What will be the impact of Industry 4.0/5.0 technologies, including generative artificial intelligence and Big Data Analytics, on labor markets in the future?

In recent years, the development of digitization and Internetization of the economy has accelerated. These processes in particular Digitization and Internetization of the economy are now occurring simultaneously in many areas of economic processes, in the functioning of business entities and public, financial and other institutions operating in economies that are increasingly becoming knowledge-based economies. The Covid-19 pandemic has further accelerated the processes of digitization and Internetization of the economy. More and more companies and enterprises operating in various industries and sectors of the economy are expanding their operations via the Internet, remotely providing their services and selling their products through e-commerce.

The development of information processing technologies in the era of the current Fourth Technological Revolution is determined by the development and growth of the applications of ICT, Internet technologies and advanced data processing technologies Industry 4.0. The current technological revolution associated with the concept of Industry 4. 0 is motivated by the development of such technologies as: Big Data Analytics, Data Science, cloud computing, machine learning, multi-layer artificial neural networks-based deep learning, generative artificial intelligence, personal and industrial Internet of Things, Business Intelligence analytics, autonomous robots, horizontal and vertical data system integration, multi-criteria simulation models, digital twins, Blockchain, smart technologies, cyber security instruments, augmented and virtual reality, and other technologies for advanced multi-criteria processing of large sets of data and information.

The processes of digitalization and Internetization of the economy are determined by “upstream” processes, i.e., those inspired by public institutions, including computerization, Internetization of public offices, and “downstream” determinants, i.e., e.g., the growth of e-commerce, the increase in the share of transactions and payments made electronically via the Internet, the development of Internet banking and the shift of a significant part of business in many companies to remote service conducted via the Internet.

In the future, due to the development of applications of Industry 4.0 technologies, including the ever-improving generative artificial intelligence, the employment of people in certain types of professions, occupations in certain industries and sectors of the economy may significantly decline. It is likely that significant declines in employment in some branches and sectors of the knowledge economy will occur in the next few years. There are many indications that in a few years the scale of applications of generative artificial intelligence in various areas of production processes and services provided will increase strongly. On the other hand, the development of applications of constantly improving generative artificial intelligence and other Industry 4.0 technologies will also create new jobs in analytical and research fields. However, just a few years ago, the prevailing thesis was that the scale of job losses would be much greater than the new jobs being created. In a period of rapid technological advances in recent years in the development of generative artificial intelligence technology and its applications, the emerging new jobs in which generative AI technologies are used is the aforementioned thesis begins to lose its relevance. In this regard, it is not out of the question that the number of new jobs and professions being created may fully manage the potentially emerging gap of lack of employment generated by AI technology replacing human labor. Regardless of the nature of the changes in labor markets that will result from the implementation of new Industry 4.0 technologies into various fields of business activities of companies and enterprises, it is certain that the impact on labor markets will be significant and substantial in the years to come.

I have described the key issues of opportunities and threats to the development of artificial intelligence technologies in my article below:

OPPORTUNITIES AND THREATS TO THE DEVELOPMENT OF ARTIFICIAL INTELLIGENCE APPLICATIONS AND THE NEED FOR NORMATIVE REGULATION OF THIS DEVELOPMENT

Article OPPORTUNITIES AND THREATS TO THE DEVELOPMENT OF ARTIFICIAL I...

And the applications of Big Data technologies in sentiment analysis, business analytics and risk management were described in my co-authored article:

APPLICATION OF DATA BASE SYSTEMS BIG DATA AND BUSINESS INTELLIGENCE SOFTWARE IN INTEGRATED RISK MANAGEMENT IN ORGANIZATION

Article APPLICATION OF DATA BASE SYSTEMS BIG DATA AND BUSINESS INTEL...

I invite you to familiarize yourself with the issues described in the publications given above, and to scientific cooperation in these issues.

In view of the above, I address the following question to the esteemed community of scientists and researchers:

What will be the impact of Industry 4.0/5.0 technologies, including generative artificial intelligence and Big Data Analytics technologies on labor markets in the future?

What will be the impact of Industry 4.0/5.0 technologies on labor markets in the future?

And what is your opinion on this topic?

What do you think about this topic?

Please answer,

I invite everyone to join the discussion,

Thank you very much,

Best wishes,

Dariusz Prokopowicz

The above text is entirely my own work written by me on the basis of my research.

In writing this text, I did not use other sources or automatic text generation systems.

Copyright by Dariusz Prokopowicz