mckinsey Archives

State of AI 2022: Adoption plateaus but leaders increase gap

According to McKinsey’s latest State of AI report, leaders are pulling ahead but overall adoption is plateauing.

McKinsey notes that organisations that report using AI in at least one business area have more than doubled since 2017.

The most significant jump in adoption was between 2017 (20%) and 2018 (47%). A peak was reached in 2019 (58%) but has since tailed off to 50% in 2022.

Considering the plateau includes the pandemic years – when businesses were...

7 December 2022 | Applications

Research: AI is a ‘welcome boost’ that could add millions to GDP

New research from McKinsey and Quantumblack suggests UK businesses adopting AI could see their value increase by 120 percent within a decade.

AI overall could provide a 22 percent GDP boost worth millions to the UK economy, according to the research.

However, the report warns that firms which do not integrate AI into their day-to-day business risk around 20 percent of their cash flow today.

In separate research last year, McKinsey wrote:

“By 2030,...

11 June 2019 | Legislation & Government

Study claims AI will spur growth on par with the steam engine

A study predicts AI will spur growth similar to groundbreaking technologies such as the steam engine, for at least the next decade. The simulation run by the McKinsey Global Institute shows artificial intelligence has the possibility to add 1.2 percent to annual gross domestic product growth until at least 2030. For perspective, that represents $13 trillion of additional global economic activity. Such growth is equivalent to other landmark developments such as that of the steam engine. AI is...