Sectors of the global economy which are the most heavily exposed to AI are seeing a significant increase in productivity and an uptick in wages according to new figures.

As per a new report by PwC, productivity is growing almost as five times as fast in industries exposed to AI compared to those where AI is not used.

The report, which analysed over half a billion job ads from 15 countries, found that postings for AI jobs are growing three and a half times faster than for all jobs. For every AI job posting in 2012, there are now seven job postings.

In some markets, jobs requiring AI skills are paid 25 per cent more. In terms of industries, legal and information technology saw the highest wages.

PwC said that workers will need to learn new skills to remain relevant as employers want their workforce to be skilled with AI processes.

The company added that AI could allow many nations to break out of persistent low productivity growth, generating economic development, higher wages, and enhanced living standards.

“Businesses and governments around the world will need to ensure they are adequately investing in the skills required for both their people and organisations if they are to thrive in a global economy and labour market being transformed by AI,” said Pete Brown, global workforce leader at PwC UK.

“Ensuring a skills-first approach to recruitment as well as continued investment in workforce upskilling is imperative as no industry or market will remain immune to the impact of AI’s technological and economic transformation,” he added.

The news contrasts with a report by the Institute for Public Policy Research (IPPR) released in March which warned that around 8 million jobs could be lost to artificial intelligence in the UK in a “jobs apocalypse.” Women, younger workers and those on lower wages are most at risk from the technology.

In the UK, employees have expressed concern over the impact of AI on their jobs, with 49 per cent of Londoners concerned that AI will have a direct impact on their career in the next 12 months – the highest of all regions and nearly a fifth above the national average of 31 per cent.

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