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Cognizant Impact Study Predicts Generative AI Could Inject $1 Trillion Into U.S. Economy Over 10 Years
Joint landmark Oxford Economics/Cognizant study predicts generative AI will affect 90% of U.S. jobs, underscoring the critical need for strategic reskilling to maintain economic growth
TEANECK, N.J., Jan. 10, 2024 /PRNewswire/ — In partnership with Oxford Economics, Cognizant (NASDAQ: CTSH) today revealed findings from its new economic impact study New Work, New World, which predicted that 90% of jobs will be disrupted in some way by generative AI (gen AI), setting the stage for a profound shift in how we approach work, productivity and economic growth. The study also found that the technology’s impact will be influenced by the rate of business adoption and how quickly individuals can adapt to new ways of working.
“Our study aims to lift the curtain on the effects generative AI may have on our global workforce,” said Adrian Cooper, CEO at Oxford Economics. “The research findings showcase just how quickly this technology might disrupt the trajectory of the U.S. economy, offering invaluable insights for leaders to harness its potential and adapt swiftly.”
Generative AI offers the potential to improve operational efficiency, create new revenue streams, innovate products and services, and ultimately redefine businesses. To quantify generative AI’s potential impact on productivity and the future of work, Cognizant partnered with Oxford Economics to create an economic model that explores three scenarios of U.S. businesses’ generative AI adoption. This model considered 18,000 tasks that drive the U.S. economy, and carefully examines the impact Generative AI may have on the jobs that ladder up to these tasks. While focused on the U.S. workforce, the general themes that emerged from the findings can be applied globally. The research unveiled key insights, including:
- AI adoption will skyrocket over the next decade before settling into maturity: Businesses are in the experimental phase of adoption for AI capabilities. However, the findings reveal that adoption could leap from 13% to 31% in just four to eight years. After the 15-year mark, the findings predict that adoption may slow but will continue to grow for at least 15 more years.
- Economic advancement could soar: Generative AI technology could boost U.S. productivity by 1.7-3.5% and grow the U.S. GDP between $477 billion and $1 trillion in annual value over the next 10 years, based on business adoption rates.
- Simultaneously, the job market could be disrupted: Half of all jobs (52%) are predicted to significantly change as generative AI is integrated to automate job tasks. As a result, approximately 9% of the current U.S. workforce may be displaced, with 1% potentially struggling to find new employment based on historical economic shifts.
- Jobs with higher levels of knowledge work may be most affected: In the past, technology advances and automation have impacted mainly manual labor and process-centric knowledge work. Generative AI is poised to do the opposite, having a higher disruption on knowledge work. Additionally, jobs involving credit analysis, computer programming, web development, database administration, and graphic design already have a theoretical maximum exposure score of about 50%. By 2032, as technology advances, some jobs’ exposure scores may climb to 80%.
- Even CEOs will feel an impact: The data found that C-Suite executives – even CEOs – could see a theoretical maximum exposure score (the degree to which a job’s tasks are prone to being automated by generative AI) of more than 25%, as they begin using gen AI for everything from competitive assessments to strategic decision-making.
“Generative AI has already astonished us with its capabilities across industries, but the true impact of its integration in our daily business operations has just scratched the surface,” said Ravi Kumar S, Chief Executive Officer, Cognizant. “To apply the technology’s potential to amplify our productivity, we must understand its full influence on the future of work and come together to create the best opportunities for people to grow alongside it.”
Reskilling The Workforce as AI Advances
While the timeline of this research spans more than a decade, Cognizant believes that leaders across all sectors of society should work together today to establish a new trust compact that will enable businesses, workers, and economies to thrive in the age of generative AI. As this technology becomes commonplace in the workforce, new employee skills will be in demand to support areas including business strategy and AI management. Reskilling programs, once seen as a tactical add-on to an employee’s career path, will become an essential part of the workday, with time allocated for training and education.
In line with this vision, Cognizant recently launched its Synapse initiative, designed to revolutionize and rebalance the landscape of tech education and workforce development by redefining opportunities for more than one million individuals worldwide. Drawing on Cognizant’s deep expertise and long history as a tech reskiller, the initiative aims to create a new, employable talent pool for the expanding digital economy by 2026. Read more about Synapse here.
To view the complete study and learn more, please visit https://www.cognizant.com/us/en/gen-ai-economic-model-oxford-economics.
Methodology: Cognizant New Work, New World Study
Oxford Economics was commissioned by Cognizant to assess and forecast the economic impact of Generative AI technology on the United States over the next 10 years.
