Artificial Intelligence (AI) could boost UK gross domestic product by around 10% by 2030, according to a new report by PwC.
Gains will be made largely through increasing product choice and consumer demand, the growing personalisation of products and their increased affordability over time.
In recent years, the fear of automation and the threat that AIs — or 'robots' — could pose to jobs has increased. But PwC says increased labour productivity is likely to have a lesser impact on GDP than might be expected.
"Much of the focus on AI to date has been on the impact that increased automation of tasks will have on jobs," says Jonathan Gillham, economist at PwC.
" 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,"