Artificial intelligence (AI) is set to play a significant role in shaping the future of business. As new technologies continue to reshape the world of work, AI and automation are accelerating the digital transformation of organizations. These innovations are profoundly impacting how business leaders think about and invest in their companies in 2023 .
The global AI market is projected to reach $1,345.2 billion by 2030
, according to a report by MarketsandMarkets. This represents a compound annual growth rate (CAGR) of 36.8% from 2023 to 2030. The increasing adoption of AI technologies across industries is driving this growth .
AI has the potential to create new job opportunities. In 2017, Gartner predicted that by the end of 2020, AI would create more than 2.3 million jobs .
Impact on Organizations and the Economy
Generative artificial intelligence (gen AI) is advancing rapidly in the business world and is expected to have a significant impact on organizations and the economy over the next decade. Gen AI is accessible and ubiquitous, and it promises to transform how people work. McKinsey research shows that gen AI could enable automation of up to 70 percent of business activities across almost all occupations between now and 2030, adding trillions of dollars in value to the global economy .
AI technologies are already disrupting virtually every business process in every industry. From mundane tasks to more complex activities, AI is becoming imperative for businesses to maintain a competitive edge. AI systems optimize and automate routine processes and tasks, saving time and resources for businesses .
Changing Roles in the Workforce
While AI technologies are expected to transform the way businesses operate, there will likely always be a need for people in the workforce. However, their roles may shift as AI takes over repetitive tasks and optimizes processes. This shift will enable employees to focus on more complex and higher-impact work, such as creativity, innovation, and strategic planning. AI can free up time for professionals to learn more about their customers, synthesize data, and enhance customer experiences .
Challenges and Skepticism
As with any new technology, there are challenges and skepticism surrounding AI. Some people express concerns about the potential impact of AI on jobs and whether it could replace human workers. However, history has shown that skepticism towards new technologies is not uncommon. Many innovations that were initially met with resistance eventually became widely accepted and integrated into society .