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.

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