Page 85 - Reclaim YOUR DIGITAL GOLD (without audio)

The New ecoNomy aNd The fuTure

(the equivalent of $15.7 trillion) by 2030. According to
the study, the next wave of the digital revolution will be
ushered in with the help of data generated by the Internet
of Things (IoT), which is expected to be far greater than
data generated by the current iteration of the “Internet
of People (IoP).” The ability of people to connect and
communicate with one another via the internet and
other cognizant technologies is referred to as IoP.
IoT will benefit from standardization and, as a result,
automation, including the automation of personalization
of goods and services. According to the PwC’s analysis,
there will be two primary channels through which AI will
influence the global economy. The first possibility is that
AI will lead to increased productivity in the work place.
These advantages will be based on the automation of
regular operations and are expected to have an impact
on capital-intensive industries such as manufacturing
and transportation. This will entail a greater use of
various technological systems, such as robotics and
self-driving cars. Firms that use AI technologies to
supplement and support their existing staff will also see
an increase in productivity. It will necessitate investing
in software, systems, and machines based on assisted,
autonomous, and augmented intelligence; which will not
only enable the workforce to perform its tasks better
and more efficiently, but will also free up time, allowing
employees to focus on more stimulating and value-
added activities. Because of automation, the demand for
human labor would be reduced, resulting in higher levels
of productivity.

The second channel involves the availability of artificial
intelligence-enhanced products and services. Because

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