29th November 2017.

Robots To Replace 700m Workers By 2030

Hundreds of millions of workers worldwide will need to find new careers or a new set of skills to compete in the jobs market as robots and artificial intelligence march ahead.

As many as 700 million people could be replaced in their jobs by robots by 2030, according to a recent study from consultancy McKinsey.

This has become a increasing possibility, with economies rapidly adopting new technologies to increase productivity and compete with other industries.

McKinsey believes there will still be a demand for workers, but that more intelligent machines will demand a higher set of skills.

Workers who interact with people, such as managers and teachers, may be harder to replace, while those who analyse data or carry out routine tasks, such as accountants and factory workers, could find their careers at risk.

Fewer than 5 per cent of jobs are entirely automatable, the analysts estimate, but most jobs have a substantial element which could be done by machines.

The report used the invention of the personal computer as an example, estimating that its introduction into the workplace has resulted in 15.8 million net new jobs in the United States since 1980.

Other factors will also create new jobs. McKinsey estimates that rising incomes across the world will lead to higher spending which could create as many as 365 million new jobs in the coming 13 years.

Ageing populations will also have an effect, where skills in healthcare are increasingly important. The technological shift also means workers should train in IT skills too, with an additional 20 million to 50 million jobs to be created by 2030, McKinsey estimates.

The Credit Protection Association is excited for what the future of technology will bring to the modern workplace. The future will bring new technologies and automation, but will also evolve us and open up more opportunities for businesses and workers. 

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

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