McKinsey Predicts AI Automation Could Handle Half of Today’s Work by 2045

In a mere 22 years, AI that is capable of generating its own outputs may be capable of automating half of all work activity currently conducted, such as decision-making, managing, and interacting with stakeholders, as suggested by a report from McKinsey & Co.

According to a report from a management consulting firm on June 14, it is predicted that 75% of the value created by generative AI will come from customer service, marketing and sales, software engineering, and research and development roles.

The company stated that due to the recent advances in generative AI, their original prediction of 2053 from 2016 has been “accelerated” to 2045, a difference of almost a decade.

McKinsey stated that the wide range of potential outcomes for 2030-2060 was created to take into consideration elements such as the speed of adoption of generative AI, investment choices, and regulatory measures, among others.

The estimated timeframe for 50% of work to be automated was previously estimated to be between 2035 and 2070.

The consulting firm noted, however, that the rate of adoption around the world will differ greatly from nation to nation.

McKinsey estimated that generative AI systems now possess the capability to automate work activities that consume 60-70% of employees’ time currently.

The report suggests that generative AI could have the most significant effect on high-earning employees who require a high level of “expertise” in decision-making, management, and interacting with stakeholders.

The report further estimates that the global generative AI market will contribute between $2.6 to $4.4 trillion to the world economy each year, and is expected to reach a staggering $15.7 trillion by the year 2030.

The firm stated that this would offer immense economic benefit in addition to non-generative AI tools that are presently in common use.

Generative AI systems can generate text, images, audio, and videos when given input data and learning its patterns. OpenAI’s ChatGPT is the most widely used generative AI tool currently available.

McKinsey’s forecast of $15.7 trillion for 2030 is more than three times higher than its prediction of $5 trillion for the metaverse over the same period.

The necessity of genuine, practical data in AI.

Despite the rapid expansion of generative AI platforms, there are still worries about them.

The United Nations recently expressed “serious and urgent” worries about AI-generated fake news and information on June 12th.

Mark Zuckerberg, the CEO of Meta, was heavily questioned by U.S. senators regarding the purported disclosure of the company’s AI program “LLaMA,” which the legislators asserted could be “hazardous” and potentially utilized for unlawful activities.

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