How Robots Will Replace 5 Million Jobs by 2020

Technological advancements have introduced an interesting range of changes on how the society functions. This includes both consumers and business professionals who want to work in a comfortable and consoling manner. However, technology comes with an impress collection of pros and cons. According to a recent study, robots may replace nearly 5 million jobs in the next few years. That is because labor costs can be cut down drastically. Reports also suggest that robots would be efficient in tackling performance-rich tasks in an effortless and quicker manner. With this being said, here is a comprehensive insight on what makes robots a better option than human beings!

Need for Automation

It is believed that robots are likely to replace white collared employees in office segments and administrative roles. These professionals should watch out since robots portray better levels of accuracy and ensure transparent functionality. Likewise, workers who are a part of healthcare jobs will be at risk too. This can be attributed to the advancement in telemedicine. According to a study that was done by the World Economic Forum, robots have the ability to introduce automation into various domains. This makes them impressive and predominantly useful. Of course, automation is a key tool for faster, accurate and upright processes.

Robots have a promising future in fields like mathematics, science, engineering and technology. This is because most of these fields depend on strategic measurements and predetermined assumptions. And, if there is anything that can follow rules and do as suggested in textbooks, it would be a robot. Though robots can dominate in these fields, there will be plenty of openings in areas like engineering and computer science too. That is because robots are meant to be controlled and nurtured by human beings. Every mechanical device requires huge volumes of data and this data should come from humans. But, one should comprehend the fact that one in every three jobs will be lost because of robots.

The Real Figures

To be a lot more specific, here are few interesting points quoted by famous forums and administrative offices. The US Census Bureau declares that 2020 is ought to shape up into a very big revolutionary year. That is because a sensible part of the nation’s infants are to be a part of the ethnic group or minority race. Also, renowned names in the world of artificial intelligence are coming up with machines and systems that can revolutionize the world around us. The world’s fourth industrial revolution is ought to happen by the end of 2020. From unprecedented artifacts like biotechnology, advancement in genetics, a boom in nanotechnology and growth in robotics, there are so many ways the world is ought to be revolutionized. Unlike many other industrial revolutions that shaped the world and pushed human workforce ahead of time, the 2020 change may set us back for at least few years. Research done by the World Economic Forum states that current changes and boom in robotics can result in an unexpected loss in employment! And, the impact can sum up to 5.1 million jobs. Additionally, the forum judges that a hefty total of 7.1 million jobs can be lost due to our proud inventions and innovative moves. On the other hand, WEF states that only 2 million so-called smaller family jobs would be gained. The forum records that humans have a better chance in producing, upskilling and redeploying enhancement in current technology. This is where their actual skills and potentials can be cultivated and re-used. Nonetheless, upskilling is extremely important if humans wish to retain their jobs in the coming years. After all, you are expected to compete against machines and the global population too. And, you should be prepared to accept the fact that the job market is going to be fierce and wild in the years to come.

What Does WEF Say?

World Economic Forum notes that a prudent percentage of the global workforce that is associated with agriculture will be safe. That is because there is very little information on how technology can affect agriculture (at least in nations that have unstable technological establishments).

To take things to a whole new level, jobs that are touched by machines will pronounce a stronger gender gap. Women who are underrepresented in certain domains are likely to disappear without any notice!

The Ultimate Bottom Line

Countries that can be affected by the robot revolution includes Mexico, China, Turkey, Australia, US, India, UK, South Africa, Germany, Brazil, France, Turkey, Japan and Italy. Businesses in these countries should consider 2020 as serious and engage in re-training activities. They should be a part of proactive moves that can enable economic and technological development. Extra efforts should be exerted in all STEM fields, namely: Science, Technology, Engineering and Mathematics.