[reprinted from cloud hunting] today, Accenture research and cutting edge economics consulting company released a report entitled "how artificial intelligence will promote industry profit growth and innovation development". The report makes a comparative analysis of the economic growth rate of 16 industries and forecasts the impact of AI on global economic growth in 2035. Taking gross added value (GVA) as the approximate value of gross domestic product (GDP), the study found that the higher the integration degree of artificial intelligence in the process of economic development, the greater the potential of economic growth.

One of the findings of the report is that by 2035, artificial intelligence is likely to increase the economic growth rate of all industries by an average of 1.7%. Among them, in 2035, under the promotion of artificial intelligence, the information and communication industry, manufacturing industry and financial service industry will be the three industries with the highest growth rate of annual total added value, which are 4.8%, 4.4% and 4.3% respectively. According to the report, by 2035, the use of artificial intelligence will probably increase the average profit margin by 38%, and the economic growth of 16 industries in 12 economies will reach $14 trillion.

Here are five key messages in the report:

1. Artificial intelligence will promote the average economic growth of 16 industries by 7%, among which the growth rate of information and communication industry, manufacturing industry and financial service industry will be the top three. Accenture research has found that, driven by artificial intelligence, the economic growth of the information and communication industry will have the most potential. Applying AI to traditional information and communication system will bring a lot of cost, time and related process savings.

Accenture expects that by 2035, the time, cost and labor savings that AI will bring to total added value will reach US $4700 billion. In the information and communication system, cloud computing, network and system security including defining enterprise wide cloud security policies will have the fastest growth rate.

2. In 2035, AI will drive growth in education, housing and food services, and construction. By 2035, personalized learning projects and automation of daily tasks will liberate teachers in schools, so that they can teach students a new learning framework, which will speed up the profitability of education. Housing and food service industry and construction industry are manual labor-intensive industries. They are usually independent of other processes throughout the forecast period, and benefit from the increasing insight and situational intelligence of artificial intelligence.

3. The application of industrial Internet of things, intelligent factories and other similar projects in the manufacturing industry is a powerful catalyst to drive artificial intelligence. Accenture predicts that in 2035, based on the development of the industrial Internet of things, devices and networks, and the trillions of bytes of data they generate, artificial intelligence will contribute an additional $3760 billion to the manufacturing industry. Supply chain management, forecasting, inventory optimization and production scheduling are all aspects that AI can contribute to the profits and long-term economic growth of this industry.

4. The benefits of AI in financial services industry will be reflected in automation and reduction of error rate in common manual intensive tasks, such as credit evaluation and primary customer query. Accenture forecasts that in 2035, with the help of artificial intelligence, the total added value of the financial services industry will increase by an additional $120 billion. The follow-up areas of financial services automation include automating Market Research queries through intelligent robots, and rating and evaluating mortgages. 

5. By 2035, artificial intelligence technology will improve labor productivity by 40% or even higher. Twelve developed countries will double their economic growth. Accenture predicts that the direct impact of AI on profitability is to improve personal efficiency and productivity. In 2035, the United States and Finland are expected to obtain the greatest economic benefits from artificial intelligence, and their total added value will increase by 2% compared with other countries. The chart below compares the 12 countries in the first phase of this study.