Media & Entertainment There will be a growing number of media stories in 2018 about the 'dark side' of AI as unaccountable algorithms increasingly determine which individuals get jobs, credit cards, insurance, college admission or jail time. U.S. media occupations is projected to increase 4.1 percent and add 107,500 new jobs from 2014 to 2024. A Microsoft-owned social network that works to create opportunities to make connections, find jobs, and advance the careers of its users, LinkedIn is finding itself battling similar obstacles that Facebook, Twitter, and other social media platforms have been recently faced with. But McKinsey estimates that over the 35 years (from 2015 to 2050), additional capital expenditure could amount to US$5.5 to US$8.4 trillion, depending on the electricity price assumed. McKinsey & Company estimate that BEV trucks will become cost-competitive for urban short-haul vehicles in the early 2020s, and that long-haul BEV trucks will become cost-competitive in Europe between 2023-2031, and even in the US by 2029-3113. The McKinsey Global Institute predicts that it could have an economic impact of $3.9 trillion to $11.1 trillion a year by 2025. Last year, analyst firm McKinsey, in its long-term (through 2050) energy industry report, estimated that peak global oil demand might come as early as 2030. Smart buildings will increase revenue opportunities and enable the delivery of new business models. AI has the potential to boost overall economic productivity significantly: Even accounting for transition costs and competition effects, it could add some $13 trillion to total output by 2030 and boost global GDP by about 1.2 per cent per year. The McKinsey Global Institute estimates that $57 trillion will need to be spent on building and maintaining infrastructure worldwide between now and 2030-just to keep up with global GDP growth and to meet the demands of global urbanization. The study of 46 countries and 800 occupations by the McKinsey Global Institute found that up to one-fifth of the global work force will be affected. A recent report by the McKinsey Global Institute found that Canada could raise its GDP by $150 billion by 2026 if it took specific steps to close the gender gap. McKinsey estimates that firms will derive between $1.3trn and $2trn a year in economic value from using AI in supply chains and manufacturing. McKinsey is bullish on oil & gas demand for the next few decades, EV adoption is expected to soar to 30% worldwide, and 50% in the US, China, and EU by 2030. McKinsey estimates that sharpening analytics efforts could lead to an increase in earnings of as much as $1 trillion annually for the global banking industry. McKinsey concluded that new jobs driven by investment in AI could augment employment by around 5% by 2030, as well as improving productivity by about 10%. McKinsey and Tata recently outlined the socioeconomic impacts of AI and automation over the next 10 to 12 years, with both expecting AI to contribute to GDP growth -- as much as 1.2 percent over the next 10 years -- and $13 trillion in net economic benefits could be captured over the next 12 years. According to the McKinsey FashionScope, the collective share of apparel and footwear sales from Europe and North America will fall from 50.4 percent of the global total in 2017 to 49.9 percent in 2018. McKinsey forecasts that AI could contribute an additional 1.2 percent to gross domestic product growth for the next 10 years. The McKinsey models predict that 70 percent of companies will adopt at least one form of AI by 2020. AI will add between $1.3 trillion and $2 trillion a year in value to the logistics industry. More than 30 percent of US workers will need to change jobs or upgrade their skills significantly by 2030. See full forecast Last updated: 24 May 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
