A new PwC report notes that artificial intelligence will play a massive role in boosting the global economy. The report states that AI will bolster the world to the tune of $15.7 trillion by 2030.

That figure represents greater economic output that the nations of China and India. This figure would also represent a roughly 15% increase over 15 years from the global GDP figure of $74 trillion in 2015.

The greatest economic gains from AI will be in China (26% boost to GDP in 2030) and North America (14.5% boost), equivalent to a total of $10.7 trillion and accounting for almost 70% of the global economic impact.

PwC Artificial Intelligence Report

The report indicates that the consumption-side impact will reach $9.1 trillion. It will also increase global productivity by $6.6 trillion.

“Our research also shows that 45% of total economic gains by 2030 will come from product enhancements, stimulating consumer demand. This is because AI will drive greater product variety, with increased personalization, attractiveness and affordability over time,” the report states.

While some markets, sectors and individual businesses are more advanced than others, AI is still at a very early stage of development overall. From a macroeconomic point of view, there are therefore opportunities for emerging markets to leapfrog more developed counterparts.

“While human financial advice is costly and time-consuming, AI developments such as Robo-advice have made it possible to develop customized investment solutions for mass-market consumers in ways that would, until recently, only have been available to high net worth (HNW) clients,” said the report.

The report explores the transformational impact of AI on GDP and the global economy.

It also notes the importance of strategic investment to implement more activity in the space.

Read the full report: Here.

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