Artificial intelligence (AI) could replace the equivalent of 300 million full-time jobs, a report by investment bank Goldman Sachs says. It could replace a quarter of work tasks in the US and Europe but may also mean new jobs and a productivity boom.
While it is inevitable that AI will replace several jobs in the future, the ironic part is that it will also create jobs for the human workforce. According to a recent report released by the World Economic Forum, artificial intelligence, automation, and robots could replace around 85 million jobs worldwide by 2025.
AI is unlikely to fully eliminate entire categories of work. Rather, it could gradually play a larger and larger role in many types of jobs, eventually supplanting some workers.
Analysts and scientists are jobs that AI can never replace as they require domain knowledge and critical thinking skills to derive insights and identify patterns.
It added that highly skilled occupations were most exposed to AI-powered automation, such as workers in the fields of law, culture, science, engineering and business. AI breakthroughs had resulted in cases where output from AI tools – such as ChatGPT – was indistinguishable from that of humans.
Automation has the potential to eliminate 73 million US jobs by 2030, which would equate to a staggering 46% of the current jobs. 37% of Americans are worried about automation displacing them from their jobs.
Here's which are most (and least) at risk. In the U.S., 28% of the workforce could be automated. But it's not all bad news.
AI's Creative Process Is Limited to the Data It Receives
Hence, it cannot think up new ways, styles, or patterns of doing work and is restricted to the given templates. Employers and employees know how important creativity is in the workspace.
Fear of computers, artificial intelligence, robots, and other comparable technologies is known as technophobia. When confronted with various forms of AI, people who suffer from technophobia experience acute anxiety, a raised heart rate, perspiration, nausea, and other unpleasant sensations.
The World Economic Forum has estimated that artificial intelligence will replace some 85 million jobs by 2025.
The advancement of artificial intelligence (AI) is inevitable. It has the potential to transform entire industries, and many believe that it will eventually lead to the obsolescence of human labor. This is a valid concern, but it's important to remember that AI will not simply eliminate all jobs overnight.
Future-proofing your career is about preparing yourself for a lasting professional journey, creating your opportunities, and growing regardless of your job status or the economic recession. One of the necessary steps to build a flexible, adaptable, and lasting career is by staying on the path of upskilling yourself.
Software engineers will be needed to create and test AI systems, and advanced AI will allow engineers to become more efficient and solve a wide range of issues. That said, only time will tell if AI will replace the engineering job pools or be used as an invaluable tool to assist in project creation.
In fact, a study by the McKinsey Global Institute suggests that between 400 and 800 million jobs worldwide could be displaced by automation and AI by 2030.
According to the World Economic Forum's 2020 Future of Jobs Report, AI is set to cause huge disruption in the employment market by replacing around 85 million jobs by 2025.
Not Everyone Will Work
It could be that displaced human workers can't re-skill and don't have it in them to fill the more human-driven roles. This would obviously lead to higher unemployment numbers, which would have a large impact on society and the economy. The impacts of this possibility are far-reaching.
Some of the major dangers of AI include misinformation (including creating convincing fake images and video known as deepfakes), privacy concerns, the loss of jobs, bias and discrimination, market and financial volatility, and a so-called singularity in which AI surpasses human intelligence.
No, AI will not take over the world. Movies like I, Robot are science fiction, with an emphasis on the word fiction. But advances in technology like ChatGPT and other Large Language models have reignited the debate.
The future of AI in fifty years…
Noted futurist Ray Kurzweil previously pegged the superintelligence tipping point at around 2045 – where machine (AI) become smarter than humans (singularity), although he predicts by 2029 AI will have human-like intelligence.