The project was executed through five main phases of work that sequentially enabled the development of the assumed inputs for Oxford’s Global Economic Model (GEM). These inputs were designed to reflect how we anticipate the implementation of generative AI technologies by businesses in the United States over the forecast horizon could influence structural drivers of economic activity, notably total factor productivity (TFP) growth. To reflect the uncertainty inherent in such a process three scenarios were run to develop a range of outcomes. For the full methodology, click here.
About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we’re improving everyday life. See how at www.cognizant.com or @cognizant.
For more information, contact:
Corporate
Gabby Gugliocciello
[email protected]
India
Rashmi Vasisht
[email protected]
Americas / EMEA / APJ
Christina Schneider
[email protected]
Forward-Looking Statements
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to the adoption of generative artificial intelligence, the effects of generative artificial intelligence on the workforce and economy and the effectiveness and results of our new Synapse initiative. These statements are neither promises nor guarantees but are the findings of the study discussed above and remain subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause outcomes to differ materially from those expressed or implied include general economic conditions, the impact of technological development and competition, the competitive and rapidly changing nature of the markets we compete in, the competitive marketplace for talent and its impact on employee recruitment and retention, and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
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BEIJING, Dec. 26, 2024 /PRNewswire/ — A report from Poeple’s Daily:
In May 2024, Chinese President Xi Jinping paid a state visit to Hungary. During this historic visit, leaders of the two countries announced the elevation of bilateral relations to an all-weather comprehensive strategic partnership for the new era, injecting renewed powerful impetus into cooperation between the two countries.
As the interpreter for Hungarian Prime Minister Viktor Orban during his meeting with President Xi, Simon Adrienn had the opportunity to again gain a firsthand glimpse into the charisma of President Xi as the leader of a major country.
In 2009, Xi, the then vice president of China, visited Hungary. Simon accompanied him as an interpreter for the first time to explore a memorial hall with rich Hungarian ethnic characteristics. “As I provided explanations, Xi listened attentively, showing a genuine interest in Hungarian history and culture. I could sense that he was a leader of great knowledge and insight”.
Since then, she has worked as an interpreter during meetings between the leaders of Hungary and China on numerous occasions. In her memories, Prime Minister Orban and President Xi are both candid and wise leaders who know about each other and trust each other. “President Xi’s clear articulation makes my job relatively easy. He is approachable, and respects and treats every staff member equally. In my view, this exemplifies the true essence of a great leader of a major country.”
Before kicking off this state visit to Hungary, President Xi published a signed article titled “Embarking on a Golden Voyage in China–Hungary Relations” in the Hungarian newspaper Magyar Nemzet. The article provided a comprehensive overview of the successful practices and positive outcomes in the development of bilateral relations over the past 75 years since the establishment of diplomatic ties between the two countries. Simon translated the article into Hungarian. She said this experience was a valuable learning process, allowing her to gain a deeper understanding of President Xi’s views and thoughts.
In fact, this was not the first time that she translated President Xi’s books and articles. She once participated in the translation of President Xi’s book “Xi Jinping: The Governance of China“. In her eyes, President Xi drew upon numerous Chinese historical and cultural references in the book, prompting her to delve into the materials to identify the most suitable expressions. The process of translation provided her with profound intellectual enlightenment.
She deeply admires President Xi’s statement “Friendship, which derives from close contact between the people, holds the key to sound state-to-state relations.” As Hungary-China relations navigate a “golden channel,” closer people-to-people ties stand as a vital cornerstone. The Hungarian and Chinese people share many similarities, both valuing family harmony. The Hungarian people hold a profound appreciation for Chinese culture, evident through the presence of multiple Confucius Institutes, numerous traditional Chinese medicine clinics, and bilingual schools in Hungary that nurture a plethora of young talents for cultural exchanges between the two nations. Hungarian Chinese communities have also made substantial contributions to fostering deeper friendship between the two countries. People-to-people and cultural exchanges continue to strengthen, laying a solid foundation for cooperation between the two nations.
In the 1980s, student exchanges between Hungary and China began, and Simon was one of the beneficiaries. Her connection with China dated back to the third grade of primary school. At that time, she read many Chinese folk stories in the library. Upon graduating from high school, she seized the opportunity to study in China and spent six wonderful years there which had a significant impact on her life. Even today, she still enjoys reading Chinese folk stories and children’s literature. She has translated them into Hungarian, and organized Hungarian children to read them. she is always learning and improving, hoping to enhance mutual understanding between the two peoples through her work and continue to write new stories of friendly exchanges with her Chinese friends.
