AI has the potential to add 10% to UK GDP by 2030 if adoption is widespread

Artificial intelligence (AI) is one of the biggest commercial opportunities in today's economy and could grow UK GDP by 10 percent by 2030, according to a report by professional services firm PwC. The report believes that AI will transform the productivity and GDP potential of the UK, but there needs to be sustained investment in AI technology to make this happen. It says AI could have this impact by bringing about more consumer choice and more affordable, bespoke goods over time as a result of the new technologies. As well, efficiency gains through productivity will facilitate product innovation, which should lead to gains in the UK's GDP. In addition, it notes that the UK is well-placed to benefit from the shift towards automation thanks to having strong foundations in the technology already.

Research from PwC has shown that the majority of the UK's economic gains over the period to 2030 will come from increasing consumer demand. AI will drive this, with a greater choice of products, increased personalisation of those products and making them more affordable over time. Labour productivity improvements will also drive GDP gains, but to a lesser extent. Jonathan Gillham, economist at PwC, said "Much of the focus on AI to date has been on the impact that increased automation of tasks will have on jobs. While we expect that the nature of jobs will change and that some will be susceptible to automation, our research shows that the boost to UK GDP that AI-driven products and services will bring will also generate significant offsetting job gains, as well as boosting average real wage levels." See also: How AI can transform I.T. and keep businesses at the summit "AI will make everyday products better, more personalised and cheaper over the longer term, which we predict will fuel increased demand.