Artificial Intelligence and Robotics will result in loss of 75 million jobs, warns the World Economic Forum report

Geneva/Tianjin: The human society lose about 75 million jobs in the next four and a half years owing to Artificial Intelligence and Robotics, warned the report published by the World Economic Forum. The report published in the meeting of the World Economic Forum, currently being held in China has warned that humans will be rapidly replaced by robots in the accounting, client management, industrial production and postal and secretarial activities.

World Economic Forum published a report named, ‘Future of Jobs 2018’. This report assesses the social, economic, and demographic changes that would be caused due to the technology based fourth industrial revolution. The report warns that there will be major upheavals in the industry because of technologies like the Artificial Intelligence and Robotics. The report lays more stress on the effects on the human resource market at the global level.

The human resource market will see creation of new job opportunities, but these jobs will be entirely different from the current jobs, is the concern expressed in the report. The skillset required for the old and the new sectors will be vastly different in most of the industries at the global level and it predicts a possibility that the ratio of male-female percentages in the sector may also change.

Most of the industries will have to adapt to the new technologies like Highspeed Mobile Internet, Artificial Intelligence, Big Data Analytics and Cloud Technology, in the next four years. Although the report predicts creation of 130 million new job opportunities, it also clearly warns of 75 million people losing their jobs due to Artificial Intelligence and Robotics.

The Future of Jobs Report indicates that the major changes will be in the Data Processing and Information Research and Transmission sectors and by 2022, on an average, 42% of the jobs will be assigned to technologies based on Robots and Artificial technologies. The report also warns that there will be a 50% reduction in the number of permanent jobs available today. The middle class will be the most affected due to these changes in the human resource market, warns the report.

While speaking at a function in China, leading Chinese entrepreneur Jack Ma had recently predicted that the number of job opportunities will be reduced because of the artificial intelligence technology and in the next few years we might see a Robot occupying the CEO’s chair in some large companies. Renowned industrialist Elon Musk, during the World Government Summit held in Dubai, had warned that 15% of the currently available jobs around the world will be taken up by advanced robots. The new report released by the World Economic Forum seems to confirm this claim.