SYDNEY, Nov. 2, 2018
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:
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.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.
Corporate Communications – Asia Pacific
P: +65 6890 0926
F: +65 6890 0999