With advances in technology, future jobs will be very different from the jobs of today.
There’s no denying that robots are becoming increasingly prevalent in today’s workforce. From manufacturing and logistics to healthcare and customer service, more and more jobs are getting replaced by automation. This trend is only likely to continue in the years to come, as robots have become even more sophisticated and capable of completing a wider range of tasks.
According to a 2019 Oxford Economics study, in the next 20 years, global robot production will increase at an even more rapid rate, reaching 20 million by 2030. Robots will accelerate production and economic growth in the future. The study also revealed that the rise of robots will lead to new employment in industries that do not yet exist, a concept known as “creative destruction.” Existing company models in a variety of industries will be drastically changed. As machines become increasingly sophisticated, millions of existing jobs will be lost.
Here are some jobs that are likely to be replaced by robots soon:
The manufacturing industry is particularly vulnerable to automation because robots can easily replicate many of the tasks involved. For instance, welding and fabricating metal parts are already being done by industrial and collaborative robots in many factories to tackle labor shortages, reduce production costs and improve quality. By 2030, up to 20 million manufacturing jobs globally will be replaced by artificial intelligence (AI), machine learning and robots. This trend is likely to continue, as robots can perform tasks more efficiently and reliably than humans. While this automation may reduce the need for human workers in factories, it is important to note that robots are not yet able to replace humans in the manufacturing process thoroughly. In many cases, robots still require supervision and direction from humans to operate effectively.
Retail services jobs, such as those in fast-food restaurants, grocery stores and malls, are the most commonly cited jobs that robots will soon replace. All thanks to the increasing availability of kiosks and vending machines that can serve customers without the need for human employees. Jobs in the retail industry that are at high risk of automation include cashiers, sales assistants and shelf stockers.
According to new research from KPMG and Harvey Nash, one in five, or about half a million, UK retail jobs will be replaced by automation and AI by 2024. This is no surprise, as repetitive and predictable jobs are the easiest for robots to take over. Robots in retail elevate customers’ in-store experience and allow retailers to save costs and enhance the accuracy of day-to-day operations.
AI and robotics will impact jobs across the healthcare industry, ranging from medical doctors to nurses, technicians and pharmacists. With advances in medical technology, there are now machines that can do doctors’ and nurses’ work. This includes checking vital signs, administering medication and even performing surgery. Developed by the RIKEN-SRK Collaboration Center for Human-Interactive Robot Research and Sumitomo Riko Company in Japan, “Robear” can lift and move patients from their beds to chairs or wheelchairs. According to Riken, Robear may lead to significant improvements in nursing care. It will help ease the burden on nurses and caregivers, such as getting lower-back pain from lifting the patients for more than 40 times a day.
Banking & finance
Jobs in the banking and finance sector are particularly susceptible to automation due to their repetitious and rule-based nature. Many tasks, such as data entry or bookkeeping, may be automated, removing the need for human workers. Furthermore, highly technical jobs, such as investment banking or stock trading, are also good candidates for robotization.
According to Oracle’s Money and Machines: 2020 Global Study, 76 percent of customers in Asia-Pacific and 67 percent globally would trust a robot more than a human financial advisor. The study indicates the trust people are placing in machines to do jobs that have traditionally been done by humans. This shift is likely due to the increasing accuracy and efficiency of robots as well as the decreasing cost of automation. If banks replace repetitive jobs with robots and technology, profits will increase.
There’s no doubt that the labor scene is changing. With technology advancing at such a rapid pace, we can increasingly automate more and more activities. However, this isn’t to say that we will be doomed and ruled by robots and AI. To reiterate, many new jobs and industries will rise along the journey of robotization. After all, these robots are built by humans, and our talents are essential in the process of technological advancement.
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