Artificial Intelligence (AI) is the science of imitating human intelligence using computers and able to perform the tasks such as visual perception, speech recognition, decision-making, and language translation.
A recent study finds that emerging technology in the developed countries leads to jobs cuts in every sector and it was one of the major factors of the jobless recession. Fears that artificial intelligence will kill more jobs continue to grow. However, the automation may not replace human completely but it will perform a much better than how we performing at present. Artificial intelligence is a new concept of production and has a potential for business growth in developing countries.
According to US Bureau of Economic Analysis and US Bureau of Labor Statistics estimated that in last fifteen years the Economy value of automobile sector is just doubled whereas the number of jobs declined by 50% due to industrial robots. A study estimated that more than 5 million of American factory jobs have reduced since 2001 due to technology, artificial intelligence, and automation.
India is also facing the effects of technology in declining employment and public policy. The rapid increase in emerging technologies in many industrial sectors reduced a very large numbers of jobs in India. India already has very fewer number jobs compared to the country population. And, Emerging Technology and Artificial Intelligence will make a nation in a very depressed situation due to jobless future.
Most of you have noticed that there is a sharp decline in Bank jobs in India. In the traditional banking industry, most of the important tasks such as cash withdrawals, cash deposits, passbook updating, account verification were done by the humans. But now, these works were done by digital machines. Works become easier but reduced more than half number of employees from each branch of banks.
The automation may not replace human completely but it will perform a much better than how we performing at present. Artificial intelligence is a new concept of production and has a potential for business growth in developing countries.