These Industries Are Most 'At Risk' For AI Automation

These Industries Are Most 'At Risk' For AI Automation BY TYLER DURDEN FRIDAY, JUN 30, 2023 - 09:20 PM Since the release of tools like ChatGPT, artificial intelligence (AI) has begun to permeate industries worldwide, transforming the way we work and live. To gain insight into this rapidly evolving landscape, Visual Capitalist's Marcus Lu and Sabrina Lam - using data from MSCI - has ranked U.S. industries by their estimated share of employment that could be exposed to AI-driven automation. Data and Highlights This analysis comes from a March 2023 report published by Goldman Sachs Global Investment Research. The authors estimated automation exposure for over 900 U.S. jobs using the O*NET occupational database, which provides details on the types of tasks each occupation conducts. Exposure estimates were then weighted by the employment share of each occupation, and aggregated to the industry level. Industry Estimated Share of U.S. Employment Exposed to AI (%) Office and administrative support 46% Legal 44% Architecture and engineering 37% Life, physical, and social science 36% Business and financial operations 35% Community and social service 33% Management 32% Sales and related 31% Computer and Mathematical 29% Farming, fishing, and forestry 28% Protective service 28% Healthcare practitioners and technical 28% Educational instruction and library 27% Healthcare support 26% Arts, design, entertainment, sports, and media 26% All industries average 25% Personal care and service 19% Food preparation and serving related 12% Transportation and material moving 11% Production 9% Construction and extraction 6% Installation, maintenance, and repair 4% Building and grounds cleaning and maintenance 1% 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.” Benchmarking the Automated Future 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. https://www.zerohedge.com/technology/these-industries-are-most-risk-ai-automation

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