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Fintech PR
WSPN Appoints Former EY Global Chief Innovation Officer Jeff Wong as Independent Director
SINGAPORE, Dec. 26, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a leading stablecoin infrastructure company, announces the appointment of Jeff Wong as Independent Director. Mr. Wong brings over 25 years of experience in technology innovation and enterprise transformation to WSPN. He most recently served as EY’s Global Chief Innovation Officer from 2015 to 2024, where he spearheaded the firm’s global innovation initiatives and established EY’s advanced technology labs focusing on Artificial Intelligence, Blockchain, Quantum Computing, and Web3.
Prior to EY, Mr. Wong held leadership roles at eBay and JPMorgan Partners. He is a member of the Council on Foreign Relations, the Forbes Technology Council, and the founding Chair of Asia Society’s Technology and Innovation Council, helping drive the innovation and transformation agenda. He was also a member of the World Economic Forum’s Global Future Council on Innovation Ecosystems. He has previously served on the Oxford Foundry Board at Oxford University and the Advisory Board for AI4All. Mr. Wong is a recipient of the Outstanding 50 Asian Americans in Business award and an honoree of the A100 List by Gold House, recognizing individuals with Asian Pacific heritage who have made a significant impact on American culture and society.
“Joining WSPN at this pivotal moment in the stablecoin industry is incredibly exciting,” said Mr. Wong. “I look forward to contributing my experience in emerging technologies and enterprise transformation to help WSPN build the next generation of digital payment infrastructure.”
“Jeff’s appointment represents a significant strategic addition to WSPN,” said Raymond Yuan, Founder and CEO of WSPN. “His deep expertise in innovation management, enterprise transformation, and emerging technologies, combined with his leadership experience at global institutions, will be invaluable as we accelerate our market expansion and global development.”
About WSPN
WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN’s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.
Learn more: www.wspn.io | X | LinkedIn
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Refining Capacity of the Base Surpasses 50 Million Tons per Year
NINGBO, China, Dec. 26, 2024 /PRNewswire/ — China Petroleum & Chemical Corporation‘s (HKG: 0386, “Sinopec”) recently announced the mechanical completion of the second-phase expansion and advanced materials project at its Zhenhai Refinery. This milestone sets new benchmarks for innovation, smart manufacturing, and energy efficiency in large-scale projects. The refinery’s capacity has now been upgraded to 40 million tons per year, contributing to the Zhejiang Ningbo Petrochemical Industrial Base surpassing a total refining capacity of 50 million tons annually. The achievement solidifies its position as China’s largest, most advanced, and globally competitive petrochemical industrial base.
Located in the Yangtze River Delta, a key downstream product consumption hub, the Zhejiang Ningbo Petrochemical Industrial Base plays a vital role in Sinopec’s value chain. The second-phase expansion and advanced materials project, with a total investment of CNY 41.6 billion, incorporates 18 production units, including atmospheric distillation, catalytic cracking, polypropylene, and propane dehydrogenation units. By emphasizing chemical-focused processes, the project creates multiple high-value-added supply chains.
The facility’s expanded production capacity supports the development of high-end polyolefins, advanced materials, and specialty chemicals. It is expected to provide approximately 8 million tons of petrochemical products annually, significantly boosting the overall capacity of supply chains for industries such as automotive, home appliances, and textiles in the region. This expansion is forecast to generate trillions of yuan in upstream and downstream industrial value.
The project achieved remarkable progress in technological innovation and sustainability. Highlights include:
- Localization of 10 core technologies, including the world’s highest-load vertical labyrinth compressor.
- Extensive deployment of smart technologies, enabling simultaneous delivery of digital and physical factories.
- Integration of a fully localized industrial operating system and a self-developed industrial internet platform to enhance decision-making and management.
- Implementation of comprehensive energy-saving measures, achieving an overall reduction in energy consumption of 11.7%.
- Safety and quality were paramount during construction, with over 90 million consecutive safe man-hours recorded and a 100% quality pass rate for all units, setting a new industry benchmark.
Zhenhai Refinery, Sinopec’s largest integrated refining and chemical enterprise, boasts an ethylene production capacity of 2.2 million tons per year. It is also the only enterprise in China consistently ranked in the top performance group of the Solomon Global Ethylene Performance Evaluation.
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