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8 Lakh Jobs Will Be Replaced By AI In Hong Kong By 2028: Report

According to a report, by 2028, approximately 8 lakh jobs, or 25% of the entire workforce in Hong Kong, would be lost to AI-based technology.

According to a survey by IT recruiting agency Venturenix, data entry clerks, administrative workers, and customer service reps would be most impacted by AI.

The influence AI would have on several areas, like law and translation, was also underlined in the research.

According to the survey, which was reported by South China Morning Post, “as AI applications penetrate into various industries, even traditional high-paying professions such as lawyers and translators are affected.”

“Illustrators and content creators are also more likely to be replaced,” the report said.

Because of ChatGPT’s enormous popularity, there are worries that many jobs may be eliminated.

According to Venturenix, many Hong Kong organizations are now requesting that staff in roles that previously did not need IT skills learn to utilize ChatGPT.

Nearly 300 million jobs might be eliminated worldwide due to AI in the future, according to major investment firm Goldman Sachs.

In a study conducted by Goldman Sachs, it was estimated that AI will automate 25% of all occupations, but 46% of administrative duties, 44% of legal tasks, and 37% of work in the fields of design and engineering.

According to researchers from Nanyang Technological University in Singapore and Damo Academy, the research arm of Chinese e-commerce giant Alibaba Group, using large language models (LLM) like GPT-4, which powers ChatGPT, in data analysis costs less than 1% of hiring a human analyst while producing comparable results.

The research brought attention to the possible risk to job security posed by the growing use of generative AI.

The tests revealed that GPT-4 completes tasks far more quickly than humans do.

When it came to the accuracy of the data and analysis, the AI model sometimes outperformed human data analysts.

 

 

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