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AI will eliminate 1 of 8 jobs in Asia by 2024

The artificial intelligence (AI) revolution is poised to impact nearly every industry worldwide, with far-reaching effects in Asia, according to a recent AI report from the MIT Technology Review. AI will impact one in five jobs in Asia by 2024, the report found, eliminating one in eight, but enhancing many as well.

Across 11 Asian markets studied and 900 senior business leaders surveyed, 12 per cent of jobs are at a high risk of being automated away in the next five years, the report found. AI’s impact will be greater in Asia’s wealthier economies than in poorer ones (14 per cent vs. 10 per cent overall): Japan is expected to see about 17 per cent of jobs automated, while Hong Kong expects 15 per cent, while South Korea and Malaysia expect a little over 14 per cent each. However, more jobs in these wealthier areas will benefit from and be augmented by AI than in less-developed areas (11 per cent vs. 6 per cent overall), the report found.

Companies are implementing AI to improve customer satisfaction, expedite decision-making, and reduce inefficiencies, the report found. While this will lead to the loss of some roles and the restructuring of others, this is not a driving force for implementing the technology, the report found: Only one-third of respondents listed the need to reduce headcount costs as a top three driver for adopting AI.

Some eight per cent of all current jobs in Asia will be enhanced by AI in the next five years, the report found. The majority of business leaders surveyed (77 per cent) said they expect total headcount to increase over the next five years, including functions where AI is already being deployed, while few (three per cent) predict any job elimination.

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