Fourth Industrial Revolution: Automation could replace 5 million jobs by 2020

World Economic Forum published a new research “The Future of Jobs“, and according to the study, automation will replace over 5 million jobs over the next five years. The increasing technological advances should cut about 7.1 million jobs and should create 2 million jobs. Therefore, the deficit will be of 5.1 million jobs. The survey was conducted in 15 countries including China, France, Germany, Japan, Mexico, Brazil the UK and US, which account for 65% of the global workforce – totaling 1.9 billion workers. WEF founder Klaus Schwab calls this technological advance the “Fourth Industrial Revolution.”

automacao-e1453131753932 [Image source: Wikimedia]

“The Fourth Industrial Revolution, which includes developments in previously disjointed fields such as artificial intelligence and machine-learning, robotics, nanotechnology, 3-D printing, and genetics and biotechnology, will cause widespread disruption not only to business models but also to labour markets over the next five years, with enormous change predicted in the skill sets needed to thrive in the new landscape,” claims the report.

According to the study, the white-collar workers – administrative and office jobs – are the ones that will suffer the most impact in terms of job lost over the next five years, followed by the manufacturing and production sector. The research warns that while automation will affect all industries in all geographic regions, job losses can be offset by employment growth in other areas.

source InterestingEngineering