According to a recent Goldman Sachs report, AI could replace equivalent of 300 million jobs. Here in this post, we will discuss the report in detail.
AI could replace equivalent of 300 million jobs
People are becoming more concerned about the possibility of various vocations being eliminated by Powerful technology as a result of recent breakthroughs in artificial intelligence. Now, generative AI is expected to have an impact on up to 300 million employment, according to a Goldman Sachs analysis.
If the technology could deliver as its expectations then it could bring massive job loss for the labor market. We have already started seeing it and it will go on. We discover that around two-thirds of existing jobs in the US and Europe are vulnerable to some level of AI automation. If this continues, then generative AI might replace up to one-fourth of the present work.
Apart from this if we discuss the positive aspect then we could see a productivity boom and new jobs could result from technological advancement. According to the paper, which could ultimately increase global GDP by up to 7%.
ChatGPT is a perfect example of us of AI. This will create content very similar to human output and could spark a productivity boom over the next decade.
jobs at risk due to AI
Today we can see an increasing number of AI applications that could replace many front-level jobs.
- Writer
- Video Editor
- Voiceover artists
- Animation video maker
- Painter
- Online tutor
- Bookkeeper
- Accountant
- Driver
- Research analysts or Data Managers
All these jobs are now replaceable with AI applications. In the future also this will increase and many new apps or integrated systems will be invented.
Apart from these jobs AI-generated content is already being tested by the media sector. Although the publisher has had to make several edits, tech news outlet CNET utilized an AI tool similar to ChatGPT to produce dozens of stories, and BuzzFeed said that it will leverage technology from the ChatGPT creator to create new types of content.
60% of workers are employed in professions that did not exist in 1940, according to research that is referenced in the paper. However, some studies indicate that employment creation has lagged behind the displacement of employees during the 1980s. And the report concludes that generative AI may shorten the employment outlook in the near future if it is anything like earlier information-technology advancements.
The impact will also vary dramatically between various sectors, according to the research. The impact will be greatest in the administrative and legal sectors, where 46% of administrative employment and 44% of legal jobs are at risk of being replaced by AI.
According to the survey, cleaning and maintenance, installation and repair, and construction vocations have the least exposure to AI. Physically demanding occupations have modest risk; maintenance has a 4% likelihood of replacement while construction faces a 6% hazard.
Final Words
The good part is AI may take millions of jobs in different segments but it could bring new opportunities. New segment so of jobs. So, this is all about Goldman Sachs report AI could replace equivalent of 300 million jobs.
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