IT companies set to slash 3 million jobs by 2022 due to automation
With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employ over 16 million are set to slash headcounts by a massive 3 million by 2022, which will help them save a whopping $100 billion mostly in salaries annually.
According to a report from Bank of America (BofA), roughly 0.7 million roles are expected to be replaced by RPA alone and the rest due to other technological upgrades and upskilling by the domestic IT players, while the RPA will have the worst impact in the US with a loss of almost 1 million jobs.
However, despite such massive automation, major economies like Germany, China, India, Korea, Brazil, Thailand Malaysia, and Russia will likely face labor shortages
On the contrary, South Africa, Greece, Indonesia, and the Philippines will have surplus labor for the next 15 years.
