AI will create as many jobs as it removes

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Artificial Intelligence will, most definitely, send a bunch of job positions to the eternal hunting grounds. However, it will give birth to the same amount, if not more jobs, new research has claimed.

A new report from PwC says that in the next 20 years in the UK, AI will eliminate roughly seven million jobs - but at the same time, it will create 7.2 million, giving the country a small net job boost.

Health and social work sector will see most positive effects of the AI. PwC believes employment could increase by almost a million in those sectors – that's a 20 per cent jump. At the same time, manufacturing will lose 700,000 jobs, or 25 per cent.

The same report states that the net effect on AI jobs may not vary too much in the country, when looking on differences in industry structure alone.

London is expected to have a +2 per cent positive impact. The North and Midlands will have a marginally negative estimated net impacts, some one per cent.

“Major new technologies, from steam engines to computers, displace some existing jobs but also generate large productivity gains,” said John Hawksworth, chief economist at PwC.

“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.”

“Healthcare is likely to see rising employment as it will be increasingly in demand as society becomes richer and the UK population ages. While some jobs may be displaced, many more are likely to be created as real incomes rise and patients still want the ‘human touch’ from doctors, nurses and other health and social care workers.”

“On the other hand, as driverless vehicles roll out across the economy and factories and warehouses become increasingly automated, the manufacturing and transportation and storage sectors could see a reduction in employment levels.”

Image Credit: Shutterstock/Mopic

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