It’s no surprise the advanced materials, biotechnology and chemistry industry will be impacted by the increasing adoption of new technology – most industries will be. But this space is different in that the World Economic Forum’s “The Future of Jobs Report 2018,” ranks the industry’s second highest growth driver as the expansion of affluence in developing economies. To learn more about how this industry will change through 2022, read on.
The effects of economic growth will be visible in the biotechnology, chemistry and advanced materials industry. It’s only one of three industries in that lists developing economies, global macroeconomic growth and national economic growth in its top 10 growth drivers through 2022. This is because the advancement of these industries contributes to human welfare by providing food and water security and delivering healthcare solutions.
In terms of technology adoption, the top five applications expected to be implemented at companies in this space include: user and entity big data analytics (79 percent), new materials (79 percent), app- and web-enabled markets (71 percent), cloud computing (67 percent) and digital trade (62 percent). Barriers to new technology adoption are companies not understanding the new opportunities (75 percent) and skill gaps in the local labor market (71 percent). There is a certain level of concern about the skills gap on the global front as well, with half of the respondents reporting it will get in the way of using new technologies.
Technology will continue to automate key chemistry, advanced materials and biotechnology industry job tasks through 2022, particularly freeing humans from physical and manual work activities (from 29 percent of task hours being performed by machines in 2018 to 41 percent in 2022). Humans will still be relied upon for performing complex and technical activities and coordinating, developing managing and advising.
These trends lead to a decline in roles in the such as data entry clerks; assembly and factory workers; accounting, bookkeeping and payroll clerks; and cashiers and ticket clerks. But general and operations managers and AI machine learning specialists will grow in need through 2022. Most employees will need reskilling, with education needs ranging from less than one month (10 percent) to over one year (15 percent).