The implementation of AI in the organization is outpacing the productivity of humans, who perform routine or same tasks, by ensuring cost efficiencies. In case of Australian organizations, AI deployment is reducing nearly 40% and 30% cost in finance and accounting institutions, respectively.
Hence, this is one of the promising reasons for senior Australian executives to adopt AI in their organization as a prominent future business strategy.
Among various sectors, Financial and Insurance Services, Administrative and Support Services and Healthcare and Social Assistance will primarily drive the market for AI in this part of the globe. Of a total of over 300,000 jobs estimated to be created by the Implementation of AI in different sectors by 2030, nearly 40,000 AI related jobs will be created by aforementioned three sectors.
However, deployment of AI is also blamed for job losses. For instance, industries like Mining and Energy, Transport and Logistics, Agriculture, Animal and Horticulture and Manufacturing are predicted to witness high job losses which is likely to stand at over 200%.
In view of this, the demand for AI is likely to surge further in Australia. It is because adopting AI solutions in early stage will not just present new opportunities for respective companies but will also offer solution to real-world challenges and generate economic and social benefits.
Due to this potential of AI, large organizations are investing extensively in AI and its primary capability areas like Machine Learning (ML), Natural Language Processing (NLP), Robotics and Computer Vision.
Accelerating automation through AI and related technologies are estimated to unfold trillions of dollars market opportunity in Australia by 2030. At present, nearly 15% companies are expected to adopt AI in the country and this is likely to rise exponentially in near future which will trigger enormous demand for AI and its related technologies like ML and NLP.
Hence, in order to take the benefit of growing trend of AI technologies in the country, AI companies are focusing on deriving advantage from this positive trend. Their marketing and developmental efforts in the appropriate direction is likely to help the AI industry to grow at over 22% CAGR reaching nearly AUD 2000 million by the end of 2025.
Find more information on “Future of Artificial Intelligence and its Impact on Australian Jobs, Forecast to 2030”
Subarna Poudel is a researcher with Frost & Sullivan. He can be reached at firstname.lastname@example.org
Sapan Agarwal drives content and marketing for Frost & Sullivan. Sapan is based out of Kuala Lumpur Malaysia and can be reached at email@example.com | +603 6204 5830