The UK’s workforce will not be diminished by artificial intelligent-enabled technologies, a new report from PwC has claimed.
According to PwC, AI and related technologies, such as robotics, drones and driverless vehicles could displace many jobs formerly done by humans, but will also create many additional jobs as productivity and real incomes rise and new and better products are developed.
In its recent Economic Outlook report, PwC writes: “We estimate that these countervailing displacement and income effects on employment are likely to broadly balance each other out over the next 20 years in the UK, with the share of existing jobs displaced by AI (c.20%) likely to be approximately equal to the additional jobs that are created.”
Although the overall effect on UK employment is estimated to be broadly neutral in PwC’s central projections, there will be variations by industry sector.
The sectors that the data analyst estimates will see the largest net increase in jobs due to AI over the next 20 years include health (+22%), professional, scientific and technical services (+16%) and education (+6%).
Meanwhile, PwC predicts that some industries are likely to suffer at the hands of AI. The sectors estimated to see the largest net long-term decrease in jobs due to AI includes manufacturing (-25%), transport and storage (-22%) and public administration (-18%).