Automation is referred to the use or introduction of automatic equipment in a manufacturing unit or in a service. In today’s world there is coming automation- fueled unemployment crisis as many industries started automated themselves rapidly to maximize their profits and at the same time decreasing cost of production which is basically decrease in cost of human labor. Automation is spreading unemployment rapidly as robots have started replacing human labors in most of the manufacturing industries and services.
According to a report, 99% of jobs of insurance underwriters are at risk due to the introduction of artificial intelligence. There is a very famous statement that software is eating the world which is somehow seems to be true. Robots to workers ratio is also increasing rapidly worldwide which also leads to the risk of unemployment. Even the developed countries are suffering from this crucial age.
A key example is the “American manufacturing crisis” wherein industries and factory jobs have been declining for a past few years that leads to destroying the local economics. The crisis exists but the reason is not that manufacturing is moved anywhere or country has started importing goods from another countries. The factories are still there but they have become automated where very little human oversights are needed to keep them going away. This trend is not going down but increasing day by day.