The fast pace of economic growth is introducing new technologies into the working ecosystem will soon lead to a new digital revolution through AI, machine-learning and robot process automation tools. This digital revolution will have a large impact and will most likely transform the way we live, work, and learn. In today's digital age, technology is rapidly changing, and it has become an essential part of our lives. The digital economy is growing at an unprecedented rate, and it is projected to create over 149 million new jobs globally by 2025. The future belongs to those who can embrace digital technology and adapt to its changing trends.
At the same time, it is worth noting that significant changes in the global workplace will also lead to shifting market dynamics that seem hard to comprehend.
Given that previous Industrial Revolutions were not incredibly steep, they allowed people to quickly reorient their professional activities into other domains. The higher overall productivity stemmed from technological advancements of past Industrial Revolutions led to the need of reskilling large amounts of people in order to occupy vacant jobs. And this not only led to economic growth
for the private sector, but also to higher salaries and an overall increase in the quality of life.
What seemed to be a global economic workforce mainly focused on agriculture just 30 years ago, quickly shifted to industrial and service workforce in just one generation. According to World Bank Data (modeled on the International Labour Organization estimates), the world employment in agriculture as a percentage of total employment dropped from 44% in 1991 to just shy of 27% in 2019 - while most advanced EU and worldwide economies only have 1-3% of people employed in agriculture. At the same time, we can see that the global employment in services skyrocketed from 34% up to 51% of the total employment – with most advanced economies in the high 80-90 percentile.
The AI Revolution will most likely not create the same outcome for jobs across industries. The advancements in AI will not only be software-based but will also lead to improvements in robotics and robot process automation. This means that the changes that we have seen in the past decades in agriculture will be relevant to marketplace shifts in the industrial and services sectors as well.
Just two months after its beta version was officially launched, Chat GPT – a chatbot by OpenAI that uses generative artificial intelligence to create its own content – passed a series of exams that show how it could be replacing entire cohorts of students. It successfully passed a series of Wharton MBA exams, the US medical licensing exam, four law school exams at the University of Minnesota, and the Stanford Medical School clinical reasoning final.
These advancements provide a clear understanding that in less than a generation, AI and machine-learning progress can and will easily replace white-collar jobs, as opposed to just blue-collar jobs of previous Industrial Revolutions.
Under these premises, if no advancements are made, it becomes clear that the current educational framework is set to become obsolete in just a few decades and will not be able to support a growing workforce of future students.
Similar content
