300 million jobs could be impacted by generative AI according to Goldman Sachs. AI could reportedly replace jobs in the United States, and this is according to a new research report.
300 Million Jobs Could Be Impacted By Generative AI
The most recent advances in artificial intelligence may have put some people into a worrying state in regard to job security, and of course with good reasons. A recent report by Goldman Sachs predicts that as many as 300 million jobs could be well impacted and affected by generative AI.
“If generative AI delivers on its promised capabilities, the labor market could face significant disruption,” the investment banker in a research note on Sunday said. Some two-thirds of jobs in the US jobs are exposed to automation by AI, Goldman stated, adding that of those affected positions, as much as 50% of their workload could be reportedly replaced.
“Although the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI,” the report revealed. Some 7% of jobs in the US could be well replaced by AI, Goldman estimates, with 63% of the chunk being complemented by AI, and the remaining 30% being unaffected by it.
The Effect of the Widespread Adoption of AI
The technology which as you already know, can easily create new material on its own, represents “a major advancement with potentially large macroeconomic effects,” Goldman stated. The widespread adoption of AI could get to increase the total value of goods and services created globally by 7% in the next 10 years, the report stated.
Generative AI captured the attention of the public with the launch of OpenAI’s ChatGPT back in November last year. ChatGPT is a chatbot that is built on a powerful AI engine that can write software, hold conversations and even compose poetry. Microsoft is employing the technology foundation of ChatGPT, GPT-4, in a bid to boost Bing search results, offer email writing tips as well as help build presentations.
There Has Been a Rush of Big Tech Companies on AI
Ever since then, there has been a rush of Big Tech companies looking to capitalize on that very breakthrough. Microsoft recently announced a multibillion-dollar expanded partnership with OpenAI in order to bring ChatGPT tech to its Bing search. Google on the other hand which is the maker of the world’s most popular search engine, responded quickly by revealing its very own ChatGPT rival, known as Bard.
Goldman Citing a study that found 60% of the workforce are in occupations that didn’t exist back in 1940, predicted that one-quarter of all the tasks performed in the US and Europe could now be automated by AI. And in the US, both office and administrative support positions are at the greatest risk of task replacement (46%), and then followed by legal positions (44%), and lastly, architecture and engineering jobs (37%).
How the Adoption of AI Could Affect Jobs
Goldman however found out that Jobs with the lowest exposure to AI include cleaning and maintenance, installation and repair, as well as construction jobs.
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