Over 20 million manufacturing jobs across the world are likely to be taken over by robots before 2030, stated Oxford Economics, an analysis firm. People who lose their jobs here will also be facing lesser jobs in the service sector for comparable roles.
However, the firm also stated that automation would boost economic growth and jobs. Action is required for prevention of income inequality. Every robot working in the industrial sector erases 1.6 jobs, with regions requiring fewer skills being affected.
Sectors with multiple people possessing lower skills, weaker economies along with high unemployment are vulnerable to automation.
Those moving out of production sectors turn to administration, office, maintenance, construction, and transport, which are also vulnerable. One robotic device installed in these sectors could remove 2 jobs, causing more political polarization and economic inequality, stated Oxford Economics.
While plenty of similar predictions have been made over the years, this report is a more detailed look at the circumstances.
It states that jobs created would equal jobs lost, boosting growth. While robots will move into service-based industries, manufacturing is deemed to face the biggest impact. China, known for its worker strength, will be most affected.
Construction and transport industries will be affected by automation, not journalism or law. The current governmental challenge is to under how to promote innovation while ensuring that society isn’t divided any further.
Jobs requiring social intelligence, compassion, and creativity will be handled by human beings for decades ahead, stated the report. Repetitive jobs will be erased soon. Teachers, leaders, and workers have been called upon by the firm to think out new strategies.
400000 jobs in Europe, 550000 jobs in China, 260000 jobs in the USA have been replaced by automation already since 2000. China will see most automation, with 14 million bots in place by 2030. The UK will also see thousands of manufacturing jobs gone.
If robotic installations across the world increase by 30%, an additional $5 trillion would be added to global GDP, as per estimates.