The Generative AI market is tipped to swell to a value of $1.3 Trillion by 2032, and while it sounds astonishing, it’s not a massive surprise – we’re seeing unprecedented demand for talent in the GenAI space, even as the tech market falls flat elsewhere.
Herein lies the top challenge: demand has handily outstripped the supply of skilled candidates. According to our LinkedIn talent insights, there are only 343 Generative AI engineers on the platform, and that’s still a 308% increase from the previous year! Plus, Reports claim that GenAI job postings in 2023 have soured 1848% in the US market.
Avoiding the VC Winter
GenAI burst into the public limelight with the launch of Open AI’s ChatGPT, everyone’s favourite new colleague. The LLM drew in 100 million users in two months of being live, a feat that took Facebook 4.5 years.
Flash forward to the latter end of 2023, and the GenAI market has exploded. As VC funding plummeted around the world, GenAI startups raised a record $10 billion.
In a single year, GenAI has made the leap to the mainstream working world, avoided the ‘VC winter,’ and launched a slew of ground-breaking innovations.
Endless Innovation
Adobe grabbed the headlines back in October with the launch of its AI-generated vector graphics, perhaps signifying the start of a new era in creative design. Adobe’s Firefly AI wasn’t the only game-changing innovation to come out of GenAI – 2023 also saw:
Pika Lab’s recently rolled out its text-to-video platform after raising $55 million in funding. Or as Pika puts it, an idea-to-video generator. It looks amazing.
GenAI is changing the personalised medicine landscape thanks to the ease with which it can accelerate drug development. Novartis, the pharmaceutical giants, are using GenAI to design novel drug molecules.
Capture are using GenAI solutions to track athlete performance data, enabling users to benefit from real-time monitoring. Their technology is used by over 3800 elite sports teams in over 100 countries.
Alongside sports, design, and healthcare, we’re seeing GenAI innovation make a substantial impact in entertainment, financial services, retail, energy, and legal services. For all the advancements made in the last year alone, there’s plenty of room for more.
A lack of access to talent and niche role requirements is stifling progress. Moreover, it’s difficult to teach the necessary skills to existing employees, partly due to the sheer depth of the skill sets and the lack of time/knowledge to keep up with the evolving requirements.
Closing the Gap
Here at DeepRec.ai, we’ve been building a DeepTech community for as long as we can remember. By implementing a community-led approach to recruitment, we can pinpoint candidates, create opportunities, share knowledge, and connect them with innovators, even in a talent-short market.
Closing the talent gap is vital to the industry’s progression, and we’ve got the means to make it happen. If you’re in the market for some top GenAI talent, reach out to me today, we’re here to help.
