A recent report from global professionals services firm Accenture highlights the significant economic potential of generative AI (GenAI) in the Asia-Pacific (APAC) region. It predicts that responsible and large-scale adoption of this technology could add $4.5 trillion to the APAC economy over the next 15 years, translating to a 0.7 percentage point increase in annual GDP growth.
“Generative AI has fast-tracked the data and AI-led reinvention journey for businesses,” Leo Framil, CEO of Growth Markets at Accenture. “Yet, to fully harness its potential, leaders need to see it as more than just a tool for redesigning processes and driving cost efficiencies.”
The study, which includes economic modeling and surveys from Australia, China, India, Japan, and Singapore, indicates that GenAI could automate or augment 33% of working hours across APAC. This shift is expected to be most significant in Australia and Japan, where 45% and 44% of working hours, respectively, are projected to be impacted. China and India are also poised for substantial changes, with 33% and 31% of working hours affected.
Despite broad recognition of AI’s transformative potential — 96% of APAC business leaders acknowledge its significant impact — only 4% have implemented widespread training programs. While 91% of workers are eager to learn new skills for working with AI, the focus on workforce development remains limited compared to the planned increase in AI technology investment.
Sector-specific insights reveal that Capital Markets could see up to 71% of working hours transformed by AI, followed by Software and Platforms at 66%. Banking, Insurance, and Retail sectors are also expected to experience significant changes, with 64%, 62%, and 49% of working hours respectively impacted.
Accenture’s report outlines several strategic steps for businesses to maximize the potential of generative AI. Leaders should deeply engage with AI technology and adopt new learning approaches integrated into everyday work. Reassessing and realigning workflows to improve efficiency and innovation is crucial. Companies must also prioritize continuous workforce development and invest in both technical and soft skills training, fostering an environment of trust and inclusion.
The thumbnail image is AI-generated