The evolution of artificial intelligence is likely to make the UK GDP almost 10% higher by 2030, which adds an extra £232bn to the current cost.
According to PwC research, the majority of the UK’s economic earnings over the period leading up to the year 2030 are expected to come from the increasing demand of AI, which will see an increase in the choice of products and the decision to make them more affordable over time.
AI is vastly recognised as one of the biggest commercial opportunities boosting today’s fast-changing economy, and businesses automating the new processes are likely to notice productivity gains.
Euan Cameron, UK Artificial Intelligence leader, PwC said: “The potential size of the AI prize is huge and our research shows it has the potential to transform the productivity and GDP potential of the UK’s economy.
“But in order for the UK to realise the potential gains from AI we need to ensure that AI systems are adopted in a responsible way and that every part of society can reap the benefits.”
The research gathers businesses will firstly experience benefits from labour productivity, then the increase in consumption will later deliver benefits from AI-enhanced products that appear in the market later.
There is also likely to be a competition on the types of AI goods that enter the market, as that will increase dramatically along with the value of goods and the amount of people that spend on them.
Jonathan Gillham, Economist, PwC said: “AI will make everyday products better, more personalised and cheaper over the longer term, which we predict will fuel increased demand. Automating the more mundane and repetitive aspects of people’s jobs will also increase the UK’s productivity and boost real wages.”
Although there has been a relatively huge demand for AI skills in regards to jobs, the research conducted by PwC shows that the UK GDP gains will be driven by AI products and services that will also add to job gains.
The research finds that the biggest job gains will be in retail, financial services and healthcare sectors.