- Early adopters like the US stand to benefit from AI productivity gains
- But analysts warn that it could take years to show up in growth figures
Back in August, we wrote about artificial intelligence (AI)'s capacity to power a new industrial revolution. But while the technology remains in its infancy, it is hard to escape nagging doubts. Technological hype and economic growth don’t necessarily go hand in hand – as excitement about blockchain and virtual reality have shown. When will we start to see real evidence of AI's transformative powers in our economic data?
The past year saw many firms take their first steps towards AI adoption. According to 100 UK chief executives surveyed by EY, 72 per cent of respondents think that their organisation needs to ‘act now’ on Generative AI to avoid giving their competitors a strategic advantage. An even larger 99 per cent are making or planning ‘significant investments’ in Generative AI over the next 12 months – and more than half of those are reallocating capital from other budgets to fund them.