According to Accenture's latest report, generative artificial intelligence (Gen AI) is expected to add up to €148 billion to Ireland's annual Gross Domestic Product (GDP) by 2038. This technology can not only drive productivity improvements in both the private and public sectors but also bring significant benefits across various industries.
Image Source Note: Image generated by AI, image licensed from Midjourney
The report indicates that industries such as life sciences and financial services could see productivity increases of 20% and 30%, respectively. If companies can fully leverage this technology to automate and enhance work processes, the total annual savings could reach €22.2 billion. Particularly in the public sector, the application potential of generative artificial intelligence is greatest, with the possibility of increasing work time by 42%, excluding the impact of the healthcare sector.
Hilary O'Meara, head of Accenture Ireland, stated: "Ireland is at a pivotal moment in the development of artificial intelligence, with the potential to add €148 billion to the annual GDP by 2038. However, to realize this potential, the government, businesses, and academia must work together to cultivate a workforce equipped with AI skills and promote responsible innovation."
The report also highlights several challenges Ireland faces in realizing its AI potential, including the gap between companies that have already invested in this technology and those that have not, a shortage of skilled labor, and uncertainty among government and business leaders regarding AI decision-making.
Peter Burke, Ireland's Minister for Enterprise, Trade and Employment, praised Accenture's report as an important resource for business leaders to take substantial action and build trust for the responsible deployment of AI. He noted: "The recently released Irish National AI Strategy refreshes our ambition to seize AI opportunities. We must continually adapt to technological developments, transform the way we work, and enhance productivity for both domestic and foreign enterprises."
Key Points:
✅ Generative artificial intelligence is expected to add €148 billion to Ireland's GDP by 2038.
✅ Industries such as life sciences and financial services could achieve productivity increases of 20% and 30%, respectively.
✅ Work time in the public sector could increase by 42%, leading to significant economic benefits.
