U.S. Companies Raising $1 Billion or More to Fuel Artificial Intelligence (AI) Development Looking to Staff 10,000+

Mar 12, 2017 | 3774 Views

PALO ALTO, Calif., April 18, 2017 (GLOBE NEWSWIRE) -- Paysa, the only platform that uses artificial intelligence (AI) to deliver personalized career and hiring recommendations plus real-world salary insights, 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 top 20 employers who are hiring for these jobs and their current average annual investment allocation, based on average net salary, are as follows.

Amazon at $227,769,001

Google at $130,048,389

Microsoft at $75,158,057

NVIDIA at $34,280,190

Facebook at $38,636,827

Intel Corporation at $19,390,160

Rocket Fuel at $25,288,196

GE at $11,355,668

Cylance at $8,917,665

Oculus VR at $11,545,141

Booz Allen Hamilton at $8,453,977

Huawei at $11,191,901

Adobe at $11,234,781

Accenture at $8,124,716

iRobot at $8,185,097

Magic Leap at $7,479,133

Rethink Robotics at $6,262,943

BAE Systems at $8,320,677

HERE at $8,552,227

IBM at $5,658,187

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.

Where are these jobs? The top 15 U.S. cities where companies are hiring the most tech talent with artificial intelligence skills and expertise include:

San Francisco, CA

New York, NY

Seattle, WA

Washington, DC

Chicago, ILL

San Diego, CA

Austin, TX

Charlotte, NC

Denver, CO

Atlanta, GA

Tampa, FL

Minneapolis, MN

Phoenix, AZ

St. Louis, MO

Albuquerque, NM

Total investment by region, considering average salary and number of available jobs is as follows:

RegionAverage SalaryTotal InvestmentJobs

"From powering the self-driving car to guiding the way we shop, manage our finances and even do routine tasks, AI technology plays an increasing a 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 Chris Bolte, CEO of Paysa. "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."

"The explosion of AI talent needs is a critical event happening right now nationwide -- engineers with right skills can land a great job at a top tier company in any region of the U.S," added Bolte.

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.

Source: Globenewswire