Robotics has introduced a new dimension to economics . Despite some fears, it is spreading its roots to grow as oak tree of economy in near future. It is better to clarify to the persons who have vague introduction to robots. Most robots are just like machines but the ones who cheer us up through their humane looks are less in number.
In the course of time, robots learnt to perform different tasks, such as managing inventory, searching for survivors after a disaster, helping with chores, self-driving cars and droning. They are also being used in two opposite fields of medical and military.
The giants of e-commerce Amazon and Alibaba have made substantial investment in automatic warehouse where robots progress to manage the inventory .These robots are very efficient in handling heavy loads and placing them at their
destination. It does not mean that the game is over. Human labor still remains present there to monitor and troubleshoot them.
In the last ten years, the purchase of industrial robots has doubled. China is the biggest market as one third of the total world production is being acquired by this overwhelming economy. A research unreveals that robotics will displace 20 million manufacturing jobs by 2030 in many european countries along with the USA and Japan.The report sheds light on the future of robots and automation as well. It predicts 90% installation of industrial robots in China,Europe, USA, Japan,Malaysia , Turkey , India etc.
The expected gigantic increase in unemployment will ultimately reduce demand because the jobless persons will be suffering annoying less purchasing power. So the world economy will eventually fall away. Developing countries where agriculture is a core sector are going to face different situation.This domain has lesser face to face activities than that of service sector therefore it has to undergo the consequences.
Let's not lose hope as there are the experts who opine that this technological advancement not only increases productivity but also decreases production cost. It does have potential for creating numerous kinds of job artificial intelligence business development manager, data detective, A.I. assisted health care technician, cyber city analyst
,highway controller, digital tailor,
chief trust officer, quantum machine-learning analyst, virtual store sherpa, personal data broker and several others.
In Pakistan, robotics is an emerging field. Many industries have started keeping pace with time. The job market of industries of gaming, agriculture and elecronics including power plants and chemical technologies is welcoming robotics engineers with high pay.