Google and Implement Consulting Group present the study “The economic possibilities of AI in Austria”.
Vienna (OTS) –
- The use of generative AI can increase Austria’s gross domestic product by 35 to 40 billion euros in ten years
- 2.8 million workers in Austria could be supported with generative AI in the future
- A third of Austrian companies expect an increase in productivity through the use of generative AI, and around half of the companies plan to invest in AI in the next five years
- 75 percent of the economic potential of generative AI in Austria lies in the service sector
Artificial intelligence plays a crucial role in Austria’s economic development. This is what the results of the survey commissioned by Google say Studie „The economic opportunity of AI in Austria” – carried out by the international Implement Consulting Group. The central statement: the annual Austrian gross domestic product can be increased by 35 to 40 billion euros in ten years through the use of generative AI models. This corresponds to an increase of eight percent.
Study author Martin H. Thelle from the Implement Consulting Group sees the great potential of AI for the Austrian economy and recommends placing greater focus on the question of financing AI and measurable goals in Austria: “Austria can compare itself with other countries in Europe. However, on a global level, the country cannot keep up with top players such as the USA. I would recommend that Austria focus on cooperation with other EU countries and get involved in initiatives at the European level – especially in R&D investments, regulation and digital infrastructure.”
According to the expert, Austria has some catching up to do in the areas of training, research and development, but it does well in an international comparison in data governance and trust.
Economic potential of AI
According to Implement Consulting, the potential of artificial intelligence for value creation results primarily from higher productivity among 62 percent of Austrian workers who can carry out their activities more efficiently through the use of generative artificial intelligence. A second effect results from new jobs for the seven percent of the labor market whose activities can largely be carried out by AI in the future. At its peak, the annual productivity gain through generative AI for the Austrian economy could be 1.4 percent. The prerequisite for this is the widespread use of AI in the Austrian economy. The study results assume that thanks to generative AI, Austria’s future economic growth could exceed current GDP forecasts. Leading banks are already raising their growth forecasts for the euro area from 2028.
“Generative AI helps companies work more efficiently, develop new business models and react more quickly to market changes. Google is not only a pioneer in the use of generative AI, but also offers a comprehensive further training program – as part of the Future Workshop Austria. With our diverse training offerings, we reach more than 25,000 people across Austria every year. We have recently started offering the new ‘AI Basics’ in Austria certificate and our ‘Summer Academy‘ with numerous practical and free AI training courses. I appeal to all of us to take advantage of these opportunities for digital upskilling, especially in the area of AI, and to all entrepreneurs to quickly deal with this technology – it is a paradigm shift
”, so Maimuna Mosser, Country Director von Google Austria.
AI in companies
In 2023, eleven percent of companies in Austria have used at least one AI tool, with a large gap between large companies and SMEs. 35 percent of large Austrian companies will have already introduced AI in 2023. For SMEs it is only ten percent. Nevertheless, 45 percent of companies plan to invest in artificial intelligence in the next five years. Around a third of Austrian companies expect a significant boost in productivity through the use of generative AI.
Impact on jobs
The use of generative AI also brings about changes in the world of work. As Implement calculates, the activities of 2.8 million people would be expanded by artificial intelligence and thus become more productive. This corresponds to 62 percent of the total 4.5 million jobs in Austria. Around seven percent of employees must expect that AI will be able to carry out a large part of their work in the future. However, for 1.4 million workers (31 percent), no major impact is expected from generative AI – including manual work, for example construction and cleaning work or jobs in the care sector and catering.
AI to solve major social questions
Sociopolitical problems can also be combated and contained with the help of AI applications – such as climate problems or difficulties in the healthcare system. AI tools can quickly analyze data, make predictions and evaluate scenarios through simulations. An example of this is Googles Wildfire Boundary Map: This tool analyzes satellite data in real time, providing up-to-date information on fires. By continually updating the data – for example from local authorities – the accuracy continuously improves.
Increasing life expectancy and the associated need for care are central issues in Austria: AI applications can optimize administration in the healthcare system and make it more efficient, for example through remote consultations with doctors or more precise diagnoses.
About the study
The study was conducted by Implement Consulting Group (Implement) in July 2024 on behalf of Google. All information in this report comes from Implement’s analysis using proprietary and publicly available information or was estimated by Implement. Google did not provide any company data or endorse any estimates in this report. The authors are Martin H. Thelle, Anders Thor Lundber, Bodil Emilie Hovmand, Hans Henrik Woltmann, Laura Virtanen, Nikolaj Tranholm-Mikkelsen, Sofie Tram Pedersen, Alexander Jagd Oure.
Questions & Contact:
Wolfgang Fasching-Kapfenberger
Company spokesperson Google Austria
Samuel Leiser
Communications Manager B2B
Google Austria / Switzerland
The Skills Group | TEAM FARNER
Sophie Schmid
01-505 26 25-11
google.presse@skills.at