Recent findings indicate that generative AI is being rapidly adopted across the United States, with 32% of adults aged 18 to 64 reporting usage at least once in the week prior to August 2024. This includes 24% of employed respondents who utilized generative AI at work, and nearly 11% who engaged with it daily. The technology is primarily being used for tasks such as writing and information analysis, reflecting its versatility in various applications [44329ad1].
The survey, conducted by economists Alexander Bick, Adam Blandin, and David Deming, highlights a significant shift in perception; Deming, who was initially skeptical about generative AI, has become optimistic after analyzing the data. He estimates that if productivity increases by 25% due to AI, it could enhance overall labor productivity by between 0.2% to 2.1% [44329ad1]. This rapid adoption rate is noteworthy, as it is reportedly faster than that of personal computers and the internet, suggesting a swift integration into daily life [44329ad1].
However, a contrasting study by the Census Bureau found that only 5% of businesses reported using AI, indicating a notable gap between personal and workplace usage. This discrepancy raises questions about the potential for AI to transform productivity in professional settings [44329ad1].
Deming further estimates that AI could enhance labor productivity by between 0.125 to 0.875 percentage points, which, while modest, could contribute significantly to GDP growth over time. Fellow economist Daron Acemoglu has expressed concerns about the need to differentiate between productive uses of AI and more frivolous applications. Both economists agree on the potential for modest productivity gains, emphasizing that even small improvements can have a meaningful impact on the economy [44329ad1].
In the context of enterprises, a recent analysis by Cognizant and Oxford Economics found that 77% of global companies are eager to grow revenues through AI, with an average planned investment of nearly $50 million for this year. However, only 26% have implemented cross-enterprise AI use cases, indicating that while enthusiasm exists, there are still barriers to widespread integration [44329ad1].
Moreover, 70% of companies feel they are lagging in AI adoption, which they recognize could place them at a competitive disadvantage. To address this, 54% plan to upskill their workforce to better leverage AI technologies [44329ad1]. The regional disparities in AI adoption are also notable, with North America leading and EMEA and APAC trailing behind [44329ad1].
As companies navigate these challenges, the overall sentiment remains one of cautious optimism. The integration of AI into both personal and professional spheres presents a unique opportunity for economic growth, provided that businesses can effectively harness its potential while addressing the accompanying challenges [44329ad1].