A few years ago, the entire ‘machine learning’ concept was completely unknown, as just a few tech enthusiasts were beginning to explore its meaning. But all of a sudden, its popularity simply exploded!
Probably the best example to describe the current trend is the fact that between 2015 and 2019, the openings for positions like machine learning engineer grew by 344%, while the average base salary reached a whopping $164,085 per year.
Let that sink in for a few moments.
Considering that, at least in the United States, the average base salary of the 25 best jobs is around $104,000, we can totally understand why this demand.
But let’s see what actually caused this….
Technically speaking, it’s a branch of artificial intelligence, based on the idea that a system can learn from data, identify specific patterns and make decisions without any human intervention.
If you prefer a simpler approach, it’s used to identify images, but also consumer-driven chatbots, neural networks or voice search, among others.
For some, this might sound scary, but the truth is that machine learning has several applications that are just becoming realized. Therefore, it’s no surprise that the employer demand for talent with such skills is growing with each day, we’d say.
For example, over the past three years, roles like machine learning engineers became some of the most in-demand AI positions of the moment. As a matter of fact, ML is now the most in-demand AI skill.
Considering that artificial intelligence is projected to create an additional 2.3 million jobs until next year, we’re not wrong to assume that machine learning will remain a highly-demanded skill for the years to come, present in loads of resume examples.
Ok, but there’s still an unanswered question: why the demand for people with such...knowledge?
How many times have you heard people saying - or did it yourself - things like “Ok, Google”, “Hey, Siri” or “Alexa…”?
Virtual assistants are becoming more and more popular, and people are integrating them into their lives, whether it’s for answering questions, listening to music, setting alarms or navigation. And machine learning is an important part of these assistants since it allows them to collect and refine the information you’re providing.
Basically, they’re getting better with each use, as their answers are perfectly tailored to users’ needs, if they have been used for long enough.
Sure, virtual assistants are the most common example but let’s not forget about other use cases, such as commuting predictions, video surveillance, customer support, product recommendations or even security!
Artificial intelligence is almost everywhere, and machine learning is clearly one of its most popular applications.
On the other side, there’s also a big problem.
Machine learning talent will be seriously impacted by a widespread shortage of professionals in the near future. Yes, the demand for these positions has doubled recently but, at the same time, job-seeker interest in AI-related roles is somehow leveling off.
This is actually caused by employers, as most of them are not fully aware of the benefits packages they should offer for somebody with these qualifications.
As mentioned above, the average base salary for machine learning engineers is around $165,000, not to mention additional perks, like bonuses, remote working options, extended PTO plans or flexible scheduling.
The talent is finite, and to maintain this demand for positions, companies should be ready to pay employees very well. Because this is an amazing technology and it would be a real shame to not get the best out of it!