Image Credit: Campus Intelligence
New-age technologies such as Deep Learning and Machine Learning have become a synonym for innovation. With accelerating deployment of the digital voice-enabled assistant, Natural Language Processing’s (NLP) linguistic innovations are growing at an exceptional rate. The wide adoption of face and image recognition technology across several industries for surveillance and monitoring purpose has given new meaning to Computer Vision applications. Even Self-Driving Cars, as observed, are not so far from now.
Collectively, the growth of these technologies is contributing to the upsurge in the Artificial Intelligence market. Analytics Insight estimates the global market of AI is estimated to grow at a CAGR of 29.0 percent from US$42.8 billion in 2019 to US$152.9 billion in 2023. The proliferation of the market is expected to further drive the hiring and job opportunities trends in the future.
We analysed the data of open job opportunities for AI professionals from 2018 to 2023. It has been found that open AI jobs are expected to increase at a CAGR of 31.6 percent to reach a total of 19,28,658 in 2023, up from 4,89,393 in 2018. Analytics Insight predicts the count to hit 10,06,945 by next year.
Despite the appalling impact of COVID-19 on job hiring across several industries, Artificial Intelligence is still most likely to trace an upwards graph. Amid this pandemic-induced crisis, a number of companies are hiring AI professionals. The exponential growth in demand for AI professionals has even raised the salary bar for such jobs. In India, the average salary for AI professionals is US$13,215.28 per annum while that in the United Kingdom is US$64,608.28 per annum. Though Canada and the US share same border, in terms of AI jobs and salary they are significantly distant. In the US, the average salary such professional working in Artificial Intelligence field is US$118,060.5 per annum, whereas in Canada its US$91,208.2 per annum.
Challenges to Rising Market
However, despite all the flourishing opportunities in the sight many vacancies go unfilled. The biggest reason behind this is the skill gap. According to Analytics Insight, the global skills gap in the field of Artificial Intelligence will account for 66% in 2020.
To bridge this gap, academia plays an extremely significant role. Universities and educational institutions across the world have launched various AI-centric programs and curriculums to impart industry-relevant knowledge and hands-on experience for budding professionals to grab great job opportunities.
Undertaking these courses students can cultivate their skills in various AI approaches such as machine learning, deep learning, and other techniques.
Even if lockdown as the preventive measures for coronavirus has restricted students and professionals to avail the perks of such comprehensive learning opportunities, online offerings by many institutes are curbing this issue as well.
AI aspirants must utilize their quarantine time well to upskill and educate themselves in an effort to not only survive but excel in a post-pandemic highly competitive technology market.