Introduction
In the world of technology, few fields are as dynamic and promising as Artificial Intelligence (AI) and Data Science. Artificial intelligence and data science are two of the most in-demand technologies today. As businesses across all industries increasingly rely on data to make decisions, the demand for skilled AI and data science professionals is only going to grow. In this blog, we'll explore the current state of the AI and Data Science talent landscape and forecast what the next four years hold.
Current State of the AI and Data Science Talent Landscape
The present AI and Data Science talent landscape is defined by a substantial demand for skilled professionals, and a relatively limited supply. Several factors contribute to this situation:
Rapid Growth of AI and Data Science Technologies: AI and Data Science are at the forefront of technological advancements. The evolution of these technologies is swift and intense, which creates a constant need for new talent.
Widespread Adoption: Companies, regardless of their size or industry, are integrating AI and Data Science into their operations. This trend expands the demand for skilled individuals.
High Demand: As per a report by Nasscom, demand of talent around AI/ML, Big Data Analytics and Data Science in India is expected to witness high growth, it is estimated that by 2026, India would need more than a million Data Science & AI professionals
Skills Shortage: A shortage of professionals with AI and Data Science expertise is evident. The demand for these skills far outpacing the supply, as per a survey conducted by an independent research firm Vanson Bourne, 51% tech leaders acknowledged that they don’t have the right mix of skilled AI talent in-house to bring their strategies to life.
Rise of AI Startups: In the first half of 2023 (H1 2023), AI startups globally raised a staggering $498 billion in funding, with a remarkable 40% directed towards GenAI startups. India is rapidly embracing the global AI wave, with over 70 GenAI startups. This surge in startups correlates with the increasing demand for AI and Data Science talent.
Forecast for the Next 4 Years
The forecast for the AI and data science talent over the next four years is very positive. The demand for skilled AI and data science professionals is expected to continue to grow rapidly, as more and more businesses adopt these technologies.
According to the US Bureau of Labor Statistics, the number of jobs requiring Data Science skills is expected to grow by 28 percent by 2026, and the talent gap is expected to grow even wider.
Trends to watch in the next 4 years:
Increased demand for specialised skills: In addition to general AI and Data Science skills, there is a growing demand for professionals with specialised skills in areas such as machine learning, deep learning, natural language processing, and computer vision.
Widening gap between demand and supply: As per a report of Nikkei, Japan is expected to face an acute talent shortage of 790,000 in data science by 2027. The demand is outpacing the supply quickly, and most countries are facing similar challenges with a global talent deficit in AI and data science is estimated to be around 10 million by 2027.
The globalisation of the AI and Data Science talent market: As businesses become more global, they are increasingly looking for AI and Data Science talent from all over the world. This means that there will be more opportunities for AI and Data Science professionals to work remotely or relocate to another country.
The rise of citizen data scientists: Citizen data scientists are people who have the skills to extract insights from data without having a formal background in data science. As businesses increasingly rely on data to make decisions, the demand for citizen data scientists is expected to grow.
What Does this Mean for AI and Data Science Professionals?
Professionals with AI and Data Science skills are entering a job market where opportunities are plenty. This demand means they can command competitive salaries and choose from a variety of job openings.
What Does this Mean for Businesses?
The shortage of AI and data science talent means that businesses will need to be creative in order to attract and retain top talent. Here are some of my observations:
Competitive Salary: Businesses would have to offer much higher salaries to attract and retain the talent.
Remote Job Options: Companies would have to consider hiring remote skilled workers, creating a more diverse global workforce, with flexibility to work from anywhere in the world.
Skills Development: Companies need to invest more on skill development, identifying skill gaps and collaborating with external training and development partners to help upskill existing workforce to build competencies.
Conclusion
The AI and Data Science talent landscape will remain highly competitive in the next four years. Skilled professionals in these domains will find themselves in ever-increasing demand. Meanwhile, businesses must evolve their strategies to secure the best talent.
At TAintel, we understand the nuances of this landscape, and we're here to assist both professionals looking to excel in their careers and businesses in need of top AI and data science talent. We are a team of experienced recruiters and deep knowledge of these fields positions us to be your strategic partner in navigating this competitive landscape.
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