Exploring the impact of AI & how it’s fueling job growth

With Artificial Intelligence (AI) gaining prominence, so are the growing concerns about the impact of AI on employment. Some experts believe that AI will lead to mass unemployment, as machines automate more and more tasks that are at present, done by humans. Others believe that AI will create new jobs, as businesses develop new products and services that require human input.

However, it is important to note that the impact of AI on employment is uncertain. The actual impact will depend on several factors: The rate of technological development, the way that AI is used, and the ability of workers to adapt to new technologies. AI is a disruptive technology that has the potential to have a major impact on the way we work.

AI in traditional industries

Manufacturing: AI is being used to automate tasks in manufacturing, such as quality control, predictive maintenance, and robotics. This is creating new jobs in the development, deployment, and maintenance of AI-powered manufacturing systems.

Healthcare: AI is being used to develop new medical treatments, diagnose diseases, and provide personalised care. This is creating new jobs in the development, research, and application of AI in healthcare.

Finance: AI is being used to automate tasks in finance, such as fraud detection, risk assessment, and investment management. This is creating new jobs in the development, deployment, and maintenance of AI-powered financial systems.

Retail: AI is being used to personalize shopping experiences, optimize inventory management, and automate customer service. This is creating new jobs in the development, deployment, and maintenance of AI-powered retail systems.

Logistics: AI is being used to optimize transportation routes, manage inventory, and track shipments. This is creating new jobs in the development, deployment, and maintenance of AI-powered logistics systems.

Customer service: AI is being used to automate customer service tasks, such as answering questions and resolving issues. This is creating new jobs in the development, deployment, and maintenance of AI-powered customer service systems.

Education: AI is being used to personalise learning experiences, develop adaptive assessments, and provide tutoring. This is creating new jobs in the development, research, and application of AI in education.

Media and entertainment: AI is being used to create new forms of entertainment, such as virtual reality and augmented reality. This is creating new jobs in the development, production, and marketing of these products and services.

Government: AI is being used to automate tasks in government, such as fraud detection, tax collection, and law enforcement. This is creating new jobs in the development, deployment, and maintenance of AI-powered government systems.

Promising future

As the demand for AI professionals in India continues to grow, salaries are expected to increase. Some experts believe that AI professionals in India could be earning salaries comparable to their counterparts in the US and Europe in the next few years.

The salary projection for AI jobs in India is also very promising. According to a report by TeamLease Digital, the demand for AI professionals in India is expected to grow by 25 percent in the next two years. This growth is being driven by the increasing adoption of AI by businesses in India across a wide range of industries.

The average salary for AI professionals in India is currently around ₹8 lakh per annum. However, salaries can vary depending on the specific job title, level of experience, and location. For example, AI engineers with five-plus years of experience can earn up to ₹30 lakh per annum.

But the question is: How will AI create more jobs? Artificial intelligence (AI) can create more jobs in several ways.

By automating repetitive tasks: AI can automate many of the repetitive and manual tasks that are currently done by humans, freeing up workers to focus on more creative and strategic work. For example, AI can be used to automate tasks such as data entry, customer service, and manufacturing.

By creating new products and services: AI can be used to develop new products and services that did not previously exist. This can create new jobs in the development, production, and marketing of these products and services. For example, AI is being used to develop new medical treatments, self-driving cars, and personalised education.

By improving the efficiency of businesses: AI can be used to improve the efficiency of businesses by automating processes, optimising operations, and making better decisions. This can lead to increased profits for businesses, which can create new jobs.

By creating new industries: AI is still a relatively new technology, and it is constantly evolving. As AI continues to develop, it is likely to create new industries that do not currently exist. For example, AI is being used to develop new forms of entertainment, such as virtual reality and augmented reality.

By requiring new skills: AI is a complex technology that requires a variety of skills to develop, deploy, and use. As AI becomes more prevalent, there will be a need for workers with these skills, which will create new jobs in the AI sector.

Most in-demand AI-specific jobs

AI Engineer: Are responsible for designing, developing, and deploying AI systems. They work with data scientists and software engineers to create AI models that can solve real-world problems.

Machine Learning Engineer: They are responsible for developing and deploying machine learning algorithms. They work with data scientists to collect and clean data and then use that data to train machine learning models.

Data Engineer: Are responsible for collecting, storing, and processing data. They work with data scientists and AI engineers to ensure that there is enough data available to train and deploy AI models.

Robotics Engineer: Are responsible for designing, building, and testing robots. They work with AI engineers to develop robots that can interact with the world and make decisions on their own.

Software Engineer: They are responsible for developing software applications. They work with AI engineers to develop applications that use AI to solve real-world problems.

Data Scientist: Data scientists are responsible for collecting, cleaning, analysing, and interpreting data. They work with AI engineers to develop AI models that can be used to make predictions or decisions.