It was reported that Venture Capital investments into AI related startups made a significant increase in 2018, jumping by 72% compared to 2017, with 466 startups funded from 533 in 2017. PWC moneytree report stated that that seed-stage deal activity in the US among AI-related companies rose to 28% in the fourth-quarter of 2018, compared to 24% in the three months prior, while expansion-stage deal activity jumped to 32%, from 23%. There will be an increasing international rivalry over the global leadership of AI. President Putin of Russia was quoted as saying that "the nation that leads in AI will be the ruler of the world". Billionaire Mark Cuban was reported in CNBC as stating that "the world's first trillionaire would be an AI entrepreneur".
Artificial intelligence (AI) is no longer a thing of science fiction, it exists in the world all around us, automating simple tasks and dramatically improving our lives. But as AI and automation becomes increasingly capable, how will this alternative labor source affect your future workforce? In this article, we'll take a look at both some optimistic and pessimistic views of the future of our jobs amidst increasing AI capabilities. A two-year study from McKinsey Global Institute suggests that by 2030, intelligent agents and robots could replace as much as 30 percent of the world's current human labor. McKinsey suggests that, in terms of scale, the automation revolution could rival the move away from agricultural labor during the 1900s in the United States and Europe, and more recently, the explosion of the Chinese labor economy.
In 2020, the economy is once again teetering on the edge of what some are calling a fiscal cliff. In the midst of COVID-19, a global economic crisis is threatening the livelihoods of small business owners everywhere. In ordinary times, 50 percent of small businesses go out of business in the first 5 years. In today's extraordinary times, nearly 7.5 million ( 25 percent) of small businesses in the U.S. alone have been at risk of closing permanently in a matter of months (Source: Main Street America's Small Business Survey 2020). To that end, our company immediately took steps at the outset of the pandemic to help consumers and small businesses access desperately-needed capital through four key initiatives and AI-driven innovations, such as Intuit Aid Assist and the QuickBooks Capital for Paycheck Protection Program.
Few leaders would dispute the fact that business today is driven by data and smart algorithms. Yet, rather than real digital transformation, many instead pursue digital incrementalism, using automation to cut costs or, worse -- cut jobs. Doing so might buy you some time from impatient shareholders, but it will be short-lived unless you can face the challenge: How do you reimagine what you do for a new era of AI-powered competition? The high unemployment numbers of the Covid-19 recession have obscured a systemic problem: the accelerating effect of automation on the workforce. We have been here before.
The future comes too soon and in the wrong order." "It is our moral responsibility not to stop the future but to shape it." The pandemic is hurtling the world into a Technology 4.0-transformed "future of work" much earlier than anticipated in the ILO's Centennial Declaration of 2019. India's global significance in mastering the future of work through technology-adaptive and high-productivity human capital employing the largest global cohort of 820 million youth is huge. Along with declining fertility rates and women's empowerment, this could yield a large demographic dividend of high growth rates for decades, despite short-term shocks.
By Ratna Mehta Technological advancement is a double-edged sword; while it oils the wheels of advancement and innovation leading to breakthroughs that improve efficiency, rationalise cost and improve the quality of life, it has its fallouts, i.e. job losses, health issues and environmental pollution. Man vs Machine With the rise of AI, there is increasing anxiety around massive job displacement. This is substantiated by widespread research: - Accountants have a 95% chance of losing jobs - 29% of legal sector jobs could be automated in 10 years - Intelligent agents and robots could replace 30% of the world's current human labour Being a trader was an esteemed profession, but with AI systems that can analyse information from markets, social media, corporate filings and economic conditions to quickly decipher trades, these systems can trade better than any human. As per analysis firm Oxford Economics, up to 20 million manufacturing jobs around the world could be replaced with robots by 2030. Man and Machine Joining Forces How we use technology depends on our perspective; we can use it to'replace' humans or we can leverage it to'augment' humans.
Children today are surrounded by and brought up around AI-powered devices. Artificial Intelligence is used so much in our everyday lives that we need to make sure that our children understand its impact and potential for the future of work and learning. Artificial intelligence is expected to fuel the global digital economy and skills required to flourish in future careers are going to be very different from what it is today. A recent Gartner report predicts one in five workers will have some form of artificial intelligence as a co-worker. Forrester predicts by 2021, automation technology will account for the work of nearly 4.3 million humans worldwide.
All over the world today, businesses and brands are employing automation to make their operations more efficient and effective while reducing redundancy as much as possible. While this might bring to mind a picture of robots take over jobs, that is not entirely the case as Artificial Intelligence is, in fact, a business asset, enhancing and promoting human capabilities and efforts. Before we can talk about AI and its numerous advantages, we need a clear definition of what it is. In simple terms, AI is all about systems mimicking human intelligence when carrying out tasks, and improving on this intelligence using information garnered from observation and interaction. AI involves data analysis and super thinking to predict patterns using past events.
The Alberta government is giving $9 million in funding to the Alberta Machine Intelligence Institute (Amii) in an effort to promote the province's tech sector. The funding is made up of $4 million from Alberta Innovates and $5 million through the Technology Innovation and Emissions Reduction system. The government says it's Investment and Growth Strategy has identified developing Alberta's technology sector as a top priority. They hope it will make way for investment and innovation in other Alberta industries including agriculture, aviation and energy. "Our investment demonstrates that Alberta's government recognizes the important role that Amii and the University of Alberta plays in creating a stronger economy," said Minister of Advanced Education Demetrios Nicolaides.
We are living in a time where everything is digital. Disruptive technologies like artificial intelligence (AI) has become central to this transformation. From retail to Fintech and cybersecurity to predictive analytics, tech pundits avow that AI now plays an essential cog in the future of these industries and disciplines. However, through some alarmists argue that AI is stealing jobs through automation and robotics, on the contrary, it has been observed that AI is also adding new job roles every day to the existing employment pool. Researchers have tracked down new job roles, occupations and emerging industries, in the AI landscape that can help us understand the job market better.