2024/10/21 18:07 pm
Analytics Insight has released a comprehensive report on Generative AI Salary Trends in 2024. The report provides an in-depth perspective on salary patterns, industry growth and demands for professional development.
The report shows that Generative AI is expected to boost the global GDP by 7%. The global market for Gen-AI is expected to grow at a Compound Annual Growth Rate (CAGR) of 30.06% from $12.48 billion in 2023 to $172.84 billion in 2033. The demand for AI technology professionals is consistently peaking as businesses across the industry continue to adopt AI-driven solutions. The escalation of AI adoption has contributed to the restructuring of salary offering lucrative compensation to secure top talent.
The report states that in the US 49% of hiring managers are planning to hire both freelance and full-time AI talent. In Q2 of 2023 job postings for AI increased by 1000%. Companies across the industry are looking for specific skills for finance, healthcare and entertainment sectors. They are ready to offer premium salaries to recruit experts to implement AI solutions to automate business operations, improve diagnostics and streamline content creation.
The report also provides a comprehensive breakdown of the salary trends across continents. Top cities in the USA such as San Franciso, New York, Seattle, and Austin offer the highest compensation for AI engineers ranging between $137,000 and $300,000. Especially at tech hubs like Silicon Valley researchers at the top level can earn above $300,000. In the United Kingdom, generative AI-related roles are around £56,000 (approximately $72,000), with experienced professionals earning up to £90,000 ($111,000). AI roles range from €80,000 to €150,000, with Switzerland often at the higher end due to its robust tech sector and AI adoption in finance. Whereas salaries in regions like Bangalore are significantly lower than in the West but competitive when compared to the local market. They are rising due to increased investment in AI by local tech companies.
The report also provides various factors affecting salary variation. Experience level plays a significant role in determining the compensation average base pay for data scientists can start from $120,000 for roles like data scientists to over $300,000 for roles like AI- research scientists. Professionals with experience of more than 5 years or with qualifications like a PhD earn significantly more money. The industry also impacts compensation, with sectors like Tech, Finance and Healthcare offering more lucrative packages. Specialized skills like Language Learning Models and Programming Frameworks are most likely to secure a premium salary.
The Generative AI Salary Trends Report is an insightful resource for employers, employees, education institutions, and recruiters. It gives a comprehensive outlook of the evolving demand for AI solutions across sectors, with detailed breakdowns according to skillsets and regions. It also provides recommendations for navigating the AI job market and helping organisations and individuals to attract top talents.