The threat of automation in the American job market is a hot topic of discussion nowadays. With the rise of robotics and artificial intelligence, many people are concerned that their current employment might be displaced by robots. This is a valid fear as automation can potentially eliminate 73 million jobs in the US by 2030, which is a staggering 46% of all jobs. But the impact of automation on different industries varies widely, and it’s important to understand the facts behind the fear.
Automation is estimated to displace 20 million manufacturing jobs by 2030. This isn’t a surprise, as the US is home to 310,700 industrial robots, increasing by at least 40,000 each year. Furthermore, the installation of industrial robots has been growing at a compound annual growth rate of 10.28% over the past decade. Globally, there are 3.5 million operating industrial robots as of 2021.
It’s not just manufacturing jobs that are threatened by automation. In fact, 25% of American jobs are highly susceptible to automation. This means that any job that involves repetitive tasks and predictable outcomes, such as data entry, is at risk of being replaced by artificial intelligence. What’s more concerning is that the majority of jobs that are most at risk of being eliminated are those that pay moderate wages.
With so many jobs at risk, it’s not surprising that 37% of Americans are worried about automation displacing them from their jobs. However, despite the anxiety surrounding automation, 85% of Americans still approve of automation in jobs that are dangerous or unhealthy for humans. This reveals the public’s acceptance and understanding that automation can benefit certain jobs, such as those in the medical industry.
“It’s clear that the fear of automation is well-founded. Automation has the potential to significantly disrupt the job market, with the majority of jobs at risk of being displaced in the next decade being those that pay moderate wages. It’s important to understand the facts behind the fear so that we can prepare for the potential impact of automation. This can include implementing policies to protect workers, such as retraining programs and wage protection. Additionally, we should take a closer look at the ways in which robots can be used for beneficial purposes, such as reducing hazardous and unhealthy working conditions. Understanding and embracing the potential of automation can help protect workers from displacement and provide all Americans with a safe and secure working environment”, – assumed Eric Kuvykin, Founder of FinTech Acquisitions.