How Can the IoT Technology Impact The Job Market During The Coming Months?

No doubt, almost every sector is witnessing the impact of Artificial Intelligence (AI) and the Internet of Things (IoT) technology. Due to these changes, job markets around the world are set to change. The existing workforce, as well as job aspirants, should be ready to embrace these and other technologies for remaining professionally relevant. 

Embracing The Change To Remain Relevant In The Job Market 

IoT and AI-powered devices were considered as science fiction until a few decades back. But today, some of them have already become a part of our day-to-day life. The same set of technologies has changed the way people work. Slowly, industrial engineering is reshaping around smart devices and software that run the modern manufacturing units. 

Internet of Things technology involves the use of billions of devices that are connected via the internet. These gadgets consist of sensors that can collect and transfer data on a real-time basis. Appliances can be programmed to use Wi-Fi or 4G, 5G connectivity for establishing a connection with the IoT network. 

From the refrigerator, coffee maker, to smart cars, jet engines, or packaging solutions used by the manufacturing sector, almost every device has become smart due to the implication of IoT technology. Estimates suggest that there are more than 17 billion connected devices around the world. The figure is set to cross the 20 billion mark soon. 

The Need For Human Element Alongside The Latest Technologies 

For ensuring progress and efficiency in the coming months, organizations and employees should embrace the available technology as much as possible. 

What functions and areas of operations can be automated? What kind of jobs would possibly entirely disappear during the next ten years? What would be the IoT’s impact on the workforce in various sectors? These are a few of the legitimate concerns that various job market consultants often come across these days. 

Some view technology as something that can help in improving the company’s efficiency, while others think IoT can be a deadly employment disrupter.  Human Resource experts are worried. However, as pointed out by several economists, the fear of new technology triggering unemployment has been around for several decades now. 

Researcher Georgios Petropoulos recently shared his opinion about the possible impact of the IoT on the jobs in the manufacturing sector. He believes jobs that require routine manual skills (mid-level positions) might face risks. However, there would be an increase in the number of available non-routine job positions in the economy due to the implementation of IoT technology. People who lose jobs can find other positions after a period of adjustment. In multiple sectors, employees won’t have to spend their productive time on collecting customary data. Thus, technology should be viewed as a tool for efficiency rather than a threat to employment. 

Determining the impact of IoT technology on the market is something that needs more research. The Internet of Things Solutions or AI-powered robot may not replace humans, but would probably end up disrupting the current roles resulting in a labor market shift. 

Thus, employees should be ready to show the flexibility to evolve and develop their skills further. The workforce can fulfill new demands if it looks at technical education as an ongoing process during the coming years. 

Every industry needs human connection, and it is the ability to create a personal relationship that differentiates humans from machines. IoT or AI-powered devices won’t be able to assess human emotions anytime sooner. 

Technology Does Have The Potential To Eat Jobs

A report published by McKinsey & Co has pointed out that the currently available technology has the potential to automate as much as 45 percent of the tasks that are performed by humans in various sectors. The same report has stressed the point that a considerable percentage of jobs in the US are set to be replaced by robotics and automation. 

During the next ten years, software solutions, robots, and smart machines are set to disrupt 30 percent of the current occupations as per Gartner’s study. Similar research conducted by Oxford highlighted that 50 percent of the professions in the US are set to be automated during the next twenty years. 

New Opportunities In The Job Market

Non-digitalized objects are modified, enhanced for making them a part of the IoT environment. Once connected to the IoT network, every device becomes uniquely distinguishable and can interact with millions of other gadgets that are part of the same system. For example, a smart refrigerator or security cameras can interact with smartphone apps or internet goggles for sharing data. 

Perhaps, it is the IT sector job market that can expect the most influence during the coming years. Connecting all the devices around the world to the internet is a tedious task. The existing web data needs to be repackaged for making it consumable for IoT devices. So, during the next few years, millions of new jobs are set to be created for IT professions who have data scraping skills. Plus, there would be a demand for thousands of IoT application development services once the Industrial Internet of Things (IoT) starts spreading. 

Win-Win Situation 

The workforce working around analytics, automation, and robotics would be expected to display knowledge-intensive performance. For employees, it would offer a safer work environment, engaging work experience, and high productivity. 

On the other hand, the organization would witness increased sales with high-quality goods. And of course, more demand for products and services would mean better hourly rates for the employees. 

High-skilled jobs are set to replace unskilled jobs due to the introduction of IoT. Thus, the workforce won’t have to worry if it starts expanding its skill sets. Perhaps, in the long run, the IoT would create more jobs compared to the numbers that it may take away.

Are you searching for an IoT development company that offers IoT application development services? If so, you should consider discussing your project details with an experienced team of engineers at Smart Sight Innovations.

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