The economic potential of generative AI is significant and could add trillions of dollars in value to the global economy. Research estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across 63 use cases. About 75% of the value that generative AI use cases could deliver falls across four areas: customer operations, marketing and sales, software engineering, and R&D. Generative AI has the potential to impact all industry sectors, with banking, high tech, and life sciences being among the industries that could see the biggest impact. Generative AI has the ability to automate work activities that currently absorb 60 to 70% of employees' time, potentially transforming the anatomy of work. The pace of workforce transformation is likely to accelerate, with estimates that half of today's work activities could be automated between 2030 and 2060. Generative AI has the potential to substantially increase labor productivity, but investments and support for workers will be needed to ensure a smooth transition. While the era of generative AI is just beginning, there are still challenges to address, such as managing risks, developing new skills, and rethinking core business processes.
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