Question

Home many estimated A/I products are currently being sold on the free market and how many estimated products will there be in 5 years? How many jobs will  A/I remove in 10 years?

Answer 1

Artificial Intelligence and adoption of advanced machinery is revolutionizing the job market completely. There are certain benefits as the productivity is getting enhanced but at the same time it is creating a threat for the jobs performed by manpower. There would be self-driven cars, robots performing the majority of the tasks and artificial intelligence responding to customer's queries and thus large number of manpower would lose the jobs.

The market of Artificial Intelligence is growing at a fast pace. Currently in the year 2018, the market was of $21.46 Billion and is estimated to reach $190.61 Billion growing at a CAGR of 36.62%. The major companies offering artificial Intelligence products are : Intel, IBM, Samsung, NVIDIA, Xilinx, Samsung, Facebook, Micron Technology, Google, Microsoft and AWS.

As per McKinsey Global Institute's Latest Report on automation, almost 10 million people will lose their jobs by 2030 if the artificial intelligence is adopted at the slowest pace, 400 million people would lose jobs if it is adopted moderately and 800 people would lose jobs if it is adopted at the fastest pace.