A recent report by PricewaterhouseCoopers (PwC)has estimated that Artificial intelligence (AI) will create 7.2million new jobs in the UK healthcare, science and education markets by 2037.
It is estimated that healthcare and social work would secure the advantages of AI technologies, where employment numbers could increase by approximately one million on a net basis, The Guardian reports.
However, it’s not all positive. AI will slash the number of human jobs in other areas, PwC said. Approximately 20% of jobs will be automated in the next 20 years.
John Hawksworth, the Chief Economist at PwC, says: “Healthcare is likely to see rising employment as it will be increasingly in demand as society becomes richer and the UK population ages. While some jobs may be displaced, many more are likely to be created as real incomes rise and patients still want the ‘human touch’ from doctors, nurses and other health and social care workers.
“On the other hand, as driverless vehicles roll out across the economy and factories and warehouses become increasingly automated, the manufacturing and transportation and storage sectors could see a reduction in employment levels.”
The PwC study suggests that the manufacturing market could lose close to 700,000 jobs to automation by 2037. Transport and storage are said to lose 400,000 jobs, and the public administration and defense industries suffering a 18% reduction in the number of jobs.
PwC forecast that humans employed in the defense industry will slowly be replaced by drones and other robotic technologies.
Mayur Pitamber, Market Manager at Insight, assures however that a good proportion of these new jobs will be focused on understanding and managing technology, “as the limitations of machine learning means it needs human wisdom to guide it.”
“Fears of mass job displacement by Artificial Intelligence (AI) are simply not realistic…”
“…the technology has intelligence, but not wisdom, and that limits what it can accomplish by itself,” Pitamber says.
Krish Ramineni, CEO and co-founder at Fireflies matched these views, adding “I still don’t think AI assistants can do the job of communicating, collaborating, synthesizing, and making decisions the way a human can”.
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