If you’re wondering when artificial intelligence (AI) will begin to replace human jobs, the answer is now.
According to data from Challenger, Gray & Christmas, artificial intelligence contributed to nearly 4,000 job losses last month, as interest in the rapidly evolving technology’s ability to perform advanced organizational tasks and lighten workloads has grown.
According to the outplacement firm’s report released Thursday, layoff announcements from US-based employers reached more than 80,000 in May, a 20% increase from the previous month and nearly four times the level for the same month last year.
The seventh-highest contributor to job losses cited by employers in May was AI, which was responsible for 3,900 or about 5% of all job losses.
Businesses have quickly adopted cutting-edge AI technology to automate a wide range of tasks, including administrative and clerical work as well as creative work such as writing. As a result, jobs have been lost.
According to Bloomberg Intelligence analysts, the AI industry will be worth more than $1 trillion by 2025, driven by significant technological advancements such as the release of OpenAI’s ChatGPT bot last fall.
The inclusion of artificial intelligence (AI) in the Challenger report is a first, but human replacement by rapidly developing technology has previously been in the news.