The use of AI solutions and applications by European companies could add an additional €600 billion to the European economy by 2030. Market researchers Strand Partners state this in a survey. One-third of European companies already have the technology in place, but that barely includes SMEs.
According to Strand Partners, the research commissioned by AWS shows that the deployment of AI technology by companies can be of great value to the European economy in general. This technology could contribute an additional €600 billion in value to the wider European economy in six years. According to the study, this is equivalent to the amount the European construction industry contributes to the overall European economy by then.
The €600 billion of additional value also affects the total amount that the entire (digital) tech sector will contribute to the European economy by 2023. By 2030, the latter amount will reach 3.4 trillion euros, according to the study. Last year, the researchers still calculated a total amount of 2.8 trillion euros
One in three use AI
The specialists further stated that about one-third of European companies have implemented AI technology. This is an increase of 32 percent compared to the 2022 figures. It is precisely this increase that gives the researchers hope for the additional value of 600 billion euros.
Companies using AI note improvements in terms of increased revenue and improved productivity. In addition, companies also indicate that they are using the (public or private) cloud required for AI technology more often.
Improvements from SMEs
However, primarily large enterprises are now using AI and European SMEs still make limited use of this technology. The latter category of companies sees many problems, such as finding suitable employees, laws and regulations, and the cost aspect involved in implementation.
Furthermore, it appears that for the proper development and implementation of AI technology in European businesses, these conditions must also be met. The so-called “digital skills gap” for AI is still a problem. The European Union should also create the right laws and regulations and remove uncertainty.
Mainly benefits
Fortunately, Europeans do appear favourably disposed to the benefits that AI technology will bring. According to the survey, half of Europeans believe that AI will bring more opportunities than dangers with regard to job security and the future of work.
Also, 65 percent of respondents feel that AI will transform healthcare, for example. Just over half say AI is going to help solve social problems, such as climate change and preventing new pandemics.
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