WEF Report Finds Adoption of Emerging Technologies Drives Business Transformation

The WEF (World Economic Forum) recently released the 2023 Future of Jobs Report. The report focused on the impact of emerging technologies on the future of work. The report surveyed 803 companies across 27 industries. It focused on the effects of macro and technology trends on transformation strategies, job roles, and skills between 2023-2027.

The report showed that the development of digital services in the workplace and the growing use of innovative technologies are what’s really driving corporate transformation.

The study also emphasizes the strong focus on trends in digital transformation. In the next five years, 75% of the businesses questioned said they planned to use new technologies like cloud computing, big data, and Artificial Intelligence. Additionally, 86% of the firms surveyed anticipate incorporating eCommerce solutions & digital platforms. Specifically, the report states that 75% of businesses may incorporate eCommerce tools, and 81% will use digital technologies suitable for education and the workforce.

WEF Report The Emerging Technology Changing Every Sector and Job

Speaking with the WEF, CEO at Coursera, Jeff Maggioncalda, emphasized that technology is changing how workers perform tasks in almost every industry. He further highlighted the emerging landscape of AI technology, stating that Andrew Ng, Coursera founder, refers to AI as “the new electricity.”

Saadia Zahidi, Managing Director of the World Economic Forum, also noted the acceleration of generative AI adoption across various industries.

Despite the significant impact of AI, it only ranks 15th in general core skills. However, the WEF reports that it is the third most important skill in many company training strategies until 2027.

The impact of automation and AI on the workforce is already significant. This will likely accelerate in the coming years, taking over tasks that humans previously performed. This trend is opening up new prospects for those working in the IT industry. Additionally, it is eliminating jobs in formerly stable sectors like manufacturing and retail.

The Impact on XR

XR (Extended Reality) vendors typically integrate AI and machine learning into their products to enhance the performance of immersive solutions in the workplace. The growing demand for big data streaming drives hardware developers to innovate in areas such as 5G.

Furthermore, XR is an emerging workplace tool. Enterprise-grade immersive solutions could benefit from several of the WEF report’s highlighted aspects.

The featured image is from xrtoday.com