Based on Access Partnership’s economic modelling and analysis covering the US, UK, Germany, India, and France, the report, titled Unlocking Generative AI’s Potential: Small and Medium-Sized Businesses (SMBs) as a Catalyst for Growth and Workforce Transformation, finds that GenAI adoption could unlock up to $6.6 trillion in productive capacity by increasing the efficiency for conducting certain work activities that are exposed to generative AI today.

Based on a survey of 2,620 businesses across the five countries, the research finds that 51% of businesses are already reporting a revenue increase of 10% or more due to its impact, while 76% experienced significant time savings across job functions, improving operational efficiency and decision-making. From those surveyed, Access Partnership found that medium-sized businesses are outpacing large and small firms in generative AI adoption, with 50% actively integrating generative AI-powered tools into their operations.

As such, the study found that GenAI adoption is also in fact driving workforce expansion, particularly for technical, creative, and customer-facing roles. Nearly a third of businesses surveyed plan to increase hiring for these roles, emphasising the need for generative AI literacy and skills development, and suggesting the fears of widespread generative AI-induced job destruction may be premature.

Access Partnership Director, Abhineet Kaul, said: “Our research underscores the urgent need for businesses to embrace AI-driven transformation while ensuring workforce preparedness. With the right investments and support structures, generative AI has the potential to revolutionise industries and redefine the future of work. In particular, the data hints at a shift in the training demanded of the workers who would make up this growth, with a possible refocus from traditional degree education to more practical, AI-based skills.”

Sue Duke, VP of Public Policy at LinkedIn, said: “Generative AI offers the global economy a route to unlocking trillions in productivity, but we first need a workforce ready to adapt. Businesses must put skills at the heart of their hiring practices when adopting AI, and governments must invest in policy structures to ease the way.

“Not everyone will be equally impacted by AI – this is why at LinkedIn, with our granular skills intelligence, we’re uniquely positioned to help workers, businesses, and governments navigate these changes effectively.”

Top superlatives from the study:

• The US will experience the largest benefits with a potential to unlock up to $4.1 trillion worth of capacity, equivalent to the 2023 Gross Value Added (GVA) of the Manufacturing and Construction sectors put together
• Out of all sectors surveyed, the Manufacturing sector is poised to unlock the greatest productivity gains
• From the five researched economies, India leads the way in generative AI adoption, with 62% of businesses embracing generative AI tools
• Among businesses considering technological developments like generative AI in their workforce planning, nearly a third plan to increase hiring and a third plan to increase retention to increase headcount

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