Artificial Intelligence (AI) has become an indispensable tool in various industries, with approximately 60% of workers relying on it and expressing a preference to take a 10% pay cut rather than work without it. The increased use of AI has sparked reminiscences of the internet boom on Wall Street, as it holds the potential for heightened corporate productivity and consistent cost savings, resulting in escalating share prices of many technology companies. Nevertheless, concerns about potential economic risks, particularly in relation to the labour market, have left many workers feeling apprehensive.
Despite these concerns, the use of AI is on the rise in numerous workplaces. Workers who utilise generative AI, which has the ability to create text, imagery, audio, or video, have expressed satisfaction with the technology, with 59% citing a preference to receive a reduced salary rather than lose access to their AI tools. This sentiment is echoed by 54% of workers in the financial services sector. Market intelligence researchers, who are dedicated to comprehending and detailing customer trends and behaviours, are increasingly relying on AI, with 80% of them anticipating a rise in their dependence on the technology in the coming year.
For instance, Accenture, a prominent IT services and consulting company, recently announced a substantial £3 billion investment into its data and AI practice, allocating it to bolster its AI talent to 80,000 professionals by 2023. Paul Daugherty, the chief technology and innovation officer at Accenture, anticipates that leading companies will commence applications of generative AI on a large scale in 2024. Furthermore, a staggering 72% of CEOs view investing in generative AI as their top priority, despite uncertain economic conditions, according to a new KPMG survey of 1,325 chief executives overseeing businesses with annual revenues exceeding £500 million.
The interest in AI has also become evident in the increase of monthly mentions of the term “AI” in press releases, earnings calls, and public filings by U.S. companies with a market capitalisation exceeding £1 billion, which has surged by 180% over the past two years. Venture capitalists have also shown considerable interest in AI startups, as evidenced by the 27% increase to £17.9 billion in funding for AI startups in the third quarter of 2023, even as overall startup funding declined by 31%.
Notwithstanding the growing use and investment in AI, there remain widespread concerns about the economic risks associated with the technology. Despite the widespread use of AI by Americans, a recent Pew Research survey revealed that 52% of Americans are more apprehensive than enthusiastic about AI. This sentiment is corroborated by the United States Census Bureau’s May Business Trends and Outlook Survey, which found that merely 6.9% of U.S. businesses plan to use AI to “produce goods or services” in the near future, indicating that AI has yet to make significant inroads across the entire economy.
In conclusion, the influence of AI in the workplace is undeniably growing, as evidenced by increased usage, substantial investments, and heightened interest from CEOs and venture capitalists. However, concerns about economic risks and a relatively slow adoption rate across the entire economy persist, highlighting the need for a balanced approach to the integration of AI technology.
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