The sectors that will be most affected by AI in the near future
After the release of tools like ChatGPT, artificial intelligence (AI) started to permeate industries around the world, transforming the way we work and live.
To better understand this rapidly changing landscape, Marcus Lu and Sabrina Lam of Visual Capitalist, using data from MSCI, have compiled a ranking of US industries based on the estimated share of employment that could be exposed to AI-driven automation.
Data and highlights
This analysis comes from a March 2023 report released by Goldman Sachs Global Investment Research.
The authors estimated exposure to automation for over 900 US jobs using the O*NET occupational database, which provides details on the types of tasks performed by each occupation. The exposure estimates were then weighted by the employment share of each occupation and aggregated at the sector level.
Industry Estimated share of US employment exposed to AI (%):
- Administrative and office support 46%
- Legal sector 44%
- Architecture and engineering 37%
- Life, physical and social sciences 36%
- Commercial and financial operations 35%
- Social and community services 33%
- Business Management32%
- Sales and related 31%
- Computer science and mathematics 29%
- Agriculture, fishing and forestry 28%
- Protection Services 28%
- Healthcare workers and technicians 28%
- Education and library 27%
- Healthcare 26%
- Arts, design, entertainment, sports and media 26%
- Average of all sectors 25%
- Personal assistance and services 19%
- Food preparation and administration 12%
- Transport and material handling 11%
- Production 9%
- Construction and mining 6%
- Installation, maintenance and repair 4%
- Cleaning and maintenance of buildings and grounds 1%
According to these findings, 46% of “administrative and office support” businesses will likely be the most impacted by AI-driven automation. This transformation could have a major impact on common tasks like data entry, meeting scheduling, and document management.
The second largest sector, the "legal" one, comes close at 44%. AI is expected to automate legal processes, such as contract analysis, and could even be used to anticipate trial outcomes. What are the judges for at this point?
As expected, the sectors that will not be greatly impacted are those that rely heavily on manual labour, such as “construction and mining”.
Benchmarking the automated future
AI is still a very new and developing technology. The impact it will have on labor productivity in the future depends on its capability (how quickly it improves) and adoption (how quickly people and businesses start using it).
Adoption rates are unlikely to be the same around the world, as survey results have shown that some countries are more optimistic about AI than others.
In the most aggressive scenario, Goldman Sachs believes the automation of AI could impact up to 300 million jobs globally and potentially lead to a 7% increase in annual GDP (equivalent to about $7 trillion). ).
Given the huge disruptive potential of AI, it is more important than ever for investors to stay ahead of the curve. MSCI has therefore created the MSCI ACWI IMI Robotics & AI Index, which analyzes an investable universe of companies associated with the adoption of AI, robotics and automation.
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The article The sectors that will be most affected by AI in the near future comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/i-settori-che-saranno-piu-colpiti-dalla-ai-nel-prossimo-futuro/ on Sat, 01 Jul 2023 09:00:47 +0000.