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AI, the Transcription Economy, and the Future of Work

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AI, the Transcription Economy, and the Future of Work

How will artificial intelligence AI affect the future of work?

How Many Jobs Will AI Replace? According to the World Economic Forum’s “The Future of Jobs Report 2020”, AI is expected to replace 85 million jobs worldwide by 2025. Though that sounds scary, the report goes on to say that it will also create 97 million new jobs in that same timeframe.

Is there a future in transcription?

Many people view speech recognition technology as the future of transcription. According to research conducted by the international marketing research firm MarketsandMarkets, the speech recognition industry is expected to more than triple (from $4 billion today to about $12 billion) by the time 2022 rolls around.

What jobs will AI create in the future?

AI can be used in manufacturing to make processes more efficient while also keeping human workers out of harm’s way. Opportunities to leverage AI and machine learning in manufacturing include product development, logistics optimization, predictive maintenance, and robotics.

How will artificial intelligence change the future in society?

Artificial intelligence can dramatically improve the efficiencies of our workplaces and can augment the work humans can do. When AI takes over repetitive or dangerous tasks, it frees up the human workforce to do work they are better equipped fortasks that involve creativity and empathy among others.

How will technology affect jobs in the future?

AI platforms are likely to transform industries because they can automate decision-making. Better decisions and lower cost of prediction means more productivity gains for businesses, and as such interpretation will be the fifth mechanism through which technology will change the future of work.

What is the future of work?

The future of work describes changes in how work will get done over the next decade, influenced by technological, generational and social shifts.

Is Transcription a growing field?

The Outlook for At-Home Transcription Jobs

For professionals with language translation skills, the jobs outlook is especially promising, with a growth projection of 18% through 2026.

Is transcription in high demand?

Not only is transcription in demand — it’s in demand all over the world in all types of industries.

Are transcriptionists still needed?

Job Outlook

Employment of medical transcriptionists is projected to decline 7 percent from 2020 to 2030. Despite declining employment, about 6,600 openings for medical transcriptionists are projected each year, on average, over the decade.

Which jobs will disappear by 2030?

5 jobs that will disappear by 2030

  • Travel agent. It amazes me that a travel agent is still a job in 2020. …
  • Taxi drivers. …
  • Store cashiers. …
  • Fast food cooks. …
  • Administrative legal jobs. …
  • Lawyer. …
  • HR roles. …
  • Tradespeople.

What jobs AI can’t replace?

10 Jobs AI Can’t Replace

  • Human Resource Managers.
  • Sales Managers.
  • Marketing Managers.
  • Public Relations Managers.
  • Chief Executives.
  • Event Planners.
  • Writers.
  • Software Developers.

What jobs has AI already replaced?

Below is a list of jobs that were replaced, and are being replaced or assisted by robots and computers.

  • Assembly-line and factory workers. …
  • Bus drivers, taxi drivers, and truck drivers. …
  • Phone operators, telemarketers, and receptionists. …
  • Cashiers. …
  • Bank tellers and clerks. …
  • Packing, stockroom, and warehouse moving. …
  • Prescription.

Why artificial intelligence is the future of growth?

By acting like a capital-labor hybrid, Artificial Intelligence offers the ability to amplify and transcend the current capacity of capital and labor to propel economic growth. Our research reveals unprecedented opportunities for value creation.

How is technology changing the world of work?

From the industrial age to modern day, technology has improved working conditions. Its impact on the work environment has streamlined tedious and environmentally wasteful processes, expedited access to work while exponentially increasing productivity and made working from anywhere easier than ever.

How will technology help increase work productivity in the near future Why?

Turning over recurring and monotonous tasks to powerful computers increases productivity. It also reduces the chance of human error. What’s more, letting technology do the heavy lifting allows you and your employees to focus on core business tasks and revenue-generating activities.

How does technology affect jobs and work?

Improvements in technology adversely affect wages and employment through the displacement effect, in which robots or other automation complete tasks formerly done by workers. Technology also has more positive productivity effects by making tasks easier to complete or creating new jobs and tasks for workers.

Which technology is best in future?

Top 9 New Technology Trends for 2022

  • Artificial Intelligence (AI) and Machine Learning.
  • Robotic Process Automation (RPA)
  • Edge Computing.
  • Quantum Computing.
  • Virtual Reality and Augmented Reality.

Is gig economy the future of work?

The COVID-19 pandemic has made us realise that working from anywhere, anytime, and for anyone is possible. India’s gig sector is likely to grow to $455 billion at a CAGR of 17 percent by 2024. It has the potential to grow at least 2 times the pre-pandemic estimates, according to the ASSOCHAM report.

What jobs will still exist in the future?

Who knows, you could end up landing one of these jobs at some pointif you start working toward it today.

  • Chief productivity officer. …
  • Excess capacity broker. …
  • Drone manager. …
  • Private industry air traffic control. …
  • Medical mentor. …
  • Self-driving car mechanic. …
  • Autonomous transportation specialist. …
  • Personal medical interpreter.

Are transcription jobs worth it?

The Experience Is Worth it

But if you desire full-time employment, use them to gain experience. Why? The big money is paid to transcriptionists with experience who work directly with the client. For this reason, freelance platforms offer the most lucrative offers.

Can transcribing be a career?

Transcribing is also a job that is flexible and doesn’t require too much phone work a situation that a lot of people want and need. Another reason people tend to steer towards a transcribing career is because there are plenty of companies out there who hire beginners.

