McKinsey predicts that AI automation may replace half of current work activity by 2045.

According to a report from McKinsey & Co., in just 22 years, generative AI may be able to fully automate half of all work activity conducted today, including tasks related to decision-making, management, and interfacing with stakeholders. The report predicts that 75% of generative AI value creation will come from customer service operations, marketing and sales, software engineering, as well as research and development positions. Companies across countless industries are already experimenting with its applications and the value at stake is huge – potentially $2.6 to $4.4 trillion in productivity annually. McKinsey explained that recent developments in generative AI have “accelerated” its “midpoint” prediction by nearly a decade from 2053 – its 2016 estimate – to 2045. It estimated that generative AI systems now have the potential to automate work activities that absorb 60-70% of employees’ time today. The report also predicts that the generative AI market will add between $2.6 to $4.4 trillion to the world economy annually and be worth a whopping $15.7 trillion by 2030. Generative AI systems are capable of producing text, images, audio, and videos in response to prompts by receiving input data and learning its patterns. However, the recent growth of generative AI platforms hasn’t come without concerns. The United Nations on June 12 highlighted “serious and urgent” concerns about generative AI tools producing fake news and information.

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