According to a study, by 2028, nearly 8 lakh jobs, or 25% of the total workforce in Hong Kong, will be lost to artificial intelligence (AI)-based technology.
The IT recruitment firm Venturenix report claims that AI will most impact data entry clerks, administration employees, and customer service representatives.
The paper also highlighted the ways several areas, like lawyers and translators, will be impacted by AI.
“As AI applications penetrate into various industries, even traditional high-paying professions such as lawyers and translators are affected,” said the study, according to South China Morning Post.
“Illustrators and content creators are also more likely to be replaced,” it noted.
With ChatGPT’s immense popularity, there are concerns that many jobs will be lost.
According to Venturenix, many Hong Kong companies are now asking employees in roles that previously did not require IT skills to learn to use ChatGPT.
According to global bank Goldman Sachs, nearly 300 million jobs could be lost globally due to AI in the future.
A research report from Goldman Sachs predicted that AI could automate 25 percent of the entire labor market but can automate 46 percent of tasks in administrative jobs, 44 percent of legal jobs, and 37 percent of architecture and engineering professions.
Researchers from Damo Academy, the research arm of Chinese e-commerce giant Alibaba Group, and Singapore’s Nanyang Technological University say that using large language models (LLM), like GPT-4, which powers ChatGPT, in data analysis costs less than 1% of hiring a human analyst while turning comparable performances.
Given the increasing adoption of generative AI, the study identified a possible threat to job security.
The experiments showed that the GPT-4 provides tasks much faster than humans perform.
In some cases, the AI model outperformed human data analysts regarding the accuracy of the figures and analysis.