With the advent of modern technology, Artificial Intelligence (AI) has become perhaps the most discussed topic in the tech news cycle. And in coming time it is likely to be a talking point no matter what as Tech firms bet big on what is touted as a future technology.
According to a recent report, big companies like Google, Facebook, Amazon and Uber are doling out huge money to AI talents. As these companies invest in future, they are doling out salaries that are startling even in an industry that has never been shy about lavishing a fortune on its top talent.
Almost all big tech companies have an artificial intelligence project, and they are willing to pay experts millions of dollars to help get it done. If you are AI specialist, who has a few years of experience with Ph.D.s, then you can earn anything from $300,000 to $500,000 a year or more in salary and company stock, major tech companies insider sources said requesting anonymity.
Google had paid an executive who worked on AI projects over $120 million in incentives. Giant tech companies think AI is future and can help solve problems like, building digital assistants for smartphones and home gadgets and spotting offensive content.
Recently, the demand for AI talents has gone up. Demand for AI and machine learning specialists in the country are expected to see a 60% rise by 2018 due to increasing adoption of automation, according to KellyOCG India.
According to Industry experts, AI and machine adoption are on the rise in India, but there is negligible talent with experience in technologies like deep learning and neutral networks.
Accordingly, the average salary of AI professionals in India across industries is quite attractive. Giving details Padamadan said, a 2-4 years experience commands a salary of Rs15-20 lacs per annum, while for 4-8 years it is Rs20-50 lacs per annum and for 8-15 years it is Rs50 lacs to Rs 1 crore per annum.
Meanwhile, AI industry has got good backing from VCs. Since 2016, billions of dollars have been invested by VCs in AI, where the US and China leading the race in record funding in terms of deals and dollars. Indian AI firms, Mihup Communications, Mad Street Den and online fashion rental Flyrobe figured in a Bloomberg list of the world’s 50 most promising start-ups.
In sharp contrast, Indian startups have collectively raised less than $100 million from 2014-2017, according to data from startup analytics firm Tracxn. Grammarly, a Valley-based spell check tool raised more dollars than all of India’s AI startups put together in the past three and a half years.
According to a recent PwC report, AI is expected to contribute an additional $15.7 trillion to the global GDP by 2030.
There might be worry or hope relating to AI, but there’s little doubt that AI promises potentially the most disruptive leap in technology in near future.