Since the release of tools like ChatGPT, artificial intelligence (AI) has begun to permeate industries worldwide, transforming the way we work and live. 🌍💼
This analysis comes from a March 2023 report published by Goldman Sachs Global Investment Research. 🗓️📰
Office and administrative support: 46% 💼📌
Office and administrative support roles involve tasks that can be automated with AI technologies. Common tasks such as data entry, scheduling meetings, and document management can be efficiently performed by AI systems, leading to a high estimated share of employment exposure to AI in this industry.
Legal: 44% ⚖️📌
In the legal industry, AI has the potential to automate various legal processes, such as contract analysis and research. Additionally, AI systems can analyze large volumes of legal data and even predict court case outcomes. These advancements in AI technology contribute to a significant estimated share of employment exposure in the legal field.
Architecture and engineering: 37% 🏗️📌
Architecture and engineering involve complex tasks that can benefit from AI automation. AI can assist in design optimization, simulations, and even project management, resulting in increased efficiency and productivity. Hence, the architecture and engineering industry has a considerable estimated share of employment exposure to AI.
Life, physical, and social science: 36% 🧪📌
AI technology plays a crucial role in scientific research and analysis. It can aid in data processing, pattern recognition, and simulation modeling, accelerating scientific discoveries. As a result, the life, physical, and social science industry has a significant estimated share of employment exposure to AI.
Business and financial operations: 35% 💼💰📌
AI is revolutionizing various aspects of business and financial operations. It can automate tasks such as data analysis, risk assessment, fraud detection, and customer support. The integration of AI technologies in these operations contributes to the notable estimated share of employment exposure in the business and financial industry.
Community and social service: 33% 🏘️📌
Although community and social service roles involve human interaction and empathy, AI can still support these functions. AI-powered chatbots and virtual assistants can provide initial support and information, freeing up human resources for more complex cases. The estimated share of employment exposure to AI in this industry reflects the potential for AI augmentation and support in community and social service roles.
Management: 32% 👨💼📌
AI technologies offer valuable tools for data analysis, decision-making, and process optimization in management roles. AI systems can provide insights, automate routine tasks, and assist in strategic planning. The estimated share of employment exposure to AI in the management industry indicates the growing integration of AI in managerial functions.
Sales and related: 31% 🛒📌
AI can enhance sales and related activities by analyzing customer data, predicting buying patterns, and offering personalized recommendations. AI-powered chatbots and virtual assistants can also assist in customer inquiries and support. These advancements contribute to the significant estimated share of employment exposure to AI in the sales industry.
Computer and Mathematical: 29% 🖥️🧮📌
The computer and mathematical industry inherently rely on technology and computational skills. With AI's ability to analyze complex data sets, automate processes, and improve algorithms, it significantly impacts this industry. The estimated share of employment exposure to AI reflects the integration of AI technologies in computer and mathematical tasks.
Farming, fishing, and forestry: 28% 🌾🎣🌲📌
Although industries like farming, fishing, and forestry are more dependent on manual labor, AI automation still has its place. AI can assist in precision farming, autonomous vehicles for agriculture, and analysis of environmental data for sustainable practices. While the estimated share of employment exposure to AI is comparatively lower, there are opportunities for AI implementation in these industries.
According to these findings, "office and administrative support" will likely be the most affected by AI-driven automation at 46%. This transformation could largely impact common tasks such as data entry, scheduling meetings, and document management. 📈💼🤖
The second highest industry, "legal," trails close behind at 44%. AI is expected to automate legal processes like contract analysis and could even be used to anticipate court case outcomes. ⚖️📈🤖
As expected, industries that won't be heavily impacted are those that rely heavily on manual labor, like "construction and extraction." 🚧👷♂️👷♀️
AI is still a very new and developing technology. How it will impact labor productivity in the future depends on its capability (how fast it improves) and adoption (how quickly people and businesses begin using it).
Adoption rates are unlikely to be the same around the world, as survey results have shown that some countries are more optimistic towards AI than others. 🌍📈🌐🤖
Under the most aggressive scenario, Goldman Sachs believes that AI automation could impact up to 300 million jobs globally and potentially result in a 7% increase in annual GDP (equal to about $7 trillion).
Given AI's massive potential for disruption, it's more important than ever for investors to stay ahead. That's why MSCI has created the MSCI ACWI IMI Robotics & AI Index, which benchmarks an investable universe of companies associated with the adoption of AI, robotics, and automation. 💰💼📈🤖