The impact of Artificial Intelligence (AI) on the job market isn’t as likely to be heavy as initially thought, says a new report by PwC, with the industry creating as many jobs as it takes away.
There has been talk of AI meaning human jobs will be replaced by robots, leaving many in industries undergoing an artifical intelligence revolution worried. However, according to new research by accounting firm PwC, AI will boost economic growth and create new roles to fill those that it takes away.
Seven million existing jobs could be displaced by AI from 2017-2037, but about 7.2 million could be created, the report concludes. This boosts the UK’s total jobs by around 200,000.
The job creation may be unevenly spread across sectors, however, with jobs in health set to increase by 22 percent. In education, jobs may increase by just 6 percent.
The same is true for jobs losses. In the manufacturing sector, jobs could fall by 25 percent, hollowed by 22 percent in transport and storage and 18 percent in public administration.
John Hawksworth, chief economist at PwC, said: “Major new technologies, from steam engines to computers, displace some existing jobs but also generate large productivity gains.
“This reduces prices and increases real income and spending levels, which in turn creates demand for additional workers.
“Our analysis suggests the same will be true of AI, robots and related technologies, but the distribution of jobs across sectors will shift considerably in the process.”
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