Cognizant's Study Forecasts $1 Trillion Us Economic Boost In 10 Years

By Author: Orson Amiri
Total Articles: 418
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Cognizant, in collaboration with Oxford Economics, has released findings from its "New Work, New World" economic impact study, predicting that generative AI (gen AI) will affect 90% of jobs, signifying a profound shift in work, productivity, and economic growth. The study emphasizes that the extent of technology's impact will hinge on the pace of adoption by companies and the adaptability of the workforce. According to the study, generative AI has the potential to enhance operational efficiency, create new revenue streams, innovate products and services, and redefine businesses. Cognizant and Oxford Economics created an economic model analyzing three scenarios of generative AI adoption by US businesses, covering 18,000 tasks impacting the economy. The research indicates that generative AI adoption could surge from 13% to 31% in 4-8 years, potentially boosting US productivity by 1.7% to 3.5% and growing GDP by $477,000 to $1 trillion in the next decade.

The study also predicts significant disruptions in the labor market, with 52% of jobs expected to undergo significant changes, potentially displacing 9% of the current ...
... US workforce. Higher-knowledge jobs may be most affected, contrary to historical trends, and even C-suite executives, including CEOs, could experience a theoretical peak exposure of over 25%. The study urges proactive measures to establish a trust pact between businesses, workers, and economies to navigate the era of generative AI successfully. Cognizant, recognizing the need for reskilling, recently launched its Synapse initiative to revolutionize technology education and workforce development, aiming to create a new pool of employable talent by 2026.

Read More - https://www.techdogs.com/tech-news/pr-newswire/a-study-on-the-impact-of-generative-ai-by-cognizant-predicts-it-could-inject-1-trillion-into-the-us-economy-within-10-years