Jobless Future? – How AI Will Transform the Job Market Landscape
The rise of artificial intelligence is no longer the subject of a science fiction film. It’s a proven fact, and it’s already having an impact on the job market. This storey can be told in two different ways depending on whether the listener is aware of the details or not. The one that CEOs see and the one that employees see are two different things.
You will be able to learn more about how the future is shaping up under the influence of artificial intelligence (AI) in this article. If you want to know more, please inquire further; however, if you’ve already begun to worry about losing your job, please refrain from doing so. The statistics on artificial intelligence across all industries indicate that it is still too early to predict a more severe impact on the average worker, but things are moving quickly in this direction.
What exactly is AI?
There are a variety of theories about the origins of artificial intelligence as a concept. Some believe it dates back to prehistory, when myths spoke of man-made artificial beings created by his fellow man. Others, more scientific in their outlook, point to Alan Touring’s book “Computing Machinery and Intelligence,” which was published in 1950.
Whatever we believe about the past, it is undeniable that today’s artificial intelligence is linked to super-smart and ultra-fast computers that are capable of learning new things. It is intimately linked to computers’ ability to behave and think in ways that are similar to those of humans. A computer with artificial intelligence (AI) is more than just a screen and a keyboard. It is a device that processes information by listening to it, seeing it, and responding to it in the appropriate way.
The numbers behind the AI growth
The artificial intelligence (AI) industry has been absent from the market for an excessive amount of time. The first steps were taken in 1998, when the Deep Blue chess AI programme managed to defeat World No. 1 Gary Kasparov in a game of chess. Since then, and particularly in the last decade, the growth of artificial intelligence has continued to grow at an exponential rate. Here are a few examples of statistics relating to artificial intelligence:
- The number of students enrolled in artificial intelligence courses at Stanford University has increased by 4.500 percent over the last 20 years.
- The average salary for AI engineers in the United States is $169.930.
- In 2018, artificial intelligence generated 1.62 billion dollars in revenue, and by 2025, it is expected to generate 31.2 billion dollars.
- This year, it is predicted that artificial intelligence robots will take the jobs of 1.8 million people, while at the same time creating 2.3 million new jobs.
- In the next two years, artificial intelligence will eliminate 75 million jobs while creating 133 million new ones.
- These few statistics demonstrate just how important the artificial intelligence industry is.
- The numbers are never deceiving. The artificial intelligence market is expected to grow at a rapid pace and will fundamentally alter the face of all industries in the near future.
- Those who are able to adapt will reap the benefits. All of the others will be forced to confront the inevitability.
According to predictions, artificial intelligence will create jobs rather than eliminate them.
Without a doubt, artificial intelligence will have a significant impact on the business world. According to the statistics, millions of people’s jobs will become obsolete in the near future. The good news is that the more jobs that are lost, the more jobs are created to compensate.
E-commerce is one of the industries in which artificial intelligence is widely used. Chatbots powered by artificial intelligence (AI) save companies an estimated $8 billion per year. Employees who work in customer service will eventually become obsolete as computers gradually take over their roles and responsibilities.
It has also had a significant impact on the marketing industry. Understanding what customers require and want to see is one of the most important aspects of creating successful marketing campaigns. Ads on social media can be customised based on the behaviour of customers with the help of artificial intelligence. AI-driven software will track hundreds of thousands of users, observe their behaviour, and then present them with commercials that are most likely to pique their interest. This strategy is already being used by a number of businesses.
Nonetheless, automation will create new job opportunities. Sectors such as development, programming, engineering, and industries associated with the creation and maintenance of artificial intelligence robots will see a significant increase in demand, compared to what is currently happening. Additionally, fields that are currently reliant on human labour, such as teaching, healthcare, cleaning, labour work, social work, and so on, will continue to have the same level of demand.
Predictions say AI will create jobs rather than take them
It is likely that Hollywood is the source of the greatest fear when it comes to artificial intelligence. In the world of science fiction, the movies in which robots take over the world are always a hit with the audience.
However, if we’re being more serious about it, we could say that the worst-case scenario is that millions of people will be forced to find work on the streets. In the next few years, it is possible that the unemployment rate will increase by a significant percentage. All of the people whose jobs will no longer be required will be left with nowhere to turn. Riots could erupt, and violence could result in the loss of life.
On the other hand, artificial intelligence will result in the creation of millions of new job opportunities. All of those who have lost their jobs will be required to retrain and find new employment, which will most likely be better compensated. A large number of tutors, educators, and business professionals with extensive experience in these fields will be required to accomplish this. If done correctly, it will result in a significantly improved environment as well as higher-paying jobs.
AI-driven computers are already working for us
Did you know that artificial intelligence can be found all around us? It is, and you are most likely completely unaware of it. A large number of cities around the world are experimenting with machine-learning software that can control traffic lights and other infrastructure.
Other industries, most of which you are probably unaware of, are utilising artificial intelligence in marketing, retail, drones, security, analytics, vehicles, healthcare, and a variety of other applications. One of the most important fields is healthcare, where artificial intelligence computers are now capable of detecting cancer with greater accuracy than the most highly trained and experienced radiologists. This allows people to detect cancer at an earlier stage.
The points raised above provide a clear explanation of the various paths that the AI industry could take. It’s impossible to predict what will happen in the future, but if social services take this issue seriously and work to solve the problem, we may not end up with a jobless future at all, but rather the complete inverse. Only time will tell, but if you work in one of the threatened industries listed above, it’s a good idea to start learning some new skills.