Report Predicts 8 Lakh Jobs In Hong Kong Will Be Replaced By AI By 2028
According to a study, Hong Kong’s workforce will experience a loss of approximately 800,000 jobs, which accounts for 25% of the total workforce, due to the implementation of artificial intelligence (AI) technologies by 2028.
According to a report by IT recruitment company Venturenix, data entry clerks, administrative staff and customer service representatives are most affected by artificial intelligence.
The report also highlighted the impact of artificial intelligence on different industries, such as lawyers and translators.
“As AI applications penetrate multiple industries, it will even affect traditional high-paying professions such as lawyers and translators,” the study said, according to the South China Morning Post.
“Illustrators and content creators are also more likely to be replaced,” it noted.
ChatGPT’s massive popularity has sparked fears of massive job cuts.
According to Venturenix, many Hong Kong companies are now asking employees in roles that previously did not require IT experience to learn how to use ChatGPT.
According to the global investment bank Goldman Sachs, artificial intelligence may lose almost 300 million jobs worldwide in the future.
A Goldman Sachs research report predicted that AI could automate 25 percent of the entire job market, but could automate 46 percent of administrative jobs, 44 percent of legal jobs, and 37 percent of architecture and engineering jobs.
Using large-scale language models (LLMs) such as GPT-4, which enables ChatGPT, data analysis costs less than 1 percent of hiring a human analyst while delivering comparable performance, say researchers at Damo Academy, a Chinese electronic technology research arm. trading giant Alibaba Group and Singapore’s Nanyang Technological University.
The study highlighted a possible threat to occupational safety as generative artificial intelligence becomes more common.
Experiments showed that GPT-4 is also much faster than a human in performing tasks.
In some cases, the AI model managed to outperform human data analysts in terms of numbers and accuracy of analysis.
