AI and Machine Learning Specialists | The surging demand for automation and optimization across industries, increasing use of AI in consumer-facing applications, and growing investments in AI research have had a huge impact on the global economy, changing how companies work and communicate with their customers. But the rise of AI has also impacted the job market, turning AI jobs into one of the most popular options.
According to data presented by AltIndex.com, AI and machine learning specialists are expected to become the fastest-growing jobs globally by 2027.
More than One Million New AI and Machine Learning Specialists on the Market by 2027
With 75% of companies looking to adopt big data, cloud computing, and artificial intelligence in the next four years, it’s no wonder these technologies continue to have a significant impact on the job market. However, artificial intelligence and generative AI received particular attention last year, with job losses headlines and claims that almost 20% of the workforce could have over 50% of their tasks automated by AI in the following years. Despite that, AI jobs have become one of the top choices for growing a career in the following years.
According to the World Economic Forum’s Future of Jobs Report, AI and machine learning specialists are expected to become the fastest-growing jobs by 2027, growing much stronger than any other career option. Statistics show these jobs are predicted to grow by 40% by 2027, leading to more than one million new specialists on the market.
The surging need for a greener future has made sustainability specialists the second fastest-growing job in the next four years. The report also showed analytical skills, in general, will be useful, whether as a business intelligence, information security, or data analyst, with workers specialized in these jobs all ranking on the top of the list. According to WEF predictions, training to become a FinTech or robotics engineer would also be a good option for those looking for job security in the future.
AI and Machine Learning Specialists to Become a Part of Half-a-Trillion-Dollar Industry
The fact that AI jobs top the list of the potentially fastest-growing occupations in the next four years shouldn’t surprise, considering AI market’s impressive growth.
According to a Statista survey, the global AI industry has more than doubled in just three years, reaching a $240bn value and a quarter of a billion users in 2023. This figure is expected to jump by 27% and hit $305.9bn in 2024. With businesses and users worldwide embracing AI technologies and solutions, the entire market will grow by a CAGR of 17% and hit half a trillion-dollar value by 2027.
Machine learning, the largest segment of the AI market, will grow by 122% in this period and hit a $355bn value, up from $158bn last year. Its subset, generative AI, is expected to make one-quarter of the total market value in 2027, up from 18% in 2023.
Statistics also show that roughly 314 million people will use AI tools in 2024, almost 60 million more than last year. With roughly 60 million people embracing AI solutions and tools per year, the entire market is set to reach more than half a billion users by 2027.