Generative AI will affect almost 300 million jobs all over the world

In recent days, talks of the latest developments in artificial intelligence and its effect on the global labor market have become more pronounced. A recent research by Goldman Sachs talks about how artificial intelligence’s advance into the labor market could ultimately lead to one-fourth of the jobs in the US and eurozone being automated in the near future.

Generative AI also goes by the name GAN (Generative Adversarial Networks). These machine-learning algorithms can learn patterns from existing data and generate new data based on what they have learned. GAN is one of the most promising fields in artificial intelligence. Industrially, this AI technology has the ability to revolutionize the way we have been doing things throughout the past few decades. However, there is no way that we can dismiss the fear in the workers’ minds that AI will one day be replacing their jobs.

Gartner, the research and advisory company, published a report that talked about how AI will cause 1.8 million jobs to be displaced by the year 2020. Gartner also believed that AI would create 2.3 million new jobs in the meantime. However, even three years past their prediction, we still do not know whether these numbers balanced out.

One of the major issues with the new jobs is that these jobs are not based on the skills of the existing workforce. While some skills are being replaced, employees have to rapidly upskill themselves with new technological skills in order to stay within the workforce penetrated by AI. Most of these new job opportunities require candidates to possess extensive technical and analytical skills. Job seekers who do not have these skills are immediately thrown out of the running.

Unlike other forms of AI, generative AI can create original content. Most other forms of AI depend on analyzing existing data fed to them. Therefore, generative AI is an excellent tool for professionals in the art, media, and entertainment industries. Did you know that GAN can be used to create realistic images, produce original music, and make videos? This ability of GAN makes it a threat to professionals in the creative field, as jobs in these industries could become automated with sufficient advancement in technology.

Generative AI is also set to heavily impact the manufacturing sector. Several large-scale manufacturing firms have already replaced their human workforce with automated machines, increasing the efficiency and profitability of their businesses. In the future, the same thing will happen to design and engineering jobs. When generative AI can produce 3D modules and prototypes faster than a team of human engineers, employers will naturally move towards automation of these jobs as well.

Generative AI’s advancement will also affect the retail and customer service industries. Many employers have already replaced their customer service agents with AI-powered chatbots. In some places, these chatbots are lessening the burden of human employees. With future advancement, GAN will provide ways for retail employers to further automate their businesses.

The healthcare industry is also feeling the impact of generative AI. AI algorithms can be used to accurately generate treatment plans and medical diagnoses. As the healthcare industry revolves around analyzing large sets of patient medical data, these AI tools can be of immense help to healthcare professionals. However, we cannot ignore the possibility that many healthcare workers will lose their jobs due to AI.