling meetings and making offers for potential clients. Other ways that companies can use AI include predictive analysis, natural language processing, and machine learning.

Conclusion

McKinsey estimates that by 2030, there will be a $3 trillion dollar economic impact from the application of artificial intelligence. The biggest beneficiaries are expected to be the healthcare and industrial sectors, which will see an average annual growth rate of 11 percent and 5 percent respectively. The social sector is set to be impacted as well, with improvements in education and public safety. This is just one example of how the application of artificial intelligence can drastically improve our lives.
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