Time to place our bets: Europe’s AI opportunity

McKinsey October 1, 2024
Alexander Sukharevsky, Eric Hazan, Sven Smit, Marc Antoine de la Chevasnerie, Marc de Jong, Solveigh Hieronimus, Jan Mischke, Guillaume Dagorret

Boosting Europe’s competitiveness across the AI value chain.

At a glance

• A three-lens approach–on adoption, creation, and energy–is required to assess Europe’s competitiveness in the emerging generative AI (gen AI) economy. While much of the current discourse centers around large language models (LLMs), European policy makers and business leaders must look beyond LLMs. Adopting a holistic approach to capitalize fully on gen AI’s potential could boost European labor productivity by up to 3 percent annually through 2030.
• On adoption, European organizations lag behind their US counterparts by 45 to 70 percent. Yet this is where most of gen AI’s economic potential lies. With the technology still in its early stages and much of its productivity gains yet to be...

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