As we are going into the digital age, AI’s potential became apparent through recommendation engines and predictive analytics.
Despite skepticism post the tech and telecom bust, companies like Amazon demonstrated sustained compound annual growth rates.
Today, with the advent of generative AI and the convergence of multiple technology platforms, we are witnessing another transformative phase.
Convergence and Growth Opportunities
According to Brett Winton and his team, AI training costs are dropping by 70% annually, accelerating beyond the pace predicted by Moore’s law. This shift from linear to exponential growth is exemplified by the FAANG companies. Generative AI, converging with other technologies, is expected to be the catalyst for significant economic growth.
Convergence is driving new growth opportunities. Take autonomous taxi platforms, for instance, which merge robotics, AI, and energy storage. These platforms alone could generate up to $10 trillion in revenue within the next decade, highlighting the immense potential of such technological synergies.
Global GDP Growth
Historically, technological advancements have led to substantial GDP growth. It is anticipated that a significant acceleration in global GDP growth will be moving from the current 2-3% range to 6-9%, driven primarily by productivity enhancements from AI and other converging technologies.
Blue part in the chart represents the expected volume of transformative innovation in the global market thanks to the convergence of 5 general purpose tech platforms (public blockchains, multiomic sequencing, AI, robotics and energy storage) as calculated by Cathie Wood and her colleagues.
Productivity and Wealth Creation
AI-driven productivity gains are set to quadruple the efficiency of the global workforce, currently valued at $32 trillion. This surge in productivity will lead to increased profits, higher wages, and potentially lower prices, contributing to an overall economic boom.
Contrary to current inflation concerns, there is a deflationary trend driven by technological advancements. Innovations will lead to lower production costs and prices. This environment will foster significant market opportunities and wealth creation.
The Power of Disruptive Innovation
The convergence of AI with other technologies like multiomic sequencing and blockchain is set to transform various industries. Autonomous taxi platforms, for example, will revolutionize transportation, while AI and blockchain will redefine financial services and property rights in the digital realm.
In conclusion, the convergence of AI with other transformative technologies presents unparalleled growth opportunities. Despite skepticism, the potential for significant economic expansion and productivity gains is immense, paving the way for a prosperous future.
With AI emerging as a key driver of economic growth, integrating it into your business strategy is essential. Our AI-based data analytics platform, NextBrain AI, is tailored to help every business harness the power of AI. Schedule your demo today to uncover the insights AI can reveal from your data.
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