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Those stories about AI taking our jobs? They might be dead wrong
The advances in the field of artificial intelligence threaten to make many human jobs obsolete. But there's no reason to panic: AI will also create many new jobs, with the net result actually being a slight positive for humans.
This is according to a new study by PwC, which focuses on the job market in the United Kingdom.
SEE ALSO: The first AI robot has made it to space and it's kind of creepy lookin'The report, released on Tuesday, says that AI and related technologies are projected to displace 7 million existing jobs in the UK over the next 20 years. However, AI will also create 7.2 million new jobs.
"Major new technologies, from steam engines to computers, displace some existing jobs but also generate large productivity gains. This reduces prices and increases real income and spending levels, which in turn creates demand for additional workers. Our analysis suggests the same will be true of AI, robots and related technologies, but the distribution of jobs across sectors will shift considerably in the process," John Hawksworth, chief economist at PwC, said in a statement.
This last bit does, unfortunately, mean that some workers will be more affected than others. For example, health, professional, scientific and technical services, and education sectors will get the largest net increase in jobs. On the other side of the spectrum, manufacturing, transport and storage, as well as public administration jobs will be hit the hardest.
Credit: PwC These percentages will remain similar across the UK, PwC estimates. London should see the biggest net increase in jobs at 2 percent, while regions in the North and Midlands will see a net loss of around 1 percent.
Even though it's focused on UK only, the study is an interesting read at a time where many fear that artificial intelligence, robotics and similar technologies could potentially "steal" jobs from humans. However, PwC's analysis is in line with other reports which claim that AI might make people more productive and create new jobs.
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