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How Many Jobs Have Been Replaced by Technology?

How Many Jobs Have Been Replaced by Technology

Robots are the future, and computers are getting smarter with every passing day, but to what extent and how much should the workforce be worrying about how many jobs have been replaced by technology and their livelihoods?

The World Economic Forum (WEF) published in a new report that an innovative generation of smart machines, propelled by speedy advances in artificial intelligence (AI) and robotics, could potentially substitute a large percentage of live human jobs.

Robotics and AI can cause serious disruption.

The coronavirus pandemic has pressed companies to fast-track the use of new technologies to cut costs, augment production and be less dependent on people. 

Management consulting giant PricewaterhouseCoopers (PwC) published that AI, robotics, and different other forms of smart mechanization have the potential to fetch an enormous economic profit.

These new developments can contribute up to $15 trillion to global GDP by 2030. However, they will come at a high cost to humans.

The additional wealth will also spawn the demand for many jobs, but there are also concerns that it will dislocate many active jobs

Major Concerns About How Many Jobs Have Been Replaced by Technology

Concerns of fresh technologies upsetting workers and causing job losses have been around for some time.

On one side, the disagreement is automation will enhance productivity and erase the need for physical labor.

The counterclaim is that individuals devoid of suitable skills will be displaced and not have an abode in the new environment.

Banking and financial services providers, factory workforce, and office employees will ostensibly face the loss of their jobs—or need to find a way to up-skill themselves.

Millions need to get equipped to handle the change, although governments would have to create stronger safety nets for displaced workers.

Business leaders and a few politicians are open to speaking out about the impending detrimental effects of transitioning to machinery and replacing workers.

Computers, intelligent machines, and robots appear like the labor force of the future.

And, as additional jobs are replaced by technology, individuals will have less work to do and eventually will be sustained by expenses from governments.

Advances in automation and artificial intelligence hold the key to carrying about new levels of affluence humans have never seen.

They also hold the prospect of upsetting our economies and destroying lives through several generations, if the prophecies of experts like Stephen Hawking and Elon Musk are to be believed.

Loss of Jobs in the US at the Hands of Technology

The United States alone registered a job loss of around 40 million jobs at the pinnacle of the pandemic. Although several jobs have come back, some will certainly not return.

One group of economists estimates that 42% of the jobs have been lost forever. 

These projections paint a disturbing picture when taken at face value, but if we delve a little deeper, we see that advancements in what civilization creates, produces, and consumes have at all times affected how humans innovate.

The most vulnerable sector in the United States due to this advancement in technology is the financial sector especially the banking industry next is the agriculture industry.

We cannot demarcate areas where the impact of technology is not felt and reduction of workforce is normal now.

How Many Jobs Have Been Replaced by Technology in The Banking Industry?

You no longer have to be stuck in a call queue to obtain consultation on any matter.

Banking AI assistants have become a must for every transaction in a customer-centered bank service. AI is replacing the support centers.

This in reality means that banks will require less customer support, and even no support hub, to decide on their customers’ issues.

This decreased dependence will result in fewer banking branches.

Digitalization of branches has reduced the turnaround time in the submission of documents. The digital banking application is a branch killer.

Digital solutions have developed into the main service path, and banks are turning into technology-driven entities.

Their achievements depend on the types of banking clients and how promptly and efficiently they can offer customer-centered solutions.

Technology in Agriculture Industry

Technology in agriculture affects numerous areas, such as fertilizers, pesticides, seed technology, etc. Biotechnology and genetic engineering have resulted in pest resistance and improved crop yields.

The benefits are as follows:

  • Climate/ weather forecast through artificial intelligence.
  • Recovering farm yields and supply chain management by using big data
  • Farm Mechanization
  • Durable crops are developed by making use of biotechnology

Technology in Education Industry

Education Technology

When you talk about the up-and-coming technologies in our world nowadays, you will most probably see that the list appears endless.

Education is not an exception and is going through a massive transformation which is leading to fewer staff and more interaction via AI.

The promising technology is reshaping schooling in the following ways:

  • Augmented Reality (AR) and Stimulation 
  • Adaptive Learning 
  • Education-based on AI 
  • Automation
  • Learning Analytics

Technology in Warehousing

As of 2019, there was a boom in the worldwide warehouse automation market due to the pandemic. Programmable machines have become the norm.

They can choose, arrange, and return supplies to their shelves. They also use sensor and AI-based equipment that automates warehousing technologies to a great extent.

In the U.S. only, some 1.5 million workers are engaged in the warehouse and storage segment.

The UK’s transportation and storage segment employs 1.8 million and millions of others toil in warehouses. Automated technologies are altering these employees’ daily lives.

The pandemic has forced companies to automate tools designed to sanitize workspaces.

This had a great impact on the people related to the industry as it was critical during the pandemic to prevent the spread of the coronavirus among workers whose jobs had to be done in person. Robots have made warehouses much more efficient.

Conclusion

As organizations look to the future, they have to both tackle workers’ qualms and boost their optimism by working to offer safe, productive workplaces and real opportunities for expansion.

Overall, there is no rationale to be anxious about how many jobs have been replaced by technology, or how many will be replaced.

Being equipped is better than worrying about the subject of what you will do if you’re replaced by a robot, AI, or erstwhile automation technology.

The advancement in technology will definitely have an impact on all industries.

As you have seen here, how many jobs have been replaced by technology but instead of getting drowned, you can ride the wave, and come out on top!

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