A recent report from the Massachusetts Institute of Technology (MIT) has highlighted that, contrary to fears of widespread job loss due to artificial intelligence (AI), human workers remain more cost-effective than AI for many tasks. The findings suggest that current AI technology is only economically viable for a limited number of industries.
The study, which addresses concerns about AI replacing human workers, indicates that AI is most profitable in a few specific sectors such as retail, transportation, warehousing, and healthcare. These are areas where companies like Walmart Inc. and Amazon.com Inc. have a significant presence. The report focuses on computer vision, a key aspect of AI that allows machines to extract meaningful information from visual inputs like digital images. It is widely used in applications like autonomous driving and image categorization on smartphones.
According to the researchers at MIT’s Computer Science and Artificial Intelligence Laboratory, only around 23% of tasks currently performed by human workers could be cost-effectively automated using AI. The study, funded by the MIT-IBM Watson AI Lab, gathered data from online surveys covering approximately 1,000 visually assisted tasks across 800 different occupations.
Despite the potential for AI to automate more tasks in the future, the report suggests that only 3% of these tasks are currently cost-effective to automate. However, this figure could rise to 40% by 2030 if data costs decrease and AI accuracy improves.
Neil Thompson, Director of the FutureTech Research Project at MIT, commented on the study, emphasizing its examination of how computer vision applies across various industries. He noted that while automation may increase in sectors like retail and healthcare, industries such as construction, mining, and real estate may see less impact.
The emergence of advanced AI models like ChatGPT and Google’s Bard has reignited concerns about job displacement by AI. The International Monetary Fund has estimated that nearly 40% of jobs worldwide could be affected by AI, prompting the need for policymakers to carefully consider its implications.
At the recent World Economic Forum in Davos, discussions centered on the potential for AI to reshape the workforce, reflecting the ongoing debate about the balance between AI’s benefits and its potential negative consequences.
Nairametrics