The AI market in Australia is estimated to grow at a CAGR of 22% by 2025 and businesses as well as customers in Australia are keen on using the Artificial Intelligence technology.
With Internet penetration rate in the country are at almost 90%, every four out of five customers said they are comfortable with using chatbots while similar number of Australian businesses are considering implementing AI for online customer service.
The experts at Frost & Sullivan predict that more than 40% of Australian jobs that are high routine and low skilled could be automated and replaced by AI technology by 2030.
Manufacturing in Australia, for example, is a sector that is predicted to observe the biggest modifications compared to other industries in the country. Responsible for more than 7% of total labour force, employment in Australia’s manufacturing industry shows a downward trend.
Despite anticipation in decline in manufacturing output, expenditure on information communication technology (ICT) in the manufacturing sector is expected to grow modestly at a CAGR of 1.9% and potentially reach more than AUD 4 billion by 2024.
The growth in ICT expenditure is mainly driven by two factors:
- Structural changes in the global market;
- Australia’s objective to shift from low-cost, high-volume production to high-margin, low-volume models.
Over the next decade, Australia will observe a change that will lead towards a hybrid work environment, where machines will be handling tedious tasks. This means that resources with high skill sets, knowledge, with deep understanding will be valued and in high demand.
The penetration of AI technology in the workforce market holds positive prospects, even for those whom are worried about their jobs.
Frost & Sullivan highlights a number of jobs to be created as a result of AI implementation in a recent report titled, Future of Artificial Intelligence and its impact on Australian Jobs, Forecast to 2030.
Future jobs created in the upcoming years include social media bullying experts, online chaperones, and remote controlled vehicle operations, where AI and automation will help to increase the productivity and efficiency of human beings. In fact, The Australian Government has allocated AUD 230 million in funding to support cyber security, which is expected to create 100 highly specialized new jobs by 2020.
The report also highlights that by 2036, it is likely that physical jobs and routine jobs will only comprise of 22% and 17% each respectively, whereas the majority 61% will be knowledge-based jobs.
All in all, despite the introduction of AI, corporate jobs requiring human interaction, STEM skills, creativity, and care to remain unaffected.
Sachi Mulmi is a researcher with Frost & Sullivan. She can be reached at email@example.com