The scarcity of AI talent and the race for AI dominance
As companies search for ways to integrate artificial intelligence (AI) into their day-to-day operations, the race for top talent in AI is fierce. Recent Bloomberg research shows that fewer than 10,000 people worldwide possess the necessary expertise to create machine learning systems. Additionally, Bloomberg notes there were approximately 22,000 Ph.D.-educated researchers working on AI as of February. Among these researchers, however, only about 3,000 were seeking work.
AI is highly specialized. It involves the use of technology to teach machines to learn from experience, adjust to new inputs, and perform human-like tasks. As such, many automakers, mobile device manufacturers, and other companies across industries are actively searching for AI talent. Due to the scarcity of AI talent some businesses are exploring innovative solutions to meet their AI needs.
Microsoft®, Google, and other industry-leading brands acquire AI companies
Several industry-leading brands recently have acquired AI companies. These brands include:
- Microsoft: Microsoft acquired Maluuba, a Montreal-based firm that boasts deep learning research labs for natural language processing (NLP) and analysis, in January 2017.
- Google: To date, Google parent company Alphabet has made at least 20 AI acquisitions.
- Intel®: Global chipmaker Intel made the highest number of unique AI investments among corporations as of May 2017, according to Recode.
- Amazon: Amazon acquired UK-based AI firm Evi in 2012 and Ivona, a Polish company that specializes in text-to-speech technology, one year later.
Acquiring AI companies may be a viable option for corporations with millions of dollars to spend. But what about small and medium-sized businesses (SMBs) that want to leverage AI? These businesses lack the budgets and resources of major corporations, and in most instances, cannot compete for top AI talent. As a result, SMBs may commit only a limited amount of money to AI – despite the fact that AI could drive improved productivity and efficiency across their everyday operations.
The dearth of AI talent has major effects on those who are already working in AI, too. AI salaries are skyrocketing, and The New York Times reports AI professionals with little to no industry experience earn an average annual salary of $300,000 to $500,000. Meanwhile, AI experts may earn annual salaries that top $1 million, the New York Times points out.
Don’t expect the demand for AI talent to slow down any time soon, either. Many businesses understand the impact of AI and are doing everything possible to integrate it into all aspects of their operations. This is accelerating the global AI market’s growth. And by 2025, the global AI market could be worth nearly $36 billion, notes market research firm, Grand View Research.
How to overcome the AI talent shortage
You don’t need to be Microsoft, Google, or any other major corporation to reap the benefits of AI. In fact, if you have the right partner at your disposal, your company and its customers can enjoy the advantages of AI both now and in the future.
Thanks to Seamgen, you won’t have to commit significant time and resources to find, hire, and retain AI talent. We have some of the world’s leading AI scientists on staff, and we’re happy to provide AI solutions tailored to your business needs. Our team uses advanced technologies like machine learning, NLP, and predictive analytics. By doing so, we help our clients effectively use their data and discover ways to efficiently serve their customers and improve the user experience (UX).
AI and machine learning applications represent the future of business. With Seamgen at your side, you can take the first step to make these applications a part of your company’s everyday operations. To find out more about our machine learning and predictive analytics AI solutions for businesses, please contact us today.
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