As per a report published by the European Economic and Social Committee in January 2019, due to the impact of economy digitalization, AI and robotics have the potentiality to expand and amplify into the labor market resulting in job transformation where little may get eliminated and some may get created by others.
As suggested, the job sectors should be jointly identified by the EU, national governments, and other social partners with a probability of being affected by AI. Preparing the mass segment to be ready that on what scale or what timeline and look for solutions for each such segment where the nature of the work, social systems, and the inequality can be handled. Investors should make way and make plans on how to handle the job market sectors that are going to be affected with AI resulting in having little or no impact.
The competition across the globe gave a huge birth to address the challenge in regard to research and industrial applications including SMEs, farmers, social enterprises, cooperatives, individual businesses, and consumer associations.
In the EU market to be profitable concerning AI, IT software, hardware assets, and digital infrastructures are the sector which provides a guarantee in terms of return on your investment. To gain a competitive edge, a responsible European AI system can be developed and promoted in the EU market.