Study: AI development salary investments top $650 million, with 10,000 positions available
The artificial intelligence (AI) development race is heating up, and one new study shows that companies are paying upward of $650 million to their employees to advance the state of the AI art.
New research from employment intelligence outfit Paysa asserted that there are more than 10,000 available AI positions across the US, with the top 20 employers setting aside an average $33,292,647 to hire available developers and talent, according to a press release from the firm.
The research showed the top two companies in terms of AI development investment, Amazon and Google, are spending $227 million and $130 million, respectively, to woo talent, a sure sign that these two tech giants see AI is crucial to their success in business moving forward.
“From powering the self-driving car to guiding the way consumers shop, manage our finances and even do routine tasks, AI technology plays an increasing role in every aspect of life as we know it, so it’s no surprise that investment in this area is growing at a rapid pace and companies are having a hard time keeping up,” said Paysa CEO Chris Bolte.
The study also cited San Francisco, New York and Seattle as the top three US cities where companies are hiring the most AI experts. Rounding out the top five are Washington, D.C., and Chicago, and the top 10 also include San Diego, Austin, Charlotte, Denver and Atlanta.
Interestingly, credentials seem to take a back seat to skill set and experience with these AI jobs. Only 26 percent require a master’s degree, and 18 percent need just a bachelor’s degree. A small majority of 35 percent of the jobs posted require a doctorate degree.
“This latest research reveals that AI and machine-learning skills are in such high demand that companies across the country at every funding stage are weighing the skills and track records of individuals even more heavily than years of experience or their degree as they staff up their development teams,” Bolte said.