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Highlights
- The need for AI expertise is growing due to a lack of candidates and layoffs in other tech-related fields.
- AI is expected to influence nearly two-thirds of the job in the future.
- Artificial intelligence will be a significant future revenue stream for IT companies.
Tech giants across the globe have been trying to keep up in the AI race. However, a growing demand for artificial intelligence products also creates a requirement for necessary talent. A new Wall Street Journal (WSJ) report highlights that the need for AI expertise is growing due to a lack of candidates and layoffs in other tech-related fields.
AI Race Creates Vacuum of Jobs
The WSJ further highlights that in an attempt to attract individuals with generative AI expertise—the kind that powers ChatGPT and other human-like bots—tech companies are offering million-dollar annual compensation packages, expedited stock-vesting timetables, and the ability to poach whole engineering teams. They are in competition with startups and with each other to become the next big thing to take down the industry titans.
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2/3 of Jobs Will have Exposure to AI in the Future
As CoinGape previously reported, according to Fred Havemeyer, head of software and AI research at Macquarie, the application of generative AI software will start to gain popularity around 2024. AI is expected to influence nearly two-thirds of the job in the future.
An excellent example of this is Apple’s recent announcement that it will focus on AI products going forward. The ambition of IT companies to make a tidy profit from artificial intelligence services drove this move. Furthermore, Microsoft is expanding its artificial intelligence technology portfolio in the same sector by adding significant players. In the future, people will need to have appropriate skills in a variety of disciplines to seek employment, as the majority of enterprises deal with AI goods. With AI becoming a necessary job skill, a growing demand for related courses and college degrees has also emerged in the market in recent times.
AI Race To Help Tech Giants
Given that artificial intelligence is being used in an increasing number of jobs, it is likely to become a significant growth factor. The current growth at Nvidia is a great illustration of the significance of artificial intelligence to many of the largest names in the business. On $22.1 billion in revenue, Nvidia reported adjusted profits per share (EPS) of $5.16 for the quarter. Analyst projections included $20.4 billion in revenue and $4.60 in earnings per share.
Artificial intelligence will be a significant future revenue stream for IT companies. Between 2023 and 2030, the global AI market is projected to develop at a compound annual growth rate (CAGR) of 37.3%.
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