The rise of artificial intelligence is expected to create 133 million new jobs by 2022 compared to the 75 million that will be displaced, according to a global study released today by the World Economic Forum.

The report, The Future of Jobs 2018, also found that by 2025, more than half of all current workplace tasks will be performed by machines as opposed to 29% today.

The outlook for job creation today is much more positive than in prior World Economic Forum research released in 2016 as businesses have a much greater understanding of the opportunities made available by technology. However, 54% of employees of large companies would need significant reskilling and upskilling in order to fully harness the growth opportunities.

The report also found the following jobs trends by 2022:

• Companies expecting to cut permanent workforce: 50%
• Companies expecting to hire specialist contractors: 48%
• Companies expecting to grow workforce: 38%
• Companies expecting automation to grow workforce: 28%

“It is critical that business take an active role in supporting their existing workforces through reskilling and upskilling, that individuals take a proactive approach to their own lifelong learning, and that governments create an enabling environment to facilitate this workforce transformation,” said Klaus Schwab, founder and executive chairman of the World Economic Forum. “This is the key challenge of our time.”

The research is based on a survey of chief HR officers and top strategy executives from companies across 12 industries and 20 developed and emerging economies.