US companies are making major investments in artificial intelligence (AI) as businesses in every industry incorporate the technology into productions, solutions, and services. Across all sectors, US companies have invested $1.35 billion in AI talent in the past year, according to a new report from Paysa.
This large investment makes sense as by 2019, 40% of all digital transformation initiatives and 100% of all effective Internet of Things (IoT) efforts will be supported by cognitive/AI capabilities, according to the IDC.
Paysa examined AI talent hiring trends from April 2017 through September 2017. In terms of industry, big tech made the greatest investment in AI talent in that timeframe, spending $619,544,633. It was followed by financial services, which spent $82,070,361 in AI talent, and IT infrastructure, which spent $65,276,912.
SEE: IT jobs 2018: Hiring priorities, growth areas, and strategies to fill open roles (Tech Pro Research)
In terms of companies, Amazon spent the most on AI talent, at $305,832,434. Microsoft came in second, spending $124,062,524, and Apple came in third, with $105,371,161 invested.
"AI investment is exploding now, more than ever, at a rapid pace across every industry," Chris Bolte, co-founder and CEO of Paysa, said in a press release. "Between the need to leverage massive amounts of data and deliver the highly personalized experiences that today's connected consumer requires, new career and salary opportunities for AI talent are popping up every day and seem to be never ending. This is great news for today's workers on many levels and squelches the fear that AI will eliminate the need for humans in the workplace."
SEE: How to implement AI and machine learning (free PDF) (ZDNet/TechRepublic special report)
Here are the top 10 highest-paying companies for AI engineers:
Average salary for AI engineer: $314,746
2. Walmart Labs
Average salary for AI engineer: $265,698
Average salary for AI engineer: $264,799
Average salary for AI engineer: $257,846
Average salary for AI engineer: $248,281
Average salary for AI engineer: $236,388
Average salary for AI engineer: $234,348
Average salary for AI engineer: $230,639
Average salary for AI engineer: $227,202
Average salary for AI engineer: $227,094
- The top 10 highest-paying AI jobs (TechRepublic)
- Will robots ever really become part of our daily lives? (ZDNet)
- Why robots and AI won't replace most jobs any time soon (TechRepublic)
- When robots eliminate jobs, humans will find better things to do (ZDNet)
- Research: Companies lack skills to implement and support AI and machine learning (Tech Pro Research)
Alison DeNisco Rayome has nothing to disclose. She does not hold investments in the technology companies she covers.
Alison DeNisco Rayome is a Senior Editor for TechRepublic. She covers CXO, cybersecurity, and the convergence of tech and the workplace.