Projected Job Numbers
It is anticipated that AI will not “destroy” more jobs than it creates; rather, it will help augment and enhance the productivity and efficiency of many existing jobs. That’s why we created this overview of the artificial intelligence career, to make it easier for you to understand the details of this field, and upgrade your skills for 2020. In fact, it is determined that by 2021, AI augmentation in the economy will generate over 2 Trillion dollars in business value and will recover over 6 billion hours of worker productivity (1). This is because AI will augment and enhance the way that people are able to do business with one another. Instead of replacing humans, it will simply take over non-human tasks to make business more efficient, and human interactions more meaningful.
Moreover, by 2022, it is anticipated that one in five employees will rely on AI to perform daily tasks. Thus, the number of technological jobs in the AI and IT sectors are going to increase significantly. This increase is as a result of more individuals being required to understand AI technologies, and more people knowing how to program and operate AI, machine learning, and digital processes.
Evidence of this growth is found in the overall increase of AI wages, as well as the increase in the number of roles in machine learning, deep learning, and programming. In recent years (from 2018 to 2020), it was found that deep learning and AI (such as the programming found in autonomous cars, robotics and facial recognition) could soon account for between 3 and 6 Trillion dollars in the coming years (1).
If you like this review of the artificial intelligence career, you would probably like to download the Guide to Artificial Intelligence Career, 2020.
As a whole, studies of the artificial intelligence career show that AI jobs (and the number of AI jobs listed on the market) have increased from 2016 to 2019. From 2016 to 2017, the AI job market grew roughly 36%; from 2017 to 2018 the market grew an additional 58%; and, from 2018 to 2019, the market grew another 29%. This compound growth is illustrating that the number of jobs and the skills of AI employees are an increasing need, as AI becomes more prevalent in the workforce. This growth is felt around the world, with approximately 40% of respondents from 2000 organizations surveyed around the world stating that they were adding more jobs because of the growth and implementation of AI, with only 8% planning to cut jobs because of AI (2). This again illustrates tremendous need and growth in the AI employment industry.
Looking forward, it is estimated by the World Economic Forum that there will be 75 million jobs displaced by AI around the world. However, this job loss is met with an astounding 133 million jobs being added because of AI (2). The World Economic Forum also illustrates that this net gain in jobs will be met with a change in the division of labor. Some of the roles gained will be as a result of additional AI, machine learning, management information and IT positions requiring “human skills”; whereas other new roles will be a result of increased efficiencies allowing businesses to expand and have a greater capacity for more human capital. This shift in the division of labor is anticipated to change to over 50% of machine labor by 2025, as compared to the 29% of machine labor in 2018 (3).
In short, the projected job numbers in the field of AI, IT and Management Information Systems is expected to grow exponentially in the coming few years, with many sources citing that although many jobs (well-within the millions) will be lost to AI, there will be even greater job creation as a result (4).
Artificial Intelligence Career – Areas of Growth
Growth in AI Companies
The number of AI companies around the globe is centered primarily in three locations: The United States, the United Kingdom, and China. Next to this stands Canada, India, Israel, France, and Germany; however, the United States stands with the most AI companies with just over 2,000 companies (5). In our Guide to Artificial Intelligence Career, we demonstrate 13 AI specializations that stay on top of job listing in 2020.
In the coming years, it is anticipated that the current share of AI companies in China (currently at 11%), will grow because of heavy government financing, start-up and tech valuations that exceed silicon valley, as well as a large number of AI research and academic papers that are appearing throughout China. However, this is not likely to exceed the number of AI companies located in the United States. Another growing location of AI in the coming years is Israel. Israel is “technologically strong and underestimated” so, because of access to inexpensive labor, AI companies are likely to grow here. The final location, which is set to find an increased number of AI companies in the UK, as it will become the AI “hub” for much of Europe (6).
These four locations (the United States, China, Israel, and the United Kingdom) are estimated to see the most growth and the largest concentration of AI companies in the coming years, with many of the other locations listed previously (Canada, Germany, France, and India) losing their share of AI companies on the world stage.
AI Start-ups Growth
Much like the growth of the AI industry as a whole, the number of AI start-ups is also estimated to grow in the coming years. Many executives and business leaders see AI start-ups as the way in which AI will become much more accountable and transparent. It will do so by solving specific needs of niche markets and serve as equalization to the large AI firms that currently dominate the AI industry (7). That is, most AI start-ups are solving the issue of the “low-hanging fruit”. AI start-ups are tending to solve communication, sales, and marketing issues, with no great scalability that will match large AI firms (6).
The majority of the AI start-ups are also appearing (and will continue to appear) in China. This is because the market for start-ups is well supported by the government, well-financed, and is finding the most academic support. This is unlike the United States and the United Kingdom, as they are primarily dominated by large, existing firms. Similarly, it is assumed that many AI start-ups move their operations to Israel, as technological and communications infrastructure improves (6).
AI End Users Growth
Until recently, many of the users of AI have been businesses, industries, and other commercial consumers. There has been a little private consumer and individual use of AI until very recently. Nowadays, AI is seen almost everywhere in society, as it has become a prerequisite for evolution and change in people’s day to day lives. Robotics, autonomous cars, self-speaking products, and even facial recognition are classified as AI and have become entrenched in the daily lives of many. Many so-called “smart” products also utilize AI and have become very popular in recent years among private consumers because of the ease-of-use and the efficiency it brings to their lives. Thus, there has been a dramatic shift in the end-users of AI from strictly business and industrial (or B2B) consumers, to a large quantity of AI being used by consumers for their everyday lives (8).
AI Median Salary Range
Overall salary projections are estimated to grow in the next few years; however, with the many different roles that are present in the AI industry, these must be broken down. Below are the projected yearly salaries for each of the 13 job descriptions listed above. Each median salary is shown alongside the corresponding job title. This salary information has been gathered from sources including Indeed, Glassdoor, Salary.com, Nuevoo, and PayScale, and illustrates 2019 salary data.
|Specialty||Lower bar||Upper bar|
|Machine Learning Engineer||$100,000||$140,000|
|Computer Vision Engineer||$100,000||$125,000|
|Data Warehouse Engineer||$85,000||$120,000|
|Project Manager (in AI and IT)||$75,000||$100,000|
|Product Manager (in AI and IT)||$80,000||$120,000|
|Business Analyst (in AI and IT)||$65,000||$80,000|
|Marketing Automation Manager||$75,000||$125,000|
|User Experience Designer||$75,000||$115,000|
|Social Media Manager||$50,000||$75,000|
This salary data is presented for 2019 AI roles; however, the projected 2020 salary data for these same jobs is predicted to either stay the same or experience slight increases.