SYDNEY, Nov. 2, 2018 /PRNewswire/ -- The increasing adoption of AI technology among Australian businesses is expected to disrupt the country's labor market across industries such as agriculture, automotive, banking/finance, education, healthcare, ICT, and legal services.
"AI technology is disrupting and shifting the global labor ecosystem in terms of job shift, skills shift and work engagement trends. We predict more than 40% high-routine and low-skilled tasks to be automated by 2025-2030," said Mr. Vijay R Rao, Research Director Mobility, Asia-Pacific, Frost & Sullivan.
Rising implementation of chatbots and AI results in increase in demand for jobs involving creativity and of artisanal value. Furthermore, it is likely for hybrid work environment to emerge, where machines handle tedious tasks and leave high-skill functions for humans.
"Ultimately, AI implementation is set to complement human jobs, not eliminate them. By 2036, it is likely that physical jobs and routine jobs will only comprise 22% and 17% respectively, whereas a majority at 61% will be knowledge-based jobs," added Rao.
Frost & Sullivan's recent report titled Future of Artificial Intelligence and Its Impact on Australian Jobs, Forecast to 2030 examines the impact of AI on the Australian economy and labor market with focus on various industries where AI is to be implemented.
For further information on this analysis, please visit: http://frost.ly/2wc
The Artificial Intelligence (AI) market in Australia is estimated to grow at a CAGR of 22% from AUD 33 million in 2016 to AUD 1,980 million in 2025 and emerging growth opportunities include:
- Increased Implementation of AI: The demand for AI is significant in healthcare and customer service, such as wearables technology and chatbots.
- Investments in AI: Large companies in Australia invested an average of AUD 8,336 million annually on AI technologies in 2016.
- Development of Key Technologies: OEMs in Australia are developing key technologies such as ML, NLP, APIs and Computer Vision. These technologies are expected to aid in the development and increased usage of AI.
- Positive Impact on Job Creation: High-skill functions and jobs requiring human interaction, STEM skills, creativity, and care are not at risk.
As a result of rapid AI implementation, potential future jobs could include social media bullying experts, online chaperones, and remote controlled vehicle operations, where AI and automation will help to increase the productivity and efficiency of human beings.
"Several start-ups are expected to make significant contributions toward developing the AI market across diverse business sectors in the country," predicted Rao.
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SOURCE Frost & Sullivan