- Don't fear an AI-induced jobs apocalypse just yet, West suffers from too little automation, not too much.
- $25bn spent on industrial robots in 2020, less than 1% of global capital expenditure.
- Robot usage historically centred on car industry, electronics industry, now widening.
- Industrial robot price fell from $69,000 in 2005 to $27,000 in 2017.
- Global stock of industrial robots grew from 1m in 2011 to nearly 3.5m in 2021.
- AI technology used for Chatgpt, generative AI, automating office work, process automation.
Don’t fear an AI-induced jobs apocalypse just yet
The West suffers from too little automation, not too much | Business
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