How AI will impact Australian labor market | Artificial intelligence

 

Artificial intelligence (AI) is poised to have a drastic on the in industries such as agriculture, financial services, healthcare, and many more, according to recent analysis from Frost & Sullivan.

In a Friday press release, Frost & Sullivan research director Vijay R Rao said that the company predicts more than 40% of “high-routine and low-skilled tasks” will be automated by 2025-2030. However, this automation will lead to greater desire for jobs utilizing other skills, the release said.

Jobs that require creative talent and artisanal skill will be in higher demand. There will also be a growth of hybrid human/machine work environments as well, according to the release.

SEE: IT leader’s guide to the future of artificial intelligence (Tech Pro Research)

“Ultimately, AI implementation is set to complement human jobs, not eliminate them. By 2036, it is likely that physical jobs and routine jobs will only comprise 22% and 17% respectively, whereas a majority at 61% will be knowledge-based jobs,” Rao said in the release.

The market itself will also be worth quite a bit, growing from AUD 33 million in 2016 to AUD 1,980 million in 2025, the release said. That’s a CAGR of 22% for the time frame.

The release also pointed out four areas of growth opportunities for AI:

  1. Increased implementation of AI
  2. Investments in AI
  3. Development of key technologies
  4. Positive impact on job creation

The number four spot—job creation— will be supported by new roles including online chaperones, RC vehicle operators, and social media bullying experts, the release said. These are some areas where AI and related technologies will augment human workers and make them more efficient. Startup companies will also help grow AI in Australia.

“Several start-ups are expected to make significant contributions toward developing the AI market across diverse business sectors in the country,” Rao said in the release.

The big takeaways for tech leaders:

  • 40% of high-routine and low-skilled tasks in Australia will be automated by 2025-2030. — Frost & Sullivan, 2018
  • In the Australian labor market, the demand for hybrid human/machine work environments will grow due to AI’s use. — Frost & Sullivan, 2018

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