From writing code to answering customer questions, artificial intelligence is already reshaping the way people work. However, new insights from research conducted by leading global investment banking firm Goldman Sachs show that AI jobs and automation, combined with future work evolution, will create an economic impact that will grow between now and future years.
According to Goldman Sachs Research, AI could expose 300 million jobs to automation worldwide over the next decade. The transition has begun in technology and creative sectors and knowledge-based occupations which now show early signs of employment loss.
Joseph Briggs, who co-leads the global economics team at Goldman Sachs Research, said the adoption of AI is expected to peak in about 10 years. Over that period, about 6-7% of workers may have been displaced.
If change occurs gradually, the impact on unemployment may be limited. But a rapid rollout could cause severe disruption.
The effects are not limited to technology. Initial changes are also being seen in roles like consultants, call center staff and graphic designers. Additionally, AI can automate tasks that account for approximately 25% of total working hours in the United States.
Changes in this condition show an inconsistent pattern. Workers who move out of knowledge-based jobs face challenges when trying to find employment in existing high-demand positions.
The job market currently offers both entry-level positions and advanced positions in the service industry that require specialized knowledge. AI systems create new business opportunities because their implementation comes with various risks.
Goldman Sachs Sustain analyst Ivan Tylenda pointed out that the growing need for infrastructure professionals in AI development also requires construction workers and the engineers and electricians who will build data centers and power systems.
The United States construction industry is expected to experience substantial growth in data center-related employment through 2022. Goldman Sachs estimates that organizations will need three million additional workers to handle the growing energy needs that will arise before 2030.
