The AI revolution: impact and potential for Austria

On behalf of the Federal Chancellery , EcoAustria looked at how artificial intelligence (AI) is already changing economic processes in Austria, which sectors are particularly affected and which political measures are necessary to make the best possible use of the resulting potential. The analysis is based on scientific literature, empirical data and qualitative interviews with experts from business, science and technology. The aim of the study was to draw a comprehensive picture of the economic and regulatory effects of the AI transformation for Austria.

The results clearly show that AI applications have gained considerable momentum in recent years and are increasingly penetrating all sectors of the economy. The emergence of generative AI models such as ChatGPT has further accelerated this trend. AI systems are not only taking over simple routine activities, but are also increasingly changing cognitive tasks. Knowledge-intensive service industries such as legal and management consulting, financial services, advertising and market research are particularly affected, but individual manufacturing industries - such as mechanical engineering or pharmaceutical production - are also among the sectors that are highly affected by AI and at the same time of great economic importance for Austria.

In addition to operational applications, the study also analyzes the effects of EU-wide regulation through the adopted AI Act. The new legal framework creates uniform standards for the development, use and monitoring of AI systems. The experts surveyed generally welcome the regulatory clarity and see it as an opportunity to establish trustworthy AI across Europe. At the same time, however, challenges are also emphasized: small and medium-sized companies in particular must expect additional compliance costs, which could impair their competitiveness - especially in comparison to large non-European providers.

The study concludes that AI offers great economic potential in Austria, particularly through efficiency gains, new business models and innovative applications. At the same time, however, it also shows that Austria still has some catching up to do when it comes to the development and commercial use of AI technologies compared to other countries. In order to close this gap, the study recommends a series of economic policy measures: These include targeted support services for companies, the expansion of technical and digital skills in education, easier access to venture capital and greater European cooperation in the areas of research, development and technology transfer.