AI to Increase Business Earnings: PwC

Artificial intelligence (AI) is not only transforming the work environment and boosting employee productivity but has also significantly enhanced the profitability of numerous industries, found a new report by PwC. 

The economic potential of AI is vast, with significant gains projected across the globe. The Global Artificial Intelligence Study led by PwC found that both China and North America are poised to experience the greatest economic impact from AI adoption. The study estimates that China will witness a remarkable 26% boost to its GDP by 2030, followed closely by a 14.5% increase in North America. Together, these regions are projected to account for nearly 70% of the global economic impact of AI, equivalent to US$10.7 trillion. 

Available AI tools have increased by 2.5 times between 2017 and 2022, according to QuantumBlack's records from McKinsey & Company. Along with this expansion, AI-based business strategies have translated into approximately 20% in profits thanks to cost reduction, customer and user acquisition, as well as sales growth enabled by the adoption of such technological tools. 

AI has immense potential for becoming one of the biggest commercial opportunities in today’s economy. "The AI revolution offers two significant possibilities for companies in general. On one hand, it is an enabling technology that automates and enhances processes of all kinds. On the other hand, it provides powerful tools for mapping the most crucial part of any industry: the customer,” says Alan Ramírez Flores, CEO, Coperva. 

By harnessing the transformative potential of AI, companies can position themselves as leaders in their industries, driving not only their own success but also contributing to economic prosperity. PwC’s study found that AI could contribute up to US$15.7 trillion to the global economy in 2030, from which US$6.6 trillion is likely to come from increased productivity and US$9.1 trillion is likely to come from consumption. This means global GDP will be 14% higher in 2030 as a result of AI tools. 

As Mexico navigates the evolving digital landscape, it is crucial for policymakers, businesses and stakeholders to collaborate in creating an enabling environment for AI adoption. By strategically investing in AI, Mexico can position itself as a leader in one of the most benefited regions of this technological revolution. Integrating such tools could potentially attract foreign investment, fostering innovation and propelling economic prosperity in industries such as automotive, healthcare, finance, manufacturing and logistics, among many others.