Within the forthcoming four years viz by 2025, both the Human race as well as Machines could be in tandem operating with both spending equally upon the overall time taken for completion of a task, with the overall quantity of robots doubling up to 5 million.
As according to the Bank of America Securities, there is absolutely no doubt arising in the prevailing tech-savvy era, that with the swiftest pace for technology disruption causing huge changes for shifting of the workforce’ lives as well as in building latest professions with the global economy all set to step into an era of “Robo-sapiens”.
Within 2030, this shift would cause in to force around 100 million workforces to switch in their employment status.
The bank also further added out in a report that, there exist a $14 trillion prospect for the work future, where the human race as well as robots both will be collaborating amongst themselves.
BofA Securities stated that; “The future of work is not zero-sum between humanity and technology. We believe humans can collaborate with and work alongside robots, rather than be displaced by them, and that technology can create more jobs than it destroys.”
Technology, industrials, medical technology and education are among the significant sectors that endures to get benefited as establishments upskill and retrain workforces.
However, the commercial property and the legacy transport segments face a lot troublesome journey.
These “new-collar” jobs could occur in sectors ranging from health care to renewables, with human race anticipated to have more leisure time as technologies curb the public of mundane, monotonous daily tasks.
The BofA Securities report stated out further that; “The next decade will be marked by “unprecedented change” in the world of work.”
As per the World Economic Forum, within the forthcoming four years in 2025, automation will have an outcome in a net addition of 12 million professions as robots eradicate 85 million jobs, however would also be instrumental in building up 97 million new ones.
The field of “cobots” – the alliance between human races and industrial robots – is a swiftest-growing zone with a projected compound annual growth proportion of 50 percent through to 2023.
The BofA securities also were prompt to add that, “Apart from white and blue-collar occupation, the Covid-19 pandemic is anticipated to spur a boom in pink, green and new-collar employment measures.”
Pink-collar jobs are occupations in the care economy like that of doctors, nurses, psychologists, teachers and childcare benefactors.
Green-collar jobs encompass employment in the clean energy segment accomplished by solar engineers, wind technicians and battery experts while new-collar jobs are engrossed on technology, cyber security and coding.
A renovating world could lead to some “truly futuristic” jobs that have yet to be invented. Some of these new roles could be data privacy managers, nanomedicine surgeons, lab meat scientists, space tourist guides, freelance biohackers, AI avatar designers, 3D food printer chefs, leisure time planners, ethical algorithm programmers and brain simulation specialists, according to the report.
“We are at the early stages of ‘Eureka! Future tech’, where we contemplate the exponential progress of moonshot technology that in turn will generate the latest wave of professions that we have not even thought of yet,” the report’s authors stated out further.
Human race and machines could devote an equal amount of time finalizing operative tasks within 2025, with the global robot installed foundation doubling to 5 million units associated with 2019 levels.
A latest report by McKinsey Global Institute stated that the requirement for workforces to switch occupations would be prime to the reskilling of workers – a post-Covid future that chief executives must formulate for.
Ageing populations, higher consumer incomes and the pandemic will power the growth in healthcare jobs while transport jobs will grow due to high demand for delivery and e-commerce, according to the McKinsey Global Institute report.
The customer service, sales, warehousing and system-based work sections will be hit the hardest in terms of jobs lost.
The report’s authors also stated out further that; “Covid may spark rapid growth in new types of occupation.”
For an illustration, businesses may hire a work-from-home integration manager to ensure that new technology and equipment are in place to make remote work a success.
Organizations with a converted focus on health and hygiene may hire office disinfectors or chief medical officers.
New professions such as smart home designers and algorithm bias checkers – who ensure algorithms do not be the central to discriminatory verdicts – are emerging.
BofA Securities also further added out that; “Around the globe, growing demand for automation, AI and digitisation will spur the need for a wide range of workers such as robot repair technicians and 3D printing engineers.”
McKinsey Global Institute leader and a labour market expert, Susan Lund, added that; “The challenge is not only the large numbers but the jumps they will need to make are much higher than in the past. We will need to figure out how to help them to transition to different career pathways. This will disproportionately affect women – four times as many as men – and people without college degrees, as well as young people and ethnic minorities.”
Adopting technology could supersede about 2 billion employments by 2030. Up to 47 percent of US jobs could be at hazard from digitalization over the next 20 years. This figure could reach 85 percent in emerging markets, BofA Securities said.
Emerging markets like that of the India and China are at the utmost risk of facing skills interruption due to the trend, according to the report.
Ethiopia, Cambodia and Bangladesh are the three nations that face the extreme risk from automation as the majority of effort performed in these nations can be done by robots.
“The most worrying trend is that emerging market jobs are most at risk of automation because of the low or mid-skilled nature of sectors such as manufacturing, highlighting the risk of ‘premature deindustrialisation’.”
Premature deindustrialisation refers to a state of affairs where nations hit peak manufacturing before they navigate the economic development curve adequately.
“Economic history tells us the traditional route to prosperity has been for countries to move from an agrarian economy towards manufacturing via industrialisation, for example, the UK in the early 19th century, the US in the late 19th century and, more recently, China at the turn of the 20th century,” the report further added.
Bypassing industrialization could be central to the movement of manual labor as automation becomes more urbane. While there are areas where human race can beat machines, including occupations that require imagination or social intelligence, the BofA Securities report said the risks posed by robots should not be overlooked.