We live in a time where one can’t help but be surrounded by technology. The tech industry is buzzing with advancements in wearable technology, connected devices, the Internet of Things (IoT) and artificial intelligence. According to a research by Markets and Markets, the spending on machine learning technologies and applications is expected to grow from USD 1.03 billion in 2016 to USD 8.81 billion by 2022, a compound annual growth rate of 44.1 percent. Demand for artificial intelligence and machine learning specialists in the country is expected to see a 60% rise this year due to increasing adoption of automation, as per a report by KellyOCG India. The report further throws light on the average salary of AI professionals in India across the industries. Professionals with 2-4 years experience commands a salary of Rs 15-20 lacs per annum, while those with 4-8 years of experience command as much as Rs. 20-50 lacs per annum. Those with 8-15 years of experience can command as much as Rs. 50 lacs to Rs 1 crore per annum.
Impact Industry Wide
By now we all know how Facebook had to abandon an experiment undertaken last year where two artificially intelligent programs or chatbots appeared to be chatting to each other in a strange language which they developed on their own and only they understood. With the help of complex virtual learning techniques, a wide range of physical and cognitive tasks are now being managed with a high level of efficiency and accuracy. As artificial intelligence or AI systems advance through machine learning these will continue to impact not just business but our lives as well.
Benefits of AI is clear so instead of being concerned about the threats of AI we need to first understand what AI is and what its potential will be. We do not write letters nowadays but postman and post offices have not gone redundant; they have a different role to play with a different set of responsibilities. Likewise, some low-level programming jobs may go and instead data scientists will be in huge demand.
The healthcare industry landscape is also undergoing a rapid transformation across the globe in the field of big data and analytics and Artificial Intelligence is playing a cognitive role in transforming healthcare organizations to improve quality of care, reduce costs, engage patients and allow organizations to focus more on wellness and standardize care process.
Addressing the Professionals’ Need To Up-Skill
Today, Professionals are looking forward to up-skill themselves in AI in large numbers. Also, more than 70% of these professionals have 10+ years of work experience. Identifying the need edu-tech companies are designing programs to help professionals transition into roles in machine learning and AI. Great Learning, a leading ed-tech platform for working professionals has recently witnessed massive demand from professionals for its program in Artificial Intelligence and Machine Learning. The institute has received nearly 2000 applications from mid-senior IT, BFSI and Analytics professionals for 40 seats. The first batch has a collective experience of over 520 man-years with an average experience of about 13 years, ranging from 6 to 21 years. Even very senior executives, with over 20 years of experience have joined the course.
The program is offered in collaboration with Great Lakes Institute of Management and Stuart School of Business (IIT Chicago). The course covers topics like Neural Networks, Face Recognition, Text and Speech Recognition, Natural language processing and Recommendation systems which enable a student to operate in these technologies professionally.
According to Mohan Lakhamraju, Founder & CEO, Great Learning with IT companies rapidly digitizing; we are already witnessing an era of jobless growth. “Professionals need to re-skill in these advanced technologies in order to continue to offer value and stay in demand. At Great Learning, we are looking for serious learners looking to build a career in this field. These courses go beyond the basic certifications and aim to deliver deep learning outcomes that enable one to make the switch to an actual job in AI and ML,” he added.
The program garnered a tremendous response from professionals in Bangalore with more than 2000 of them indicating their interest for enrolling for it. More than 60% of professionals in the batch are from IT and ITES industries, 25% from BFSI and the rest from other industries like healthcare, telecom, and manufacturing. Companies they represent include IT and BFSI leaders like the likes of IBM, Infosys, Fidelity Investments, SAP Labs India & JP Morgan Chase. Some of the areas in which students can expect to transition after completion of the course are Artificial Intelligence, Deep Learning, Automation and Machine Learning.