According to a report by Cognizant Impact published on Wednesday, generative AI’s influence on the U.S. economy is projected to soar to a remarkable $1 trillion in the next decade. Nonetheless, this advancement may have adverse implications for the workforce.
The analysis suggests that 90% of jobs could be at risk due to this technological shift.
Adrian Cooper, the CEO of Oxford Economics, emphasized the urgency of understanding the potential ramifications of this development on the U.S. market. He stated that the study highlights the need for leaders to grasp the technology’s implications swiftly and adjust accordingly. The collaboration between Oxford Economics and Cryptozant led to the creation of an economic model for the research.
The study underscores that AI has the capacity to transform goods and services fundamentally, enhance operational efficiency, and ultimately redefine industries. The research delved into the examination of the 18,000 tasks that underpin the U.S. economy within a socioeconomic framework.
With varying rates of business integration, Gen AI could potentially boost U.S. productivity by 1.7% to 3.5% and elevate the country’s GDP by \(477 billion to \)1 trillion annually over the next decade.
Nevertheless, a significant transformation is anticipated, affecting 52% of job roles. The report indicates that approximately 9% of the current U.S. workforce may face displacement, with 1% encountering challenges in securing alternative employment due to historical financial shifts.
