Ireland's AI Revolution: A €148 Billion Opportunity by 2038
December 12, 2024, 4:12 am
Location: Romania, Bucharest
Employees: 10001+
Founded date: 2000
Total raised: $3B
Ireland stands on the brink of an AI revolution. A recent report from Accenture reveals that artificial intelligence could contribute a staggering €148 billion to the nation’s GDP by 2038. This figure is not just a number; it represents a seismic shift in how Ireland can harness technology to reshape its economy.
The report, titled "Generating Growth: How generative AI can power Ireland’s reinvention," paints a vivid picture of potential. It suggests that AI could boost productivity across various sectors, with life sciences and financial services seeing increases of 20% and 30%, respectively. Imagine a world where tedious tasks are automated, freeing up time for innovation and creativity. The savings from fully leveraging AI could reach €22.2 billion, a windfall for businesses and the public sector alike.
The public sector, in particular, is poised to reap significant benefits. The report indicates that generative AI could enhance 42% of working hours in this sector, translating to a productivity boost of up to 18%. This could mean annual savings of €2.9 billion. Picture a government that operates more efficiently, delivering services faster and with greater accuracy. The potential is enormous.
However, this transformation requires more than just technology. It demands a collective effort from government, businesses, and academia. Ireland must cultivate an AI-skilled workforce and foster a culture of responsible innovation. The pace of AI advancement is breathtaking. To seize this opportunity, Ireland must act swiftly.
The report highlights a crucial statistic: seven in ten workers could have at least a third of their working hours augmented by AI. This could save employees 17% of their time spent on routine tasks. Think of the possibilities. Workers could focus on higher-value tasks, unlocking €96 billion in economic value by 2038. Yet, the path is not without obstacles.
Three significant gaps threaten to derail this ambitious vision. First, the deployment gap. Despite investments in AI, 91% of organizations have yet to scale its use. Many companies lack the cloud capabilities necessary to leverage generative AI effectively. This calls for a modernization of technological foundations.
Next is the skills gap. A staggering 64% of the workforce requires reskilling, equivalent to about 1.76 million people. Alarmingly, less than half of Irish executives believe their teams are confident in their digital skills. This is a ticking clock. Without a skilled workforce, the potential of AI remains untapped.
Finally, there’s the trust gap. Only 38% of people trust the government to make the right decisions regarding AI. Business leaders fare slightly better at 45%. Building trust is essential. Investment in upskilling can bridge this gap, fostering understanding of AI’s potential benefits.
To capitalize on AI, businesses must take decisive steps. They need to integrate AI across their operations, invest in continuous capability creation, and prepare their workforce for an AI-driven future. This isn’t just about technology; it’s about culture. Companies must embrace change as a core value.
The Irish government recognizes the urgency. The Minister for Enterprise, Trade and Employment emphasizes the need for targeted support in adopting AI. The refreshed National AI Strategy aims to harness AI for collective good. This is a call to action for businesses to evolve, adapt, and thrive in a rapidly changing landscape.
As Ireland stands at this pivotal moment, the question remains: will it seize the opportunity? The potential is vast, but it requires commitment and collaboration. The AI landscape is evolving, and Ireland has the chance to be a leader. The clock is ticking, and the future is bright for those willing to embrace it.
In conclusion, the Accenture report serves as a beacon of hope and a roadmap for Ireland’s AI journey. The €148 billion opportunity is not just a dream; it’s a tangible goal. With the right strategies, investments, and a skilled workforce, Ireland can position itself at the forefront of AI-driven innovation. The time to act is now. The future awaits.
The report, titled "Generating Growth: How generative AI can power Ireland’s reinvention," paints a vivid picture of potential. It suggests that AI could boost productivity across various sectors, with life sciences and financial services seeing increases of 20% and 30%, respectively. Imagine a world where tedious tasks are automated, freeing up time for innovation and creativity. The savings from fully leveraging AI could reach €22.2 billion, a windfall for businesses and the public sector alike.
The public sector, in particular, is poised to reap significant benefits. The report indicates that generative AI could enhance 42% of working hours in this sector, translating to a productivity boost of up to 18%. This could mean annual savings of €2.9 billion. Picture a government that operates more efficiently, delivering services faster and with greater accuracy. The potential is enormous.
However, this transformation requires more than just technology. It demands a collective effort from government, businesses, and academia. Ireland must cultivate an AI-skilled workforce and foster a culture of responsible innovation. The pace of AI advancement is breathtaking. To seize this opportunity, Ireland must act swiftly.
The report highlights a crucial statistic: seven in ten workers could have at least a third of their working hours augmented by AI. This could save employees 17% of their time spent on routine tasks. Think of the possibilities. Workers could focus on higher-value tasks, unlocking €96 billion in economic value by 2038. Yet, the path is not without obstacles.
Three significant gaps threaten to derail this ambitious vision. First, the deployment gap. Despite investments in AI, 91% of organizations have yet to scale its use. Many companies lack the cloud capabilities necessary to leverage generative AI effectively. This calls for a modernization of technological foundations.
Next is the skills gap. A staggering 64% of the workforce requires reskilling, equivalent to about 1.76 million people. Alarmingly, less than half of Irish executives believe their teams are confident in their digital skills. This is a ticking clock. Without a skilled workforce, the potential of AI remains untapped.
Finally, there’s the trust gap. Only 38% of people trust the government to make the right decisions regarding AI. Business leaders fare slightly better at 45%. Building trust is essential. Investment in upskilling can bridge this gap, fostering understanding of AI’s potential benefits.
To capitalize on AI, businesses must take decisive steps. They need to integrate AI across their operations, invest in continuous capability creation, and prepare their workforce for an AI-driven future. This isn’t just about technology; it’s about culture. Companies must embrace change as a core value.
The Irish government recognizes the urgency. The Minister for Enterprise, Trade and Employment emphasizes the need for targeted support in adopting AI. The refreshed National AI Strategy aims to harness AI for collective good. This is a call to action for businesses to evolve, adapt, and thrive in a rapidly changing landscape.
As Ireland stands at this pivotal moment, the question remains: will it seize the opportunity? The potential is vast, but it requires commitment and collaboration. The AI landscape is evolving, and Ireland has the chance to be a leader. The clock is ticking, and the future is bright for those willing to embrace it.
In conclusion, the Accenture report serves as a beacon of hope and a roadmap for Ireland’s AI journey. The €148 billion opportunity is not just a dream; it’s a tangible goal. With the right strategies, investments, and a skilled workforce, Ireland can position itself at the forefront of AI-driven innovation. The time to act is now. The future awaits.