Human vs Machine: Is Artificial intelligence job creator or terminator? Experts assess sector-wise impact – Crypto News

However, there is no straightforward answer to the question of the overall number of opportunities AI will create in comparison to the number of jobs it will end or change. Maggioncalda highlighted the need to look at this through the lens of specific sectors. Speaking on AI’s impact on Coursera hiring, he said that it has only opened doors for more hiring, mostly for a developers’ profile.

Maggioncalda also highlighted that AI is helping eliminate the parity of capabilities between an above-average performer and a weak performer.

The use of AI also increased the above-average performance bar, the CEO further added. Additionally, AI will also boost remote opportunities in India for the next few years as people become more equipped with the help of AI.

Raghav Gupta, Managing Director, India, and APAC, Coursera, added that emerging technologies like Generative AI are transforming the way people learn, teach, and work.

“Not using AI is like not using Google or Spreadsheet,” said, Maggioncalda, emphasising the importance of implementing AI.

Sharing the use case of radiologists, Maggioncalda said that radiologists also use computer vision (CV)–a specialised field of artificial intelligence to predict diseases accurately. “We still need radiologists, despite the introduction of AI to detect the diseases.”

AI will increase opportunities overall. “Earlier, we had 4 content developers, and now we only have 1 content developer. However, we hired over double the tech developers,” Ajay Setia, CEO of InvincibleMeta.AI, noted.

As of now, for the next 10-15 years, Setia expects that AI will create more opportunities until the world gets introduced to Artificial General Intelligence (AGI) because AI needs to be fed data to generate output. Meanwhile, AGI is expected to create its own data.

In the future, with technological advancement, Setia expects to see artificial superintelligence (ASI), which can eliminate the need for humans to feed data, but that is still around 50 years away.

“Current Gen AI is the weakest version of AI. We’re in the first stage,” Setia added.

India has the potential to add USD 359 billion to USD 438 billion to its GDP on account of Gen AI adoption in 2029-2030, which is above estimates, according to a report ‘The AIdea of India’ by EY. This means adding 5.9 per cent-7.2 per cent to the country’s GDP for the same period.

Meanwhile, AI adoption will contribute around USD 1.2 trillion to 1.5 trillion to India’s cumulated GDP over seven years.

Approximately 69 per cent of the overall impact of Gen AI is expected to come from business services, including IT, legal, consulting, outsourcing, rental, financial services, transportation, logistics, education, retail trade and healthcare, the report further added.

“Intellectual property debates rage, with questions about AI’s creative ownership and rights of human creators. While such fears are normal, given the capabilities demonstrated by Gen AI tools, it is far more likely, as our survey suggests, that rather than Gen AI supplanting humans, it will be ‘humans + Gen AI’ that will boost productivity, bring greater visual and audio magic, and help improve monetization of products and services,” the EY report explained.

AI’s impact on media & entertainment sector

India’s Media & Entertainment sector stands at the cusp of a Gen AI revolution. The journey ahead, while challenging, is replete with opportunities. With the right blend of policy, innovation, and ethical considerations, the report added that a new era of Indian storytelling beckons.

AI’s impact on healthcare sector

In an environment marked by significant demand-supply disparities and a severe shortage of both clinical and non-clinical talent (e.g., only 64 doctors per 100,000 patients compared to the global average of 150 per 100,000), Gen AI holds the potential to augment the healthcare system’s capabilities and accelerates the transformation of diagnostics, treatments, and patient care. Over 48 per cent of healthcare organisations that participated in the EY survey said that they are likely to implement AI in a year.

AI’s impact on retail sector

More than 50 per cent of respondents in this sector believe that Gen AI will have a huge impact on the entire value chain, making it more efficient and responsive to market dynamics. In India, the survey reveals that while a small 6 per cent have already implemented Gen AI, a staggering 71 per cent in the retail sector plan to adopt it within the next 12 months. By 2025, Gen AI could potentially elevate the retail sector’s profitability by 20 per cent.

AI’s impact on technology services

Over two-thirds of the tech CXOs in the study said Gen AI would have a significant impact (medium to high) on their business, with about 86 per cent having already implemented Gen AI or looking to implement it within a year. Access to the tool increased productivity (issues resolved per hour) by 14 per cent on average. For novice and low-skilled workers, the improvement was 35 per cent but with minimal impact on experienced and highly skilled workers.

AI’s impact on government and public services

According to the EY survey, about 70 per cent of respondents from the GPS sector see a medium-high impact of Gen AI on their functioning, while about 50 per cent expect to implement Gen AI in the next 12 months. 

AI’s impact on financial services

Globally, most financial institutions anticipate that fully harnessing the automation potential of Gen AI may require a considerable amount of time, ranging from 5 to 10 years, the survey added.

“Financial institutions have recognised the transformative potential of Gen AI, as evidenced by the fact that about 78 per cent of the respondents in the survey have either put the technology into practice in at least one use-case or have plans to pilot it over the next 12 months,” as per the EY report.

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Published: 12 Jan 2024, 06:10 PM IST