US companies are now in a global race to be the first to get a foothold in the booming space.
The report, released by the McKinsey Global Institute, finds the US has the worst “job satisfaction” among developed nations.
The study found the US ranked 47th for “job stability” in 2020, behind only China, Ireland and the UK.
McKinsey found that “there is significant scope for US companies to become more productive and efficient, and to capture market share from emerging economies”.
It said: “The US still faces significant barriers to innovation, especially in the information and communications technologies (ICT) and healthcare sectors.”
McKinsellys findings suggest that “the US has struggled to meet the growth goals and expectations of its economic expansion, while also struggling to maintain an effective and efficient workforce.”
It said that “unemployment and the high cost of living are leading to joblessness, particularly among younger workers”.
McKinseys research found that the median annual salary in the US was $47,907, and the median household income was $66,934.