Relevance of learning Artificial Intelligence and Machine Learning


Why we should learn Artificial Intelligence and Machine Learning

  • Machine learning is an AI technology which enables machines to learn using large amounts of data, analysing it, take decisions and acting and to learn from the results of that actions.
  • Artificial Intelligence (AI) and Machine Learning (ML) is one of the fastest emerging fields. An early Gartner report estimated close to 2.3 million opportunities around the world in year 2020.
  • Vacancies in the realm of artificial intelligence have doubled over the last three years. Globally, machine learning jobs are projected to be worth almost $31 billion by 2024 at an  annual growth rate of more than 40% over a six-year period.
  • The most in-demand job roles in artificial intelligence are that of Machine Learning engineers, Software Engineers and Data Scientists.
  • In 2018 Indian IT industry added around 1,70,000 new jobs in AI.
  • As per Economic Times report 50,000 jobs are vacant due to shortage of personnel on 2019.
  • With an increasing impetus on Digital India, the analytics and allied industries will need 50 percent more work force.
  • In 2019 close to 97,000 job positions related to artificial intelligence and data science were vacant due to scarcity of qualified talent in India.
  • In 2020 the number is expected to see 1.5 lakhs new openings.
  • AI and machine learning jobs opportunities have jumped by almost 75% over the past four years and are poised to keep growing. 
  • To name of a few some major sectors that require these skills are Banking and Financial Services and Insurance (BFSI), Energy, Pharmaceuticals, Healthcare, Retail, Media and Entertainment, Transportation and so. 
  • An International Data Corporation (IDC) report found three-quarters of commercial enterprise applications could lean on A.I. by 2021. Analytics Insight report projects more than 20 million available jobs in artificial intelligence by 2023. 
  • The global ML market was valued at $1.5Bn in 2017 and is projected to grow by $20.83Bn in 2024 and Compound Annual Growth Rate (CAGR) of 44.06% between 2017 and 2024. 
  • AI and ML is increasing used in a wide spectrum of technology areas. The near future is expected to see the following areas being highly impacted. 1) Intelligent Process Automation, 2) Robotics relation automation, 3) Cyber Security Systems, 4) Internet of Things (IoT) driven by AI called Artificial Intelligence of Things (AIoT) and Industrial Internet of Things (IIoT), 5) Health and Medical Care.
  • It is imperative for youngsters who  aspire to build up a career as either as an employee or as an entrepreneur to acquire at least a basic skill level on machine learning and artificial intelligence related topics. Higher levels of skill levels are desirable.

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