Tokyo (SCCIJ) – Switzerland stands at the forefront of generative artificial intelligence growth among 20 industrialized Western nations, potentially boosting its gross domestic products by billions of dollars, a recent PwC study reveals. Titled “Embracing the GenAI Opportunity,” the analysis spotlights Switzerland’s unmatched economic expansion prospects through GenAI.
Switzerland is among the countries with the greatest growth potential worldwide thanks to generative AI (Source: Pixabay).
Mighty growth driver
The Swiss economy has the highest growth potential worldwide through generative AI and could grow by 0.5 to 0.8% annually in the coming years through the use of the new technology alone. This is the main insight of the study “Embracing the GenAI Opportunity” by Strategy&, PwC’s global strategy consultancy, which analyzed the value creation potential of the new technology in 20 industries worldwide.
Generative AI is defined as all forms of artificial intelligence that can analyze and recreate content of various kinds, such as text, images, or sound. In contrast to previous AI systems, generative AI can be operated intuitively using simple verbal commands.
According to the study, in a best-case scenario, the technology could trigger a GDP boost of up to 50 billion francs in Switzerland by 2030. However, even with less broad and rapid technology adoption, the additional growth potential would still amount to 25 billion Swiss francs.
Decisive industry mix
The impact of generative AI varies enormously between individual sectors. The potentially biggest winners include all sectors in which large volumes of data are collected, analyzed, and processed. According to the study, such high-impact industries include the software sector, media companies, the pharmaceutical industry, and the financial sector. By 2030, GenAI could enable productivity gains of 8 to 15% in these sectors.
The potential efficiency gains in areas such as retail, tourism, and healthcare are significantly lower. Sectors such as agriculture, construction, and chemicals are least likely to benefit from generative AI. The study predicts only indirect efficiency gains of 2.5 to 5% for these “low potentials”, which are heavily characterized by physical work, industrial production, and high material and energy requirements.
A look at the Swiss sector mix shows that the “high impact industries” in the country already contribute an above-average amount to GDP with a 27% share of value-added, while the “low potential” sector is comparatively weak in Switzerland with a 36% share of GDP.
“If Swiss companies focus on investing in the use of the technology now, Switzerland can significantly accelerate its growth once again and boost both the economy and innovative strength with the help of GenAI,” concludes Philipp Wackerbeck, Partner at Strategy& and Global Head of Financial Services.
Text: Strategy& (Translation/editing by SCCIJ)
