Strategy& – Embracing the GenAI opportunity

The report by Strategy& investigates how Generative AI (GenAI) will transform businesses and economies in Europe in the coming decade. The authors argue that GenAI is a groundbreaking technology that will drive advances in the 2020s. They suggest that adopting GenAI could potentially boost annual GDP growth in Europe by 0.4% to 0.7% by 2030, significantly higher than the forecasted growth of 1.4% without AI. GenAI could also help address Europe's shortage of skilled labor and provide competitive advantages to companies that adopt it rapidly. The report highlights the industries and countries that stand to benefit from GenAI, as well as the strategies and policies needed to ensure a positive and growth-focused integration of GenAI in businesses. The authors stress the importance for leaders to understand and embrace this technology, viewing it as a necessity rather than a choice.