Are general transcriptionist in demand?

General transcriptionists are in demand now, more than ever before. The digital age has made it possible to record almost every meeting, phone call, conference and court session. Transcriptionists take those recording and convert them to printable documents.

Is legal transcription a good career?

Working as a legal transcriptionist is a respectable and stable career choice in its own right. Many also pursue this line of work to gain experience in the legal system and eventually work as legal assistants, paralegals, and lawyers.

Why is medical transcription declining?

You might think that the pace of healthcare needs would be matched by the demand for transcription. However, according to the U.S. Bureau of Labor & Statistics, the demand for medical transcription is declining. Many doctors now use mobile devices for their notes, bypassing the need for transcription.

How much do transcriptionist make?

An entry-level Transcriber with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of ?241.94 based on 7 salaries. An early career Transcriber with 1-4 years of experience earns an average total compensation of ?238.71 based on 30 salaries.

How do you become a successful transcriber?

How To Become A Transcriptionist 6 Steps

  1. Excellent listening abilities.
  2. Typing speed and accuracy range from 65 to 75 words per minute.
  3. Excellent command of the English language.
  4. Awareness of Microsoft Word or related software.
  5. Skills in editing, grammar checking, and proofreading.
  6. Multitasking abilities.

Is legal transcription in demand Why or why not?

If you’re wondering Are legal transcriptionists in demand? The answer is YES! the Bureau of Labor Statistics expects to see a 9 percent increase in jobs for simultaneous captioners in the ten-year run-up to 2029, which is much faster than the average job growth rate.

What is the future of medical transcription?

One of the hot new careers is medical transcription (MT). As per NASSCOM estimates, the medical transcription industry has the potential to generate jobs for over 160,000 professionals annually and attain an aggregate industry revenue of Rs. 9,000 crore per annum.

What will be the highest paying jobs in 2040?

Futurist Nikolas Badminton has also identified several future jobs, including the roles he believes will be the best paid in the coming decades.

  • Human-centred designers and ethicists. …
  • Artificial intelligence psychologists. …
  • Metaverse architects. …
  • Activist artists and creators. …
  • Online and local entrepreneurs.

Can you think of any jobs that can never done by AI?

Human Resource Managers

But in some cases, an applicant can look great only on paper and still not work out. In this case, AI would simply help you get the wrong candidates for the job faster. It’s very hard to automate human management and development. They have to help employees and solve work conflicts.

What jobs will exist in 5/10 20 years that don’t exist now?

The following is a list of 10 future technology jobs that will exist in 10 years but do not exist now.

  • Commercial Civilian Drone Operators. …
  • Digital Currency Advisor. …
  • Digital Locksmith. …
  • Food Engineer. …
  • Home Automation Contractor. …
  • Media Remixer. …
  • Organ Harvester. …
  • Personal Web Manager.

What are the three D’s of artificial intelligence?

Privacy, Loss of Control and Marginalization.

What jobs will be eliminated by AI?

7. 12 jobs that robots will replace in the future

  • Customer service executives. Customer service executives don’t require a high level of social or emotional intelligence to perform. …
  • Bookkeeping and data entry. …
  • Receptionists. …
  • Proofreading. …
  • Manufacturing and pharmaceutical work. …
  • Retail services. …
  • Courier services. …
  • Doctors.

Which industries will benefit most from AI?

The Future of AI: 5 Industries That Will Be Most Affected

  • 1) Information technology (IT) IT relates to anything involving computer technology,2 while AI is the ability of a computer to act like a human being.3 The two have a symbiotic relationship, together driving innovation. …
  • 2) Finance. …
  • 3) Marketing. …
  • 4) Healthcare.

Does AI increase unemployment?

A two-year study from McKinsey Global Institute suggests that by 2030, intelligent agents and robots could replace as much as 30 percent of the world’s current human labor.

How is AI being used today?

Currently AI is Used is Following Things/Fields:

Agriculture and Farming. Autonomous Flying. Retail, Shopping and Fashion. Security and Surveillance.

How artificial intelligence is changing the global economy?

McKinsey estimates that AI may deliver an additional economic output of around US$13 trillion by 2030, increasing global GDP by about 1.2 % annually. This will mainly come from substitution of labour by automation and increased innovation in products and services.

Is AI helping industry grow?

Artificial intelligence offers tremendous potential for industry. It’s already making production more efficient, more flexible, and more reliable. Industry is becoming increasingly digitalized, the digital enterprise is already a reality.

What are the benefits of artificial intelligence?

What are the advantages of Artificial Intelligence?

  • AI drives down the time taken to perform a task. …
  • AI enables the execution of hitherto complex tasks without significant cost outlays.
  • AI operates 24×7 without interruption or breaks and has no downtime.
  • AI augments the capabilities of differently abled individuals.

About Mary Crane

Mary Crane
Mary Crane is a businesswoman and her passion for kids is so immense that she came up with a small fun place filled with bouncing castles, small trains with racks, and all the fun things just for kids to have some fun over the holidays and during the weekends. She is a strong advocate of developmental play and understands the effects of the lack of play in the growth of a child. According to Crane, encouraging play in a child helps them grow, and teaches them how to interact with other people at a young age; they also learn to share and make decisions as they grow. Mary Crane is a freelance writer and a mother of one.

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