As the wave of artificial intelligence (AI) and automation sweeps across various industries, it is rapidly transforming the landscape of the modern workplace. But this shift is not a new phenomenon – it has been in the works for past thirty years.
MIT professor and economist Daron Acemoglu conducted a study between 1990 and 2007 to examine the effects of robots and automation on the job market.
The results showed that with the integration of just one robot per 1,000 workers, the employment-to-population ratio dipped by 0.2% nationwide.
This also led to a 0.4% wage reduction, revealing that robots directly cause income inequality among human workers. While robots and AI won’t replace all jobs, this era of automation is carving a new landscape for businesses and employees.
Let’s take a closer look at some workplace automation statistics and how technology is impacting the job market and business landscape.
Communication Breakthroughs
AI is revolutionizing communication, from virtual assistants like Alexa and Siri to language tools like ChatGPT and Google Translate. These tools can recognize, process, and generate speech and text, improving communication across the globe and accelerating content production.
While the benefits are significant, these advancements in neural networks and machine learning are predicted to impact around 20% of jobs in the translation and interpretation industry by 2029.
High Precision Healthcare
AI and robotics are ushering in a new era of healthcare, automating manual tasks and taking over for medical staff.
One significant development is the advent of surgical robotics. These advanced machines can perform manual tasks and provide surgeons with greater precision and control that surpass the human hand’s capabilities. By 2029, surgical jobs are projected to decline by 2%.
Radiology is also undergoing a transformation, with AI providing more accurate diagnoses. For example, a study found a deep learning model to outperform six radiologists when diagnosing lung cancer without prior CT scans (a costly screening option). This level of precision is capable of saving more lives by increasing screening availability and diagnosis accuracy.
Robot Workers
Workers in production, warehousing, and clerical roles remain at the top of the displacement list as AI-powered robotics and software can take over their tasks with increased speed, precision, and consistency.
These machines and technology can single-handedly run assembly lines, pick up and sort products, and automate various office tasks like data entry and analysis, scheduling, and bookkeeping.
The Cultured Meat Revolution
Technology like smart shrimp and fish farms and autonomous tractors has taken farming to a new level. Now, it has been taken a step further with cultured meat – meat that can be grown in a lab by harvesting an animal’s cells.
Using complex machines, lab-grown meat can be produced and automated in laboratories and facilities. This technological advancement can be viewed as a more ethical, healthy, and environmentally friendly alternative to traditional meat and how it’s obtained.
With the USDA funding $10 million towards cultured meat research, lab-grown meat is set to transform the animal farming industry. However, this will significantly impact the animal farming industries, reducing the need for traditional roles like animal farmers and slaughterers.
The Future of Defense
Even the military isn’t immune to AI’s reach. The British Army’s Global Response Force is considering replacing humans with the Ghost V60 quadruped. This robotic canine can enhance situational awareness and execute tasks that put soldiers in harm’s way.
Immersive Customer Experiences
More and more companies are turning to virtual reality (VR) to engage with their customers, with more than 65% of contact centers projected to use VR by 2025. VR in customer service and retail offers an immersive and personalized experience when purchasing products.
For example, the mobile app Ikea Place lets customers virtually view how furniture looks in their homes. This technology is changing the job market, with more opportunities for developers, engineers, and designers in the VR space.
Enterprise Automation
Businesses are increasingly investing in AI-powered services for enterprise automation. The goal is to develop more advanced AI algorithms to automate IT infrastructure, reducing costs and increasing efficiency, productivity, and quality.
Enterprise automation is shifting employee skill sets as AI takes over various tasks and processes. While automation can lead to job displacement, it also opens doors for new roles.
A Taste of the Future
As many as half of restaurant operators are adopting automation technology in their daily workflows to enhance efficiency, convenience, and customer service. From robotic chefs to automated order and payment processes, automation is replacing more jobs every day.
Fashion’s Virtual Leap
The adoption of direct-to-avatar (D2A) strategies by fashion brands presents an exciting new avenue to sell virtual products. As the digital environment continues to grow, D2A is creating a new parallel economy. In fact, there is a $190 billion market opportunity in the virtual products space.
High-end fashion brands have already entered the virtual world, partnering with developers and making their products available to purchase for online players and avatars.
