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Jobs at risk due to increasing AI addition to the industries.

Kiara Mandavia

Jun 21, 2023

As the Artificial Intelligence (AI) wave takes over almost half of the industries, up to 300 million jobs may be affected, says a report by Goldman Sachs.

For the past years, we have come across many global announcements related to AI. One or the other day, AI is introduced to various technologies. With such innovation, the existing industries seem to boom their business on a large scale. But on the other hand, many jobs are put at risk. 

New research reveals that 80% of jobs in the US will be impacted by AI, with engineers, accountants, writers, journalists and analysts some of the most likely to be affected. It could replace a quarter of work tasks in the US and Europe but may also mean new jobs and a productivity boom. 

Integrating generative AI tools into the workplace could theoretically automate as much as 70% of the time an employee spends completing tasks on the job, the consulting firm estimated. That could help many workers save time on routine tasks, which in turn will boost profitability for businesses,  McKinsey said in a recent report.

AI is also believed to have the potential to enhance the world economy. According to the given source, in more than 10 years from now, artificial intelligence might raise the global GDP by 7%. Significant labor expense savings, new job development, and higher productivity for non-displaced workers are some of the elements that might contribute to enhancing global expansion. McKinsey explains in his “ A minute with McKinsey Global Institute: Challenges of adopting automation technology” late adopters might find it difficult to generate impact from AI, because front-runners have already captured AI opportunities and late adopters lag in developing capabilities and attracting talent.

Manufacturing is one of the industries already seeing the biggest impact from AI. However, we can only wait and see where the AI shows more impact. 

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