As we all know, the rise of artificial intelligence (AI) has fundamentally altered the world and workplace in recent years.
The broad use of artificial intelligence (AI) has the potential to replace almost 300 million full-time jobs, according to a new analysis released by Goldman Sachs.
While many people might be concerned about this, artificial intelligence (AI) is a sophisticated, intelligent technology that is capable of practically anything. AI has the potential to increase productivity and create new jobs.
Also, according to economist Goldman Sachs, AI might automate 18% of the workforce. But, with the emergence of cutting-edge platforms like chatGPT, Bing, and Bard, daily workflow may now be readily automated. Around 300 million full-time employment could be mechanised in the future.
According to a different Goldman Sachs analysis, “almost 18% of work can be digitised, and white-collar workers could be the first to be replaced.” The job market “could experience major disruption.”
Thus, it is anticipated that the risk of automation displacing legal and administrative staff is considerable. Nonetheless, the AI growth won’t have much of an influence on vocations requiring manual labour or outdoor work.
According to studies, up to 25% of present employment may eventually be replaced by AI, and approximately two-thirds of jobs in the United States and Europe are “exposed to some degree of automation by AI.”
The overall annual value of products and services produced globally could eventually increase by 7% as a result of AI, according to economists.
Additionally, the generative AI is intelligent enough to create outstanding content that is almost indistinguishable from human
work, signifies a great advancement.
As far as we are aware, ChatGPT can also produce emails, original material, and answer maths problems and exam papers.
To increase their bottom line and employee productivity, several businesses are investing in generative AI. Large IT businesses like Microsoft, Google, and others are attempting to create their own bots.
Also, the UK government is keen to promote investment in AI. The government thinks it will ultimately increase productivity across a wide range of industries. The government is also asking for public input on the potential and effects of AI.
Technology Secretary Michelle Donelan stated, “We want to make sure that AI is complementing, not replacing, the way we operate in the UK. Instead of eliminating our jobs, we want to improve them.
The data shows that different sectors have been affected by AI differently. Senior economists believe that roughly 46% of the administrative sector and 44% of the legal professions might be automated.
Only 6% of construction and 4% of maintenance will be impacted, though.
According to a McKinsey Research Institute research from 2018, 400 million people could be uprooted globally by AI by the year 2030. Additionally, it is estimated that the annual value of AI might range from $3.5 trillion to $5.8 trillion.
Although it is also anticipated that worker productivity would rise over the next ten years, it is also predicted that the addition of AI will boost yearly GDP growth by 7%.
Due to AI’s potential to reduce labour costs, enhance productivity, and create new jobs, economists predict a “productivity boom” that could significantly raise economic growth. “Hard to forecast” when such a boom will occur.