Modern advancements in technology have not only provided us with more convenient and comfortable living conditions, but it has also served to benefit economies around the world. The large-scale applications of artificial intelligence (AI) have gone to great lengths impacting personal wealth and broader financial trends benefiting markets and governments.
There’s a growing dear that automation could disrupt the human labour workforce which could affect livelihood for many who will be affected by it. However, experts think of it as the opposite.
While automated workers may take over the labour component of many traditional jobs it will open the way for more opportunities for growth. Experts believe that there are even-handed effects to automation that can, in fact, lead to more opportunities, human workers.
For example, companies offering IT services shifting half of their operational processes to automation can, in fact, open up additional opportunities to their human workforce for the design and upkeep of these platforms. There are plenty of solutions available online such as Botprise, they offer hyperautomation services and solutions at affordable prices.
AI as fuel for growth
A report by global technology company Accenture revealed that AI has the biggest potential to boost global economic growth rates by up to 40% in 2035. This is primarily because the primary focus of AI is boosting productivity and reducing operational costs associated with traditional workplace practices.
AI yielded high economic benefits for the United States, based on process adoption by businesses and industries on a five-year performance assessment.
Projections for the US see an annual growth rate from 2.6% to 4.6% per cent by 2035, translating to an additional $8.3 trillion in gross value added (GVA) figures.
In the United Kingdom, AI is expected to have an additional $814 billion in the economy by 2035, increasing the annual growth rate of GVA from 2.5% to 3.9%.
Japan could more than triple its annual rate of GVA growth by 2035, while Finland, Sweden, the Netherlands, Germany, and Austria could see double growth rates.
Automation and emerging technologies
The world expects to see more technologies constantly evolving and creating new opportunities for growth and innovation. AI is expected to go beyond the borders of in-house systems or outsourced IT management such as managed service providers VA.
Educate and prepare the new breed of leaders
With AI poised to take the helm of economies, there’s a need to prepare the future generations by developing skills and knowledge for human and machine—learning intelligence.
Foster AI-driven regulation
Encouraging laws for the adoption of AI technology could help strengthen the demand for industries to level up. This could largely help in closing the gap between technological shifts and regulatory measures.
Harnessing technology can surely contribute to the various operational and business aspects of global markets. It would serve to increase productivity and improve critical processes to allow human resources to do what it does best- create, innovate and resonate.