Five million jobs in the major world economies could disappear over the next five years due to advances in technology.
Developments in artificial intelligence, robotics, and biotechnology, to ruin the business world in a way similar to previous industrial revolutions, the World Economic Forum said in a report published Monday.
The impact of technology revolution is the central theme of this year's meeting of world leaders and leading business figures in the Swiss mountain resort.
Forum surveyed 350 senior executives from the largest companies in the 15 largest economies in the developing and developed world economies.
Together, these economies account for 65% of the global workforce.
The report found that up to 7.1 million jobs in the richest countries in the world can be lost through staff redundancy and automation.
These losses will be partly offset by the creation of 2.1 million new opportunities in sectors such as high technology, professional services and the media.
Countries will need to invest in the transformation of the workforce if they want to continue with the changes and avoid a case of worst case of "lack of talent, mass unemployment and growing inequality," said Klaus Schwab, founder and chairman of the World Economic Forum.