Will AI lead to job loss in the future?

January 8, 2021

AI has the potential to disrupt the way jobs are done across sectors. It is likely that AI will have an impact on all jobs in the future, but the extent of impact may vary from job to job and industry to industry.

Although it is too early to predict exactly what the impact will be, it is certain that AI will be used in fields such as healthcare, education, finance, law and many others.

The technology is on the verge of widespread commercialisation and the impact it will have on jobs is yet to be seen. But, it is expected that jobs that are repetitive and menial will be the most affected.

According to a McKinsey Global Institute study, about half of the activities people are paid to do could be automated by adapting currently demonstrated technology.

A report by the New York Times suggests that the rise of AI may increase the gap between the rich and the poor. The report cites researchers who say that, in the future, AI could become the main driver of inequality.

The report states that while AI will make the world a better place, it could also empower people who will be able to afford expensive services.

"If you have access to a personal health bot, and your neighbor does not, you're going to be healthier, you're going to be better educated, you're going to have a better diet," said Andrew McAfee, co-director of the Initiative on the Digital Economy at the Sloan School of Management at the Massachusetts Institute of Technology.

"All the things that make you better off make you better able to compete and make you more productive," McAfee said.

"The problem is, it's not a level playing field. And that's the real danger of AI," he added.

A report by the World Economic Forum predicts that by 2020, around 5 million jobs will be lost and 2 million jobs will be created. The report also says that AI could increase the GDP by $15.7 trillion from 2016 to 2035.

What is AI?

AI, or artificial intelligence, is the intelligence exhibited by machines, and the branch of computer science that develops machines with human-level intelligence.

It is related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to methods that are biologically observable.

The problem of creating machines that can think like humans is one that researchers have been trying to solve for decades.

According to a report by the World Economic Forum, the AI industry is expected to grow from $1.2 billion in 2016 to over $3 billion by 2020.

AI is already being used in several sectors including healthcare, education, finance, law and others, and the technology is expected to go mainstream in the next few years.

Other Blogposts

Our blogs purpose is to expand insight and dialogue between us, you as our audience, and other authors.
January 8, 2021
Will AI lead to job loss in the future?

AI has the potential to disrupt the way jobs are done across sectors. It is likely that AI will have an impact on all jobs in the future, but the extent of impact may vary from job to job and industry to industry. Although it is too early to predict exactly what the impact will […]

Read More
January 7, 2021
10 Applications for AI in the Future

AI is already changing the world around us – from the way we interact with machines, to the way we think of them, to even the way we see ourselves. The possibilities of artificial intelligence are endless, and while we’re still just scratching the surface, it’s important to take a step back and see what […]

Read More
December 22, 2020
What Is FinTech?

FinTech is a wide-ranging term that covers all digital innovation in the financial industry. It includes everything from payments, peer-to-peer lending, lending, insurance, investments and savings. FinTech is also a global movement. The digital revolution has already transformed the financial services industry in Europe and North America, and the FinTech revolution is now spreading to […]

Read More
December 18, 2020
What is Artificial Intelligence?

Artificial intelligence refers to the intelligence exhibited by machines. It is a form of computer programming that allows a machine to act or behave as if it were a human being, as in the ability to be aware of itself and its surroundings, to learn, to solve problems, to feel emotions and to communicate with […]

Read More
October 19, 2020
AI in Real Estate

If you are interested in how AI can be used in real estate, you can sign up for my newsletter, and I will send you a complimentary guide to AI and Real Estate. In the meantime, let’s take a look at some of the ways AI is already being used in the real estate industry. […]

Read More
September 12, 2020
How is AI being used in calculating Loans?

Most people are aware that AI is being used to predict risk and make decisions in the field of finance. However, most people are unaware of how this technology is being used. AI is an excellent tool for people who are responsible for making decisions. This is because it makes use of historical data to […]

Read More
May 7, 2020
Using AI to help sell a House

In the real estate market, artificial intelligence (AI) is being used in many ways to increase the efficiency of realtors. From data analysis to social media outreach, AI is a valuable tool in the hands of realtors. Real estate marketing is a slow process, and if you’re a buyer or a seller, there’s a lot […]

Read More
April 21, 2020
What is the state of Artificial Intelligence?

We are in the very early stages of development of true Artificial Intelligence. AI is a broad term that encompasses many different technologies. One can think of AI as falling into 3 major categories: Weak AI- This is artificial intelligence at its most basic. This is AI that has been programmed to learn from its […]

Read More
menu-circle