In the next five years, 170 million new jobs are expected to be created by artificial intelligence. This is according to a report by the World Economic Forum (WEF). At the same time, the report’s authors anticipate that companies will cut 92 million jobs and replace them with AI. This would result in a 14 percent increase in the global job market. Approximately 1.1 billion jobs are expected to change due to AI. The demand for technical skills will grow more than other skills by 2030.
Knowledge in AI and cybersecurity will become more important. Among the most critical technical skills for the next five years are handling artificial intelligence and big data, followed by skills in networking and cybersecurity. Critical thinking is in high demand, with about seven out of ten companies expecting this from their employees. Jobs increasingly require creativity, resilience, leadership, and environmental responsibility.
The WEF report’s authors believe that 39 percent of current skills will be outdated in the next five years. This trend is declining compared to previous years. Two years ago, it was 44 percent, and during the 2020 pandemic, it was 57 percent. This development is attributed to the fact that half of the workforce has already undergone further training. Nonetheless, the report sees a need for further training for 59 percent of workers by 2030.
There is a high demand for big data and AI specialists. Ninety-three percent of German companies expect changes due to artificial intelligence and automated information processing, and two-thirds due to robots and autonomous systems. They increasingly need personnel in IT professions. The demand for big data specialists is growing the most, with an expected increase of about 115 percent, more than for fintech engineers and specialists in AI and machine learning. Application developers, UI/UX designers, and IoT specialists also have a high demand.
Although fintech engineers benefit from AI, Wall Street companies expect that 200,000 jobs in the global financial sector will be lost due to AI in the next three to five years. Middle- and back-office jobs, such as analysis, risk management, or compliance, are primarily affected. According to the WEF report, the demand for personnel in finance is declining. There will be fewer employees for accounting and auditing in the future.
The report’s authors surveyed more than 1,000 companies from 22 industries worldwide, employing a total of 14 million people. In Germany, companies are still uncertain about the impact of artificial intelligence on the IT job market.