Artificial intelligence could be worth £2.6bn to Northern Ireland’s economy

Artificial intelligence

Artificial intelligence has the potential to boost Northern Ireland’s economy by £2.6 billion by 2030, according to new research.

The report by PwC indicates that the adaption AI technology could increase the annual spending power of Northern Ireland households by £1,900, with the improvements coming from gains in productivity, new business investment and product improvement.

Overall UK GDP could be 10.3% higher in 2030 as a result of artificial intelligence – the equivalent of an additional £232 billion, however the report said Northern Ireland’s GDP “could be less than the other UK regions”, largely due to Northern Ireland’s smaller global export activity.

Machine learning algorithms and chatbots are examples of AI that are already used by businesses today.

Referring to the impact of artificial intelligence on businesses Jon Andrews, head of technology and investments at PwC, commented “how big a game changer AI is likely to be – transforming businesses, people’s lives and society as a whole.”

In the report’s assessment of the economic potential of AI, the report looked at four different elements, including automation of manual tasks, performing tasks faster and better, augmented intelligence to help people to make better decisions, and autonomous intelligence to automate decision-making processes without human intervention.

Euan Cameron, UK Artificial Intelligence leader at PwC, said: “The potential size of the AI prize is huge and our research shows it has the potential to transform the productivity and GDP potential of the UK’s economy. But in order for the UK to realise the potential gains from AI we need to ensure that AI systems are adopted in a responsible way and that every part of society can reap the benefits.

“No sector or business is immune from the impact of AI. That’s why it’s so important for the UK to place itself at the forefront of the AI revolution and create the right environment for existing and new businesses to innovate and make the most of the product, productivity and wage benefits that this technology can bring.”

Article from Sync NI