Rise of the machines is slower than expected says World Economic Forum
Businesses globally have introduced automation into their operations at a slower pace than previously anticipated, the World Economic Forum opined this week.said businesses currently estimate 34 percent of all their tasks are completed by machines – a trajectory that would see its 2020 prediction of 47 percent automation by 2025 fall short. The org has therefore adjusted its prediction and now guesstimates 42 percent of tasks will be automated by 2027.
The revised estimates calculate that 65 percent of task automation in 2027 will focus on information and data processing. Thirty-five percent of automated tasks are expected to focus on reasoning and decision-making – activities traditionally the domain of humans alone. That change will come as roughly three quarters of companies surveyed plan to adopt AI by 2027. If that pans out, it will in turn lead to job market disruption. Half of organizations expect AI adoption to create jobs, on balance, but a quarter think brainboxes will be job-killers.
"It remains to be seen how technologies going through the most rapid changes, such as generative AI technology, may further change the make-up of automatable tasks over the 2023–2027 period, with some recent studies finding that Large Language Models can already automate 15 percent of tasks,” wrote the report's authors, adding that when LLMs are combined with applications that can correct common issues like factual inaccuracies, automation could increase to 50 percent.
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