Artificial Intelligence (AI) Could Create 7.2 Million Jobs, More Than It Destroys – PwC Report

Artificial Intelligence or simply we can say AI, are the computer-controlled robot which perform tasks commonly associated with intelligent beings. They are the robots which can perform hell complex mathematics, for them it doesn’t matter if the number is of ten digit or of thousand.

Even though we have created them, but they have ultra intelligence in many different fields. They can fight in war field and can also perform a surgery in a hospital. Those days are not far when they will start replacing the humans, and also start ruling on us.

Haha, actually it isn’t true. Many of us think that Artificial Intelligence will eat many humans jobs and there are some people who also think they will one day rule on us. But in reality all this things aren’t true. Artificial intelligence will generate as many jobs as they displace over the next 20 years.

According to a latest report by UK Economi PwC — through Artificial Intelligence there will be around 7.2 million jobs get created  in all the sector. PwC said as AI will plays a more influential role in business and society. PwC estimated that about 20 per cent of jobs would become automated by 2037.

Artificial intelligence techgrabyte

According to PwC, the impact will be largely neutral. The impact of new technologies won’t be felt evenly across all industries.

PwC predicts that the biggest beneficiary of Artificial Intelligence, will be healthcare sector. It will create an estimated 1.5 million jobs, in return 526,000 workers which will get replaced by Artificial Intelligence (AI). This corresponds to a 22% net increase of nearly a million new jobs. It is also expected that there will be six per cent net jobs increase in the education sector. The professional, scientific and technical sector is predicted to see a net job increase of 16 per cent.

If we look at other major field which are going to face losses in jobs, then the manufacturing sector is predicted to lose 25% due to workforce to AI, but don’t get worry, equivalent to this nearly 700,000 new  jobs will get created. The transport and storage industry told a similar story, with PwC predicting a net loss of nearly 400,000 jobs, while the government and defense sector will cut 274,000 roles. Technologies such as robotics, drones and driverless vehicles would replace human workers in such areas, but in addition to that it will also create many additional jobs as productivity and real incomes rise and new and better products are developed.

Fuan Cameron, UK AI leader at PwC, said:

Artificial Intelligence offers a huge potential economic boost to the UK and it’s great to see the government recognize and support the development of the sector through the AI Sector Deal.

People are understandably worried about the impact of AI on jobs, and businesses and the government need to address these concerns head-on. Our research highlights where the biggest impacts will be and which areas are most vulnerable so that businesses and government can plan how best to help people develop the skills that will prepare them for the future.

It’s likely that the fourth industrial revolution will favour those with strong digital skills, as well as capabilities like creativity and teamwork which machines find it harder to replicate.

Historically, rapid technological change has often been associated with increases in wealth and income inequality, so it’s vital that government and business work together to make sure everyone benefits from the positive benefits that AI can bring. These include increased productivity and consumer choice, as well as improved outcomes in those areas that matter most to people such as education to healthcare.

PwC’s research almost mirrors Gartner’s AI and the Future of Work report from earlier in the year that predicted AI will create 2.3 million jobs and eliminate 1.8 million by 2020, with a varied impact across industries.

In order to take the benefits of this upcoming future and to adjust population as per the needs of future economy. PwC recommends the government to invests more in Technology, Science, Engineering, and Mathematics education so to ensure the workforce is prepared.

Estimated job displacement and creation from AI by industry sector (2017-37)

Artificial Intelligence (AI) will make a greater number of jobs than it Destroys techgrabyte

The full results can be found in PwC’s UK Economic Outlook July 2018 report which can be found  (PDF)

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