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

Companies Allocate More Than $650 Million Annually to Fuel the AI Talent Race, Investment from Amazon Nearly 600% and Google Nearly 300% More Than Average

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| Source: Paysa

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
Midwest$102,861.55$12,651,971123
Northeast$116,008.01$289,439,9792495
South$103,610.59$84,442,629815
West$157,335.24$1,126,520,3327160

“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.

About Paysa 
Paysa offers personalized career and hiring recommendations plus real-world salary insights for maximizing opportunity, earning potential and value at all stages of an individual’s career. Using proprietary artificial intelligence technology and machine learning algorithms, Paysa analyzes millions of data points including jobs, resumes and compensation information, providing professionals with actionable tools, insights, and research. They can then see and understand their individual worth in the market today, and how to increase their value. Paysa also empowers enterprises with the knowledge they need to be competitive in today’s fierce tech hiring market. Employers can learn which skills, real-world company experience and educational background offers the greatest predictor of a candidate’s or employee’s future success at their organization.

Media Contact:

Andrea Corry for Paysa
TopMind PR
andrea@topmindpr.com
(925) 640-5482