As many as 20 million factory jobs could be replaced by robots in the next 11 years, according to Oxford Economics.
The rapid advancements in robotics have resulted in 1.6 million jobs lost per for every new industrial robot, the organisation said. And while many often argue that workers who lose their jobs will be able to gain employment in other sectors, Oxford Economics said employees will find similar roles in other industries also impacted by automation.
The analysis suggests that the most vulnerable regions will be those that already have weak economies, high unemployment and lower skills. It warned that increased use of robotics in these regions will only increase economic inequality, with lower-skilled areas likely to see twice as many job losses.
It said the UK could see several hundreds of thousands of jobs lost to robots, while China is expected to have the most manufacturing robots with an estimated 14 million by 2030.
Despite warnings of job losses, Oxford Economics forecasts a $5 trillion boost to the global economy with just a 30% increase in the number of robots.