While everyone seems to be panicking that artificial intelligence (AI) is taking over jobs and making people unemployed, Gartner says it will, in fact, create them.
The industry research firm estimates that by 2020 AI will have created more jobs than it will have destroyed. It also predicts that as many as two million new jobs will emerge in AI by 2025.
There will, of course, be some roles that will be taken over by AI; it’s inevitable. But, that’s not to say the people doing those roles will be out of a job.
Companies are still going to need people to train, maintain, and build new AI after all. The hard numbers that Gartner predicts when it comes to AI taking over jobs are this:
2.3 million jobs will be created because of AI
1.8 million will be eliminated
“Many significant innovations in the past have been associated with a transition period of temporary job loss, followed by recovery, then business transformation and AI will likely follow this route,” said Svetlana Sicular, a Gartner vice president of research.
She also said how leaders and those responsible for these things need to start thinking about how AI will affect certain jobs.
Even if AI doesn’t replace a particular role it may still change the way it currently functions and is something workers will need to learn to adapt to.
To help boost productivity and encourage more efficient decision making, many businesses are investing in AI to carry out repetitive tasks involving large amounts of data.
According to Gartner, by 2021, AI-enabled tools are expected to generate nearly $3 trillion in business value. By 2022, the company predicts that as many as one in five workers that are involved with non-routine work will be relying on AI in some way to carry out their job.
According to Goldman Sachs Group Inc., AI will add somewhere between 51 and 154 base points to US productivity figures by 2025. Already around 13% of S&P 500 firms include AI when talking about earnings calls.
Even as early as next year, Forrest Research says the total amount of US expenditure driven by AI. cloud services, and other business techs will reach a staggering $1.5 trillion.
So, if you thought that AI was at its peak, think again.
It’s only just the beginning.