AI will replace 25 of all jobs in the next 5 years and 66% of jobs will be exposed to some degree of AI automation according to a recent report from Goldman Sachs [GSAI394832].
Finance and banking: Banks have begun incorporating AI into their business models for about 4 or 5 years and over 50% of banks claim they’ve implemented some form of AI technology into their business domains like management, risk and revenue generation [Source Cambridge Centre for Alternative Finance/ World Economic Forum] and it is largely expected that “oversight and monitoring of transactions” and “analysis to support detailed financial advice on saving and spending”will be key areas although OpenAI-powered chatbots are also being used in relation to wealth management databases and to help investment researchers pull up data and research more efficiently. The World Economic Forum predicts, for example, that by 2027, 23% of all jobs in the Hong Kong financial sector will be replaced by AI.
Media and marketing: Current estimates are that, within 5 years, 90% of news will be written by machines using derivatives of Chat-GPT, Bard and paraphrasing AI tool Quill and with it will come the final death of paper media news which will have a significant impact on advertising as advertisers use the same technology to write personalised adverts for their customers and deliver them directly with very similar offers personalised to explain to customers why its a good deal for that particular customer. Reporters from different media outlets have used ChatGPT to write news stories although they still need checking for false information, but by 2026, this problem will be resolved by the AI developers. Newspaper feeds will be automated similarly to personalise the news for the reader in a way never before seen. Amazon is already seeing a huge influx of $1-$5 books on offer which are written by Chat-GPT or one of the competitors and consist of largely 40 or 50 pages of specific but non-detailed information on the subject concerned.
Artworks, Graphic Design and Video Production: In March 2023, MidJourney AI had to remove the free to use option following a mass abuse of its graphics programs where fake news stories were released with fake AI generated pictures that were indistinguishable from the real thing. Celebrities and individuals were bombarding AI image producers with complaints that their images were being taken off the internet and turned into nude porn shots, the first of the AI-generated porn celebrity videos were released and whilst not very good quality, the imagery was similar to Chat-GPT2 which within 2 years became Chat-GPT4, meaning that within an expected 2 years, any video will be able to be produced and will be indistinguishable from the real thing, meaning that we can expect ultra-cheap movies with AI actors to start to appear by 2028 with mass redundancy for actors and musicians as the technology from computer games merges with generative video, allowing a movie to be different every time it is watched, so the fake news about an Emma Watson movie called Jail Bait will become something of a reality, alongside the porn movies of anyone a viewer wishes to choose…….and as many countries have determined that copyright does not exist in AI-generated images, the field for abuse is very wide, whether it is the Pope’s puffa jacket, Trump in prayer or being arrested, Putin kneeling to Xi (or as later doctored the porn version) – at the moment detailed examination of hands and feet show the fakes but this will soon no longer be the case and will also challenge privacy rights.
Accountancy, Actuarial and Legal services: In February 2023, Chat-GPT4 passed the N.Y. Bar Exams and in March 2023, a US-attorney used ChatGPT to publish a 14-page legal opinion paper explaining why the Supreme Court’s decision on same-sex marriage shouldn’t be appealed and developing deposition questions. Within 5-7 years, 92% of US civil legal problems below $100,000 will be able to be litigated using AI law-systems. Similarly the complex calculations by Actuaries and Accountants are already being assisted by AI systems and by 2026 are expected to be entirely carried out by AI-systems.
Manufacturing: Manufacturing has, in certain areas been significantly impacted upon by automation, and this is being carried out in ever greater numbers; however generative AI may speed up the process using systems such as Tesla Optimus, in dangerous and repetitive jobs and an MIT and Boston University report suggests that over two million US manufacturing workers will lose their jobs to AI replacements by 2025, although it is expected that over 500,000 new short-term jobs will be created in the short term implementing the AI systems and in 2022, a number of Chinese factories in Guangdong Province, China were the subject of a PRC experiment where AI machines were installed making 90% of its workforce redundant and achieving over 250% increases in productivity and with an almost complete elimination in defects with some factories claiming a reduction of 90% of the workforce with a 1:1 robot:human ratio in the new factory.
Agriculture: In the U.S., the Department of Agriculture accounts for 10% of the workforce, some 21 million jobs although only larger farms are automating meaning that the 98% of small family farms are vulnerable to merger and AI development. with consequential impact on education and extension activities in the areas of natural resources and environments and engineering.
Healthcare: AI will revolutionise the delivery of medicine by both supporting diagnosis of doctors, but particularly by the automation of administration and paperwork but as most adults want to hear about their health from a human, AI will be limited to medical administration and records, appointment and resource management and delivery and co-ordination of health information technicians in both medicine and mental health as well as elderly care.