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HomeNews8 Lakh Jobs in Hong Kong Would Be Lost to AI Technologies...

8 Lakh Jobs in Hong Kong Would Be Lost to AI Technologies by 2028, Says Report

The report names customer service agents, administrative workers, and data entry clerks as the most vulnerable job categories.

According to the 2023 Hong Kong Salary Guide published, artificial intelligence (AI) technology would eliminate almost 800,000 jobs by 2028, or 25% of the workforce in Hong Kong. The report names customer service agents, administrative workers, and data entry clerks as the most vulnerable job categories to AI impact. 

Beyond these industries, the impact of AI is anticipated to affect careers including law, translation, illustration, and content creation. Concerns about significant employment losses have been raised by the rising popularity of AI models like ChatGPT. According to sources, several organizations in Hong Kong are now encouraging people in roles that previously did not require IT skills to become proficient in ChatGPT.

According to a study by the major investment bank Goldman Sachs, AI has the potential to automate 25% of all vocations, with administrative jobs being the most automatable at 46%, followed by legal jobs at 44%, and professionals in architecture and engineering at 37%.

Read More: Microsoft Announces AI Personal Assistant Windows Copilot for Windows 11

Researchers from Nanyang Technological University in Singapore and the Damo Academy of Alibaba Group discovered that employing large language models (LLM) for data analysis, such as GPT-4 can be done for less than 1% of the price of hiring a human analyst, while providing equivalent results. 

The report emphasizes the possible risk to employment security posed by the growing use of generative AI. Additionally, GPT-4 completes jobs substantially faster than people do, and in some circumstances, it outperforms human data analysts in terms of accuracy and analysis.

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Sahil Pawar
Sahil Pawar
I am a graduate with a bachelor's degree in statistics, mathematics, and physics. I have been working as a content writer for almost 3 years and have written for a plethora of domains. Besides, I have a vested interest in fashion and music.

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