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  • Writer's pictureSarah Ruivivar

AI's Mighty Impact: 44% Workforce Shift Predicted

Updated: Oct 29, 2023

Image credits: ModelProp / Midjourney

According to a recent forecast by Morgan Stanley, a whopping 44% of the labour force could be impacted by Artificial Intelligence (AI) in the next three years. That's nearly half of all workers!

Currently, AI's influence is estimated at a cool $2.1 trillion, affecting 25% of labour. But, if analyst Brian Nowak's predictions are on the money, we're about to see that figure double. The economic impact? A staggering $4.1 trillion.

"We see generative AI expanding the scope of business processes that can be automated," Nowak wrote in a recent note. He added that the costs supporting GenAI functionality are rapidly falling, enabling a strongly expansionary impact on software production.

The increasing integration of AI across various sectors spells major opportunities for software vendors. Morgan Stanley forecasts that these vendors could capture 5% of the $4.1 trillion labour impact. That's a total addressable market of $205 billion over the next three years!

Generative AI, like ChatGPT, is set to be a game-changer for business processes and the workforce. It's not all doom and gloom, though. This doesn't mean that 44% of jobs will be eliminated. Instead, it will result in new tasks for humans to perform, such as ensuring the accurate and responsible use of new AI-powered systems.

Take customer service, for instance. Generative AI's ability to understand a customer's intent and provide a wealth of information at the agent's fingertips could greatly increase their capacity to resolve customer problems more quickly and thoroughly.

As generative AI continues to evolve and permeate various industries, it's essential for companies and workers to adapt and upskill to stay competitive. It's equally critical to ensure the responsible use of generative AI and that models do not create unacceptable risk for people and businesses.

So, are you ready for the AI revolution? It's time to buckle up and embrace the change!

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