Companies Allocate More Than $650 Million Annually to Fuel the AI Talent Race, Investment from Amazon Nearly 600% and Google Nearly 300% More Than Average
PALO ALTO, Calif., April 18, 2017 (GLOBE NEWSWIRE)
Paysa today announced new findings from a study on the market for artificial intelligence tech talent and associated skills.
According to the study, companies are currently investing in more than $650 million in annual salaries to fuel the AI talent race with more than 10,000 available positions at top employers across the country.
The total annual investment, on average, among the top 20 employers that are looking to hire AI talent is $33,292,647. Yet Amazon is allocating nearly 600 percent more and Google is investing nearly 300 percent more than this figure, indicating that their future success is heavily dependent upon AI technologies, and subsequently, the talent to create them.
According to a 2016 Markets and Markets Report, the artificial intelligence (AI) market is expected to be worth $16.06 Billion by 2022, growing at a CAGR of 62.9% from 2016 to 2022. Several U.S. companies have raised $1 billion dollars or more to fuel artificial intelligence (AI) development.
Companies that are hiring to fill AI jobs are currently seeking tech and engineering talent with deep learning, machine learning, artificial intelligence, computer vision, neural networks and reinforcement learning skills.
The findings also show that 40 percent of the open AI positions are available at large enterprises with more than 10,000 employees, 10 percent are available at companies with 1001 – 10,000 employees and 7 percent are available at companies with 11-50 employees. Companies with 51-100 employees account for 5 percent of the open positions across the market while just 2 percent of the open AI positions are available at companies with 0-10 employees. Another 25 percent of today’s open AI positions were reported as being at companies with employee counts that were unknown at the time of the study.
Although a majority or 35 percent of the jobs require a Ph.D, 26 percent require just a master’s degree and 18 percent require only a bachelor’s degree. And not all open jobs require a specific degree level, suggesting that for some 21 percent of the jobs, having the right skills are more important than graduating from a specific university or degree program.
The Paysa study also reveals that just five percent of the open jobs are executive level, calling for 10 or more years-of-experience, 28 percent of the available AI jobs are senior level positions, requiring five or more, 27 percent are mid-level, mandating two to five years, and less than two percent are junior level, asking for just one to two-years. Another 39 percent of open AI jobs have experience level requirements that are unspecified.
Finally, employers that are hiring for the majority of the positions (36 percent) are at companies that have been around 20 years or more while 21 percent of today’s open AI jobs can be found at companies that are 10 to 20-years-old. Only six percent of the open positions are at start-ups or companies that have been around five years or less.
Illustration Photo: Artificial Intelligence (Public Domain from Pixabay.com)