Machine Learning and Artificial Intelligence are raking up the ranks quickly, and machines could well take up quite a few jobs quickly. Up to 800 million people-including a third of the work force in the USA and Germany-will be made jobless by 2030, the study says.
Earlier in 2017 in a study, McKinsey found close to half of all activities at work worldwide have the potential technologically to become automated, but the latest report this week provides an assessment labeled more realistic that is based upon social, technical and economic factors.
Robots could destroy 73 million jobs in USA by 2030
According to consultancy group McKinsey, up to 375 million individuals - or 14 per cent of all workers globally - may need to learn new skills in a bid to offset the threat of unemployment posed by automation, particularly in advanced economies such as the United States and Germany.
The consulting company said Wednesday that both developed and emerging countries will be impacted.
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"Technology adoption can and often does cause significant short-term labor displacement, but history shows that, in the longer run, it creates a multitude of new jobs and unleashes demand for existing ones, more than offsetting the number of jobs it destroys even as it raises labor productivity", the study says. Machine operators, fast-food workers and back-office employees include those which will be most affected if automation gathers much pace through the workplace.
Within the report, named "Jobs lost, jobs gained: workforce transitions in a time of automation", McKinsey highlights that many firms will turn to automated solutions such as robotics and AI due to the enhanced benefits that they offer. That may be a little terrifying, but demographic shifts and an aging world population are likely to actually create jobs in the health-care industry, and the tech industry is expected to continue creating medium- and high-skill jobs, as well.
Chevrolet Corvette ZR1 Convertible debuts with $123995 price tag
The Corvette ZR1 convertible has been revealed, powered by the same 745bhp, 715lb ft, 6.2-litre supercharged V8 as the coupé . The drop-top version marks the first Corvette ZR1 Convertible offered on since the original ZR1 rolled out in 1970.
Jet Airways stock rises 2% after tie-up with Air France KLM
The combine expects 40 per cent increase in passenger traffic to 1.7 million between India-France-Netherlands in 2018. Recently, KLM launched an Amsterdam-Mumbai flight , while Jet started Bengaluru-Amsterdam and Chennai-Paris flights.