Healthcare, finance, manufacturing — all these sectors are transformed by artificial intelligence. And the list goes on. AI has changed how we approach work across these industries. While boosting efficiency, this technology has also brought shifts in job roles and trends.
This article explores how AI affects workplaces, looking at its broad impact and its specific influence on different fields.
Productivity is Getting a Boost
Artificial intelligence makes work more efficient with automation and fast data processing in place. According to PwC’s 2024 AI Jobs Barometer, industries that use AI heavily see 4.8x higher labor productivity growth.
And CEOs are taking notice. About 70% of them state AI will change how their companies create, deliver, and capture value in the next three years.
Employment Trends Shift
Not only does artificial intelligence boost productivity, but it also reshapes the job market. In roles most exposed to AI, hiring growth has slowed by 27% compared to less AI-heavy fields.
Yet, this trend doesn’t necessarily mean job losses. Instead, it’s more of a shift. Some traditional roles like data entry are fading, while new, typically AI-enhanced ones pop up.
Skill Demands are Changing Fast
AI is transforming not just jobs but also the skills needed to perform them. Between 2019 and 2023, there was a 25% higher net change in skills demanded in AI-exposed occupations.
Consider a financial analyst — a role heavily influenced by AI. Job postings for this occupation now emphasize skills like ML and data analytics more than ever. On the flip side, jobs with less AI exposure, like fitness instructors, haven’t seen much change at all.
AI-Specific Jobs Surge
Jobs requiring specialized AI skills are experiencing explosive growth. Even though they make up less than 1% of the labor market, they’ve grown 3x faster than other types of jobs since 2016. Roles that involve AI app development, LLM development, or working with neural networks are in particularly high demand.
AI Skills Pay
Having AI skills pays better. Jobs requiring AI expertise typically come with a 25% higher wage than roles without such requirements. It’s a simple supply and demand rule: there aren’t enough people with these skills, so employers are willing to pay more.
Sector-Specific Impacts of AI
Having discussed the general impact of artificial intelligence on the employment market, let’s now look at how this tech influenced specific industries:
- Healthcare: makes diagnostics easier, simplifies product discovery, personalizes treatment plans, and helps run hospital operations more smoothly.
- Finance: offers fraud detection, automated trading, and customer service chatbots.
- Manufacturing: AI-enabled predictive maintenance and robotic process automation streamline the entire supply chain process.
- Retail: provides personalized shopping recommendations and smarter inventory management systems for better shopping experiences.
- Transportation: powers everything from autonomous vehicles to route optimization systems.
- Education: transforms the learning experience by offering personalized educational content, automated grading systems, and virtual teaching assistants.
- Energy: optimizes energy consumption, predicts equipment failures in power grids, and supports the integration of renewable energy sources.
- Agriculture: boosts productivity through precision farming, crop health monitoring, weather prediction, automated harvesting equipment, and supply chain optimization.
- Entertainment and Media: curates personalized content recommendations, analyzes audience behavior and preferences, enables real-time editing, and creates realistic CGI effects.
- Legal: assists in legal research, contract analysis, and case prediction, reducing the administrative burden for legal professionals
- Real Estate: enhances property valuation, streamlines transaction processes, and personalizes property recommendations.
To Conclude
With AI changing the work scene so much — and so fast, both employers and employees should keep up. So, adjust to new job trends and skill demands and adopt this emerging tech in your processes to truly stay ahead.
And if you need help with AI adoption, our team at S-PRO can help. With dedicated AI and ML expertise, we’ll make sure your business isn’t falling behind. Sounds interesting? Just drop us a line.