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New Tech Will Take Over 5 Million Jobs by 2020, Says LinkedIn CEO

Nov 18, 2016 07:00 AM EST

LinkedIn CEO Jeff Weiner revealed in a conference that chances are, more than five million jobs may be displaced by new technology in 2020.

Weiner told audiences at the Code Enterprise conference that statistics from the World Economic Forum may hold quite the revolutionary future for workers worldwide.

In the World Economic Forum website, Oliver Cann said the Fourth Industrial Revolution may transform labor markets in the next five years. Skills and job displacements will be affecting every industry worldwide, and investing in skills rather than hiring short-term and virtual workers is the key to successfully managing disruptions to the market in the long run.

The new research represents more than 13 million employees in nine sectors and 15 countries. However, it summarizes that developments in fields such as artificial intelligence, machine learning, robotics, nanotechnology, and biotechnology will disrupt business models n the next five years.

There will be an enormous change in the skill sets needed to thrive in the new landscape. The study shows that there may be as much as 7.1 million jobs to be lost through redundancy, automation, and disintermediation. The loss will be partially offset by the creation of 2.1 new jobs in more "specialized" job families such as computer and mathematics or architecture and engineering. 

Other affected industries include healthcare, energy, financial services, and investors. Interestingly, there may be more jobs for information and communication technology, followed by professional services and media, as well as entertainment. 

The WEF advises economies to create targeted action to manage the near-term transition toward such an economy. The workforce must be equipped with future-proof skills, and governments have to cope up with growing unemployment and inequality. 

However, it also wants to bank on the potential of technologies such as big data analytics, mobile internet, the internet of things, and robotics. 

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