The report from LearnBonds has forecast one in five workers in a non-routine job will rely on artificial intelligence (AI) for at least part of their role, with the growing volume and complexity of business data forcing many firms across industries to adopt the technology to boost growth.
Currently, the AI software market is valued at $36.7 billion (US$22.6 billion).
It has already doubled in the last two years, from $16.5 billion (US$10.1 billion), as recorded by the Tradica Artificial Intelligence Market Forecast.
North America is the leading region for the industry, with giants such as Microsoft, IBM and Google leading the market. LearnBonds anticipates the market will surpass $16 billion (US$9.8 billion) this year and continue growing to be worth more than $84.1 billion (US$51.5 billion) in the next five years.
Following the North American market as the second-largest region is the Asia Pacific, valued at $10.2 billion (US$6.3 billion). By 2025, the report has forecast it will increase by 500 per cent to $53.7 billion (US$32.9 billion).
Meanwhile, the third-largest region, Europe, is expected to jump from $8.1 billion (US$5 billion) in 2020 to $43.2 billion ($26.5 billion) in 2025.
Software robots and AI automation have already gained a significant role across banking, insurance and other industries such as manufacturing and retail.
In investing and lending platforms, the technology is employed through computer algorithms to make decisions in minutes.
According to KMPG 2019 global survey, nearly 75 per cent of workers asked said that up to 50 per cent of their current workforce would be significantly impacted by the adoption of intelligent automation technologies.
But, LearnBonds noted, while many people consider AI to be a traditional job killer, the coming years are expected to see a “growing integration between human and digital workers, creating a new hybrid workforce.”
“By taking over routine tasks, digital workers will leave more time for people to manage complex jobs,” LearnBonds said.
“This new hybrid workforce is expected to reduce costs, improve efficiency, and create better products and services for customers.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.