A “robot revolution” will transform the global economy over the next 20 years, cutting the costs of doing business but exacerbating social inequality, as machines take over everything, according to a new study by investment bank Bank of America Merrill Lynch.
“We are facing a paradigm shift which will change the way we live and work,” the authors say. “The pace of disruptive technological innovation has gone from linear to parabolic in recent years. Penetration of robots and artificial intelligence has hit every industry sector, and has become an integral part of our daily lives.”
The report outlines the opportunities for investors in robotics and artificial intelligence and cites recent research including Oxford University research that finds the coming revolution could leave up to 35% of all workers in the UK, and 47% of those in the US, at risk of being displaced by technology.
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