Young Research & Publishing Inc.

Investment Research Since 1978

Disclosure

  • About Us
    • Contributors
    • Archives
    • The Final Richard C. Young’s Intelligence Report
    • You’ve Read The Last Issue of Intelligence Report, Now What?
    • Dick Young’s Research Key: Anecdotal Evidence Gathering
    • Crisis at Vanguard
  • Investment Analysis
    • Bonds
    • Currencies and Gold
    • Dividend Investing
    • ETFs & Funds
    • Investment Strategy
    • Retirement Investing
    • Stocks
    • The Efficient Frontier
  • Investment Counsel
  • Dynamic Maximizers®
  • Retirement Compounders®
  • Free Email Signup
  • Dick Young’s Safe America

Augmentation and Replacement: The Future of Robot Workers

September 19, 2018 By Jeremy Jones, CFA

By hvostik @ Shutterstock.com

Robots are coming to the workplace in ways they have never done before. Automating backroom tasks could eliminate many jobs, but will also augment the productivity of others, leading to greater incomes and larger economies. The World Economic Forum recently released its Future of Jobs 2018 report, and Sara Castellanos explains the results here:

The Future of Jobs 2018 report, released Monday, predicts that by 2025, more than half of all current workplace tasks will be performed by machines, as opposed to 29% today.

But the impact of machines and algorithms on the entire workforce will result in net positive job growth, according to the report, as companies in sectors ranging from finance to hospitality and telecommunications experiment with ways to pair software, machines and artificial intelligence with human labor.

Overall the report, which surveyed chief human resources officers and top strategy executives across 300 global companies, predicted a decline of 984,000 jobs and a gain of 1.74 million jobs between now and 2022.

Nearly 50% of respondents said they expect their full-time workforce to shrink by 2022 as a result of automation. Almost 40%, though, expect to expand their workforce, and more than a quarter expect automation to create new roles in their companies, according to the report.

Evidence of that is already being seen today — and AI experts say that will continue for the foreseeable future.

“We can build a much brighter future where humans are relieved of menial work using AI capabilities,” said Andrew Ng, CEO of Landing AI and former head of Google Brain and Baidu Inc.’s AI division, in a recent interview.

The transformation is already underway. Software that helps humans perform mundane back-office tasks more efficiently are being experimented with today at large companies. Hundreds of software robots, part of an industry called robotic process automation, work alongside human employees at companies such as Ernst & Young and Walmart Inc. where they’re saving employees millions of hours of time.

Robotic process automation is evolving to include advanced software bots built with machine learning algorithms in order to perform tasks such as object recognition, while other software bots don’t require AI. The market will grow to almost $1.1 billion in revenue this year from $325 million in 2016, WSJ has previously reported.

Read more here.

Share this:

  • Email
  • Twitter
  • Facebook

You Might Also Like:

  • Walmart’s Robot Army
  • Will 38% of Workers Telecommute by 2027?
  • The Rise of the Robot Warehouse
  • Author
  • Recent Posts
Jeremy Jones, CFA
Jeremy Jones, CFA, CFP® is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. Richard C. Young & Co., Ltd. was ranked #10 in CNBC's 2019 Financial Advisor Top 100. Jeremy is also a contributing editor of youngresearch.com.
Latest posts by Jeremy Jones, CFA (see all)
  • Capital Is Too Cheap - January 26, 2021
  • The Parallels Between Today’s Stock Market and the Dot-Com Bubble - January 25, 2021
  • Corporations Rush to Reap Equity Windfall - January 22, 2021

Search Young Research

Most Popular

  • Vanguard Wellesley (VWINX) vs. Wellington (VWELX): Which Fund is Best?
  • Dick Young’s Safe America: Chapter 1, Part I
  • The Fed is Sacrificing Retirees to Save the Banks
  • The Power of a Compound Interest Table
  • The Highest Yielding S&P 500 Stocks
  • I’ve Been in Richard Young’s Maximizers for Years
  • The Highest Yielding Dow Stocks
  • Do You Know Who’s the Largest Owner of Farmland in America?
  • Jim Simons's Renaissance Technologies vs. Internet Forum Traders
  • Smith Family Robinson in Live Free or Die, NH

Don’t Miss

Default Risk Among the Many Concerns with Annuities

Risk and Reward: An Efficient Frontier

How to be a Billionaire: Proven Strategies from the Titans of Wealth

Could this Be the Vanguard GNMA Winning Edge?

Cryptocosm and Life After Google

Warning: Avoid Mutual Fund Year End Distributions

Is Gold a Good Long-term Investment?

How to Invest in Gold

Vanguard Wellington (VWELX): The Original Balanced Fund

What is the Best Gold ETF for Investing and Trading?

Procter & Gamble (PG) Stock: The Only True Dividend King

The Dividend King of the North

You’ll Love This if You’re Dreaming of an Active Retirement Life

RSS The Latest at Richardcyoung.com

  • There is No Such Thing as a Un-Mutated Virus.
  • COVID-9 Side Effects Include Paralysis & Death.
  • Unreported Left Wing Violence Continues
  • You Know “We’ve Been Lied To” and They Laugh at Us
  • The Fundamental Disconnect of “Unity” and the Progressive Left
  • Unmasking Heath and Human Services Secretary Nominee Xavier Becerra
  • Absentee Ballots Not Verified
  • SARS-CoV-2: Probability of Outdoor Airborne Transmission Very Low
  • Your Personal Safety: Concealed-Carry How to Carry Your Freedom
  • Mostly Peaceful, Ungovernable Protestors

About Us

  • About Young Research
  • Archives
  • Contributors

Our Partners

  • Richard C. Young & Co.
  • Richardcyoung.com

Social Media

  • Facebook
  • Twitter
  • Youtube
  • Pinterest

Copyright © 2021 | Terms & Conditions

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.