Frank Holmes Blog | AI Will Add $15 Trillion To The World Economy By 2030 | Talkmarkets
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Frank Holmes is the CEO and chief investment officer of U.S. Global Investors. Mr. Holmes purchased a controlling interest in U.S. Global Investors in 1989 and became the firm’s chief investment officer in 1999. In 2006, Mr. Holmes was selected mining fund manager of the year by ... more

AI Will Add $15 Trillion To The World Economy By 2030

Date: Monday, February 25, 2019 7:43 PM EDT

Artificial intelligence (AI) is no longer the stuff of science fiction. The technology is already disrupting multiple industries, many of which impact you on a daily basis. Own an iPhone X? Its facial recognition system is powered by AI. Ever been redirected by Google Maps because of an accident or construction ahead? You guessed it: AI.

And those are just a couple of small examples. By one estimate, AI contributed a whopping $2 trillion to global GDP last year. By 2030, it could be as much as $15.7 trillion, “making it the biggest commercial opportunity in today’s fast-changing economy,” according to a recent report by PwC.

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Artificial Intelligence Projected Impact on Global GDP

AI: The “New Electricity”

Not every industry and sector will be affected equally, but none will go untouched.

“AI is the new electricity,” says Chinese-English computer scientist and entrepreneur Andrew Ng. “I can hardly imagine an industry which is not going to be transformed by AI.”

Among the industries that have been fastest to adopt AI, according to PwC, are health care, automotive and financial services. Earlier and more accurate diagnostics, powered by AI, means earlier treatment of life-threatening diseases. Once on the market, self-driving cars will free up an estimated 300 hours the typical American spends driving every year. And more and more people are putting their trust in robo-advisors to manage their wealth.

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Robo-Advisor Platforms Forecast to Continue Growing Around the World

AI patents have surged in the past five years alone, according to the World Intellectual Property Organization (WIPO). From 2013 to the end of 2017, the number of patents grew nearly three times, from 19,000 to more than 55,600.

The massive increase in patenting “means we can expect a very significant number of new AI-based products, applications, and techniques that will alter our daily lives—and also shape future human interaction with the machines we created,” comments WIPO Director-General Francis Gurry.

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