A new report from BCG – which had a global revenue of $12.3 billion in 2023 – found that consumers understand and appreciate more than business leaders tend to expect.
What’s more, 70% of consumers are excited about the promise of AI.
The report also highlights the countries that are most excited about the promise of AI, as well as those that demonstrate the greatest concern.
Share
Who do you think knows more about AI – business leaders or consumers?
Your first thought may be businesses – after all, the new technology has taken the corporate world by storm.
A new report from Boston Consulting Group, titled Consumers Know More About AI than Business Leaders Think, suggests that this may not be the case. The report, which surveyed 21,000 respondents across the globe, explored questions relevant to the use of AI in the workplace, as well as consumers’ base knowledge.
In fact, during a press briefing, Aparna Bharadwaj, Managing Director & Partner; Global Leader, Global Advantage Practice warns: “Business leaders – and leaders in general – must not underestimate consumers. They know what Gen AI is, and they appreciate it deeper than you may expect.”
To explore this, UNLEASH took a deep dive into BCG’s report to find out more.
How concerned are consumers about AI?
From those surveyed, BCG found that consumers recognize the value AI can provide, especially in enhancing daily life, with 70% stating they’re excited about the technology. What’s more, 60% believe that AI will help with learning and education, followed by 55% who expect to see an increase in workplace efficiencies.
“While perception and usage vary by market, age, and exposure, consumers around the world have a deeper appreciation of AI than we give them credit for,” said Aparna Bharadwaj, Global Leader of BCG’s Global Advantage practice.
These survey findings should be a wake-up call for business leaders, underscoring the need for responsible AI to inform everything they do.
“If consumers and employees have concerns around data privacy and the ethical use of Gen AI, they will not embrace the technology.”
Another key findings from the report demonstrated that consumers regard AI as a tool that can enhance their daily life – with 39% expressing optimism about its positive impact and 32% showing enthusiasm for its potential in driving scientific and medical breakthroughs.
This excitement was reported across the globe, with the study finding China (56%) showed the greatest enthusiasm, followed by Indonesia (49%), and Brazil (46%).
Concern was found to be higher in countries with digitally competitive economies, over fears it would take employees’ jobs, with the highest levels in France (50%), Australia (49%), and the UK (43%).
Yet BCG’s research also highlights that over half of respondents are confident they cannot be replaced by AI or other technologies, with only 19% expressing angst.
Different sectors also showed varying levels of concern, with relationship-intensive jobs, such as nurses, teachers, and babysitters, compared to process-intensive roles, including marketing, finance, and accounting jobs.
Concluding, Jessica Apotheker, Chief Marketing Officer at BCG says: “For business leaders developing and deploying AI-enabled solutions and transformations, it’s critical that they build trust by respecting consumers’ views, navigating the misinformation-excitement-concern curve smartly, and tapping the pockets of excitement in emerging markets.”
Sign up to the UNLEASH Newsletter
Get the Editor’s picks of the week delivered straight to your inbox!
