Accenture Forecasts $8 Trillion Economic Boost from AI and Emerging Tech by 2024

Accenture's Technology Vision 2024 report predicts a massive technology shift towards human-centric AI, spatial computing, metaverse, digital twins, and AR/VR technologies. This shift is expected to create $8 trillion in global economic value and enhance productivity across 900 job types.

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Aqsa Younas Rana
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Accenture Forecasts $8 Trillion Economic Boost from AI and Emerging Tech by 2024

Accenture Forecasts $8 Trillion Economic Boost from AI and Emerging Tech by 2024

Accenture's Technology Vision 2024 report predicts a massive technology shift towards human-centric AI, spatial computing, metaverse, digital twins, and AR/VR technologies. This shift is expected to create $8 trillion in global economic value and enhance productivity across 900 job types.

Why this matters: The predicted technology shift has the potential to transform industries and drive unprecedented growth, with far-reaching implications for economic development and job creation. As businesses adapt to these emerging technologies, it could lead to a significant increase in productivity and innovation, ultimately shaping the future of work and commerce.

The report forecasts a significant shift towards human-centric AI, which combines artificial intelligence with human ingenuity to transform organizations and maximize human potential. Spatial computing, metaverse, digital twins, and AR/VR technologies are expected to play a crucial role in driving this transformation.

According to the report, the Industrial Metaverse industry alone is expected to reach a market size of $400 billion by 2030, driven by the adoption of virtual technologies in manufacturing, logistics, and other industrial sectors. Meta, formerly known as Facebook, plans to invest more than $10 billion in the next several years to build the metaverse, signaling a major financial commitment to advancing virtual reality technologies and creating immersive digital experiences.

The global market size for augmented reality (AR) and virtual reality (VR) is projected to reach $209.2 billion by 2022, driven by the increasing integration and adoption of AR and VR technologies across various industries. The global digital twin market, valued at $3.1 billion in 2020, is estimated to reach $48.2 billion by 2026, with a Compound Annual Growth Rate (CAGR) of 58% from 2021 to 2026.

The predicted technology shift is expected to have a significant impact on various industries, including manufacturing, logistics, healthcare, education, and retail. The adoption of human-centric AI, spatial computing, metaverse, digital twins, and AR/VR technologies is expected to drive innovation, enhance user experiences, and streamline processes through advanced machine learning algorithms and automation capabilities.

Despite the software and platforms industry's drive towards constant hypergrowth, Accenture's global lead for Software Platforms, Kevan Yalowitz, warns that internal challenges such as organizational silos, complex processes, and unfocused engineering talent could stall future advancements. To overcome these challenges, Yalowitz outlines a strategic roadmap with four critical pillars: leveraging generative AI for new growth opportunities, crafting compelling user experiences, enhancing employee engagement, and unlocking internal value.

Accenture's Technology Vision 2024 report highlights the transformative potential of emerging technologies and the need for businesses to adapt and invest in these areas to stay ahead in the rapidly evolving industrial landscape. With an expected $8 trillion in global economic value and enhanced productivity across 900 job types, the technology shift towards human-centric AI, spatial computing, metaverse, digital twins, and AR/VR technologies is poised to reshape industries and drive unprecedented growth in the digital human market in the coming years.

Key Takeaways

  • Accenture's Technology Vision 2024 predicts a massive shift towards human-centric AI, spatial computing, metaverse, digital twins, and AR/VR.
  • This shift is expected to create $8 trillion in global economic value and enhance productivity across 900 job types.
  • Industrial Metaverse industry to reach $400 billion by 2030, driven by virtual tech adoption in manufacturing and logistics.
  • AR/VR market to reach $209.2 billion by 2022, and digital twin market to reach $48.2 billion by 2026.
  • Businesses must adapt and invest in emerging tech to stay ahead, with a focus on human-centric AI, user experience, and employee engagement.