Responsible AI to Boost Economy by $4.5 Trillion

New research from Accenture reveals that generative AI could generate an additional $4.5 trillion in economic value in the Asia-Pacific (APAC) region over the next 15 years. This would translate to a 0.7 percentage point increase in annual GDP growth. The key to unlocking this potential lies in adopting the technology responsibly, at scale, and with a focus on people.

In India, 31% of working hours are expected to be either automated or augmented by generative AI. This shift could result in a 0.6 percentage point increase in annual GDP growth and generate an additional $675 billion in economic value by 2038.

In the Asia-Pacific region, 96% of business leaders recognize the significant impact of generative AI, and 91% of workers express a strong interest in acquiring new skills to work with this technology. However, only 4% of business leaders have implemented generative AI training at scale. Additionally, while 89% of APAC businesses plan to increase their spending on generative AI technology this year, just 35% are prioritizing investments in workforce development.

The industries most impacted by generative AI include Capital Markets, where nearly three-quarters (71%) of working hours are expected to be transformed by automation or augmentation. In Software and Platforms, two-thirds (66%) of working hours will be affected. This is followed by Banking (64%), Insurance (62%), and Retail (49%), where significant portions of working hours will also be automated or augmented by generative AI.

An expert highlights that the scaled and responsible deployment of generative AI can drive significant revenue growth and serve as a transformative force, reinventing nearly all functions across industries. To unlock its full potential, businesses must embrace a bold vision for reinvention, grounded in a robust data and technology foundation. Additionally, an intentional approach to upskilling the workforce is essential for success in the age of generative AI. 

Dr. Deepak Kumar Sahu, Editor-in-Chief-VARINDIA