Emerging Tech Will Create More Jobs Than It Kills by 2022, World Economic Forum Predicts
Artificial Intelligence
Sep 09, 2018

Emerging Tech Will Create More Jobs Than It Kills by 2022, World Economic Forum Predicts

The advancement of robotics and artificial intelligence will make 75 million jobs obsolete by the year 2022, according to a new report. Sounds dreadful, but the same report goes on to predict the creation of 133 million new jobs over the same period.

There’s a lot of uncertainty right now about the future of work, and how emerging technologies will change the nature and availability of jobs in the coming years. It’s tempting and wholly reasonable to believe, as so many do, that technological advances, particularly in the areas of robotics and AI, will result in massive unemployment. At the same, technological progress could also create new opportunities and completely new forms of employment. The big question many of us are asking now is: Will job losses outweigh job creation in the coming years and decades?

If a new World Economic Forum (WEF) report is to believed, emerging tech will create more jobs than it destroys. At least for the next four years. Specifically, The Future of Jobs Report 2018 predicts the loss of 75 million jobs by 2022, and the creation of 133 million jobs over the same period, for a net increase of 58 million jobs. That’s obviously good news, but this extraordinary swing in jobs will pose a challenge to both employers and workers. For employers, it means making the right investments in technology; for workers, it means acquiring the right skills.

To create its report, the WEF surveyed executives, especially chief human resources officers, from 313 of the world’s biggest companies, representing over 15 million workers in 20 developed and emerging economies. The companies represent a diverse set of industries, including automotive, aerospace, supply chain and transport, travel, financial services, healthcare, IT, mining and metals, oil and gas, professional services, and others.

The authors of the report identified four primary drivers of change that will dominate from now until 2022, namely ubiquitous high-speed mobile internet, AI, the widespread adoption of big data analytics, and cloud technology. These changes will happen in conjunction with other trends, such as the expansion of education among the middle classes (particularly in developing economies), and the shift toward a greener global economy.

Among the companies surveyed, 85 percent they’ll likely expand their use of big data analytics between now and 2022. An equally large proportion of companies said they’re either likely or very likely to adopt and expand their use of such technologies as the internet-of-things, app- and web-enabled markets, and cloud computing. Other technologies tabled for near-future investments included machine learning and virtual reality.

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Source: Giz Modo

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