Are Robots going to steal your Job…

Technology has changed the world around us almost beyond recognition in the past few decades. We are soon going to experience “The Fourth  Industrial Revolution”. It is a complete Digital Revolution.

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With high connectivity and high technology, the processing speed, storage capacity and access to knowledge are unlimited.This revolution is going to Transform the labor markets beyond imagination.This change is likely to effect almost every Industry in every country. These countries include Australia, China, France, Germany, India, Italy, Japan, Britain and the United States.

According to World Economic Forum, it will lead to a net loss of over 5 million jobs in 15 major developed and emerging economies by 2020. It estimated that 7.1 million jobs could be lost because of Artificial intelligence and Robotics. While there will be a creation of 2.1 million new jobs.
Job replacement is happening mainly due to the advancement in technology in fields such as artificial intelligence, robotics, the Internet of Things, autonomous vehicles, 3-D printing, nanotechnology, biotechnology, materials science, energy storage, and quantum computing. We already have artificial intelligence around us in the form of self-driving cars and drones.
So without an urgent and targeted action today to manage the near-term transition and build a workforce with future-proof skills, the governments will have to face an ever-growing unemployment and inequality, and businesses with a shrinking consumer base,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

Robots may replace a few jobs but we need not worry much. We just need to cope up with the change and Update ourselves with more skills in the relevant fields. We can use these technologies to create more jobs. Digital technology are in many ways a complement but they are not Substitutes for Creativity. Technology and Creativity can be used together to make miracles too. Wake-up, Cope-up and be ready for the change.. Nothing is constant except ‘change’.

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