AI has potential to create millions of jobs

The use of artificial intelligence (AI) is expected to create job opportunities in South Africa, as the market grows.

Premlin Pillay, CEO of Tesserai and group executive of Mettus says the future job market demands innovation, adaptability and continuous learning, which will provide possibilities for the next generation to redefine work, and thrive in a rapidly evolving landscape.

Growth of AI

He says the AI market is expected to see an annual growth rate of at least 37.3% by 2030. “AI’s rise is transforming our world in unprecedented ways, revolutionising all aspects of life, and the workplace is no exception.”

When it comes to business, he says studies show that 64% of businesses consider AI as a valuable tool for increasing overall productivity. This demonstrates that despite concerns about its impact on potential job displacement, it is being used for the betterment.

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The growth of AI can also come with negativity, as it could displace 400 million workers worldwide. This is predicted in a McKinsey report that the displacement will happen between 2016 and 2030. “AI might affect 15% of the global workforce,” states the McKinsey report.

The World Economic Forum remains optimistic, as it believes AI may create at least 97 million new jobs by 2025.

McKinsey report shows that there is a growing demand for AI support roles, as more businesses hire people for these roles. “In 2022, 39% of businesses reported hiring software engineers, and 35% hired data engineers for AI-related positions,” notes the report.

Youth should seek to adapt to the changing landscape

Pillay says the South African youth should seek to adapt to the changing landscape, especially those about to enter the job market. He advises that the youth must upskill themselves and adopt new skills to bolster their digital literacy, such as data analysis and machine learning.

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“Young people proficient in AI technologies will have a competitive edge in the job market, making them more attractive to employers.” He is of the view that AI can empower young people to innovate and create new business opportunities, which can lead to the development of AI-driven startups and solutions, and contribute to economic growth.

More industries can make use of AI

He says AI is not limited to the tech industry only. It applies to other different industries such as healthcare, finance, education, and agriculture. Manufacturing has also been able to benefit from the birth of AI.

An Accenture report predicts that the manufacturing sector will reap the greatest financial benefit from AI adoption, with a gain of $3.8 trillion expected by 2035. “The pace of technological change means that continuous learning and adaptability are crucial,” states the Accenture report .

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Data Science shows great career growth

Pillay says data science is one prominent area of career growth. “With the proliferation of data across industries, there is an increasing need for skilled data scientists who can extract meaningful insights from vast datasets,” he says.

He believes data scientists play a crucial role in informing decision-making processes and driving strategies through data-driven analysis.