AI will make and break the job market

There’s a heated debate going on whether artificial intelligence will cause people to lose jobs or create new jobs instead. Well, IT consultancy firm Infosys has weighed in on the debate, releasing the results of its own survey.

Basically, the firm says jobs will be both lost and created, so workers should not be too worried as long as they’re willing to re-train. However, companies will have reasons to rejoice as AI will boost their revenue, significantly.

UK companies, on the other hand, need to do a lot of work, as they’re lagging behind the competition.

Four in five companies that are deploying AI are re-training impacted staff, the report claims, adding that AI adopters expect a 39 percent increase in revenue by 2020.

UK businesses aren’t at the forefront when it comes to AI, with only a quarter reporting their industry being disrupted by AI -- the lowest out of seven markets surveyed for the report.

UK firms think employees should have development, security and implementation skills in order to take advantage of AI and 42 percent of UK decision makers believe ethical concerns will slow down the effectiveness of AI.

"Artificial Intelligence (AI) adoption is on the rise and we are excited to see the investments in AI that businesses are gradually making to derive meaningful and creative change," says Sandeep Dadlani, president and head of Americas, Infosys.

"The achievements are remarkable and the opportunities AI is bringing forth are vast. As we are seeing AI mature and gain momentum, our research shows that the next four years will witness further spikes in interest, and general bullishness about the significant value and benefits that can be obtained through AI adoption. As an industry therefore, we must take necessary steps to ensure AI is developed morally and ethically across every part of society and that employees are actively engaged and provided with the necessary training to be central to this journey."

Published under license from ITProPortal.com, a Future plc Publication. All rights reserved.

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