Future of Work: Capitalising on AI and analytics

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March 12, 2020 12:01 AM

AI will create more jobs than it destroys—by 2022, though 75 million jobs are expected to be displaced by automation, 133 million new ones will emerge.

The AI as a service market size was valued at $1.13 billion in 2017 and is expected to be $10.88 billion by 2023, thus opening up a huge demand for AI talent pool.The AI as a service market size was valued at $1.13 billion in 2017 and is expected to be $10.88 billion by 2023, thus opening up a huge demand for AI talent pool.

Almost every industry is seeking top quality Artificial Intelligence (AI) and analytics professionals across the world. Apart from top academic institutions, industry has also been targetting scientific research labs in order to tap those who possess competencies in quantitative techniques proficient in building models and are getting them oriented to design business solutions.

The AI as a service market size was valued at $1.13 billion in 2017 and is expected to be $10.88 billion by 2023, thus opening up a huge demand for AI talent pool.

The AI-powered services in the form of Application Programming Interface (API) and Software Development Kit (SDK) are primarily driving the demand for AI and analytics professionals. In addition to these, startups working on path breaking ideas are also in need of smart data science professionals. Predominantly, verticals such as retail, healthcare and life sciences, and Banking, Financial Services, and Insurance (BFSI) are integrating AI tools with their existing business applications to analyse large volumes of data to detect patterns as well as to develop strategies that lead to better decision making. While globally millions of specialists in data and AI are required, we have only a few thousands available.

Contrary to the fears people have that AI would take away jobs, according to the World Economic Forum, AI will create more jobs than it destroys – by 2022, though 75 million jobs are expected to be displaced by automation, 133 million new ones will emerge. While the AI jobs most advertised are machine learning engineers and data scientists, there are a number of other jobs with some component of AI. With data becoming a critical component in most industries, there are opportunities galore for exploring new career dimensions. The first necessary step for all working professionals is to get familiar with the fundamentals of machine learning and data management processes.

In India, studies indicate that 29% of AI professionals have more than 10 years of work experience. As a result of the huge demand for AI professionals, the number of freshers joining the field has also grown 60% from 3,700 in 2018 to 6,000 by the end of 2019.On account of limited talent pool available, the top quality talent at premium costs are being deployed for development of mission critical applications. In some cases, the trend has been to disintegrate the job and deploy a combination of junior and experienced resources to speedily develop the solutions, thus allowing the junior resources to also get simultaneously trained on the job.

For those who are graduating in any discipline including commerce, arts or science, not just engineering or technology, it is important to also become proficient in one of the dimensions related to data science or data engineering. Data skills are the critical skills to be able to get on to a fast track career and prevent obsolescence at the workplace.

While the programming and other emerging technology specific jobs will continue to be there, new jobs are emerging in every domain that are transforming the traditional roles and have strong linkages with data and data analytics. AI and analytics are creating an exciting array of opportunities and for those who have the aspiration to learn and capitalise on the opportunities, this could be the Gold Rush moment.

The writer is chairperson, Global Talent Track, a corporate training solutions company

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