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Artificial Intelligence (AI) Salary in 2024 [Freshers & Experienced]
Published
29th Jan, 2024
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Five years ago, Artificial Intelligence (AI) was simply a terrifying term, with skeptics expecting massive job losses and robots taking over the globe. Five years later, with the recent introduction of ChatGPT, businesses are fully embracing the myriad benefits of AI, while job-seekers are discovering a whole new universe of employment options.
AI is revolutionizing the way we live and work, and as an outcome, the industry offers an abundance of diverse career paths with the highest-paying jobs. So, there is no better time to get started than now!
Read this article to understand the artificial intelligence salary trends in 2024 and in the future.
What is Artificial Intelligence (AI)?
The simulation of human intellect in computers that allows efficient decision-making and problem-solving is known as artificial intelligence. Simply described, it is a technique that allows computer systems to mimic human intellect to do complex tasks.
The most well-known applications of AI are:
- Smart assistants like Siri and Alexa
- Chatbots
- Netflix, which provides personalized song and entertainment recommendations
- Self-driving vehicles
- Robotic vacuum cleaners
- Facial recognition software
Artificial Intelligence Job Trends
The top artificial intelligence job trends in 2024:
1. Strong Demand for AI Professionals: The job market for AI professionals is expected to remain robust in the coming years, driven by the increasing integration of AI technologies across industries.
2. Significant Growth in AI Roles: According to the US Bureau of Labor Statistics (BLS), job opportunities in the category of "computer and information research scientists," which includes many AI positions, are projected to surge by 23 percent between 2022 and 2032. This growth rate is higher than the expected 3 percent job growth across all occupations in the United States during the same period.
3. Global AI Market Expansion: Research published in 2024 on Statista predicts that the global AI market's size is set to expand significantly. It is projected to reach nearly two trillion dollars by 2030, a staggering increase from its 2021 value of almost 100 billion dollars. This growth indicates a rising demand for AI professionals on a global scale.
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Artificial Intelligence Salary in 2024
In 2024, the artificial intelligence field indicates artificial intelligence jobs salary of around $133,000 annually based on location, industry, and expertise. The growing demand for AI expertise, coupled with its transformative impact across industries, contributes to the growing attractiveness of AI careers.
In 2024, professionals can expect competitive artificial intelligence salaries with significant earning potential. [Source: Payscale]
Interval | Hourly Rate ($) | Artificial Intelligence Salary per month ($) | Annual Salary ($) |
Minimum | $30 | $7,000 | $85,000 |
Median | $60.25 | $12,000 | $127,000 |
Maximum | $80 | $23,000 | $286,000 |
Artificial Intelligence Salary: Based on Experience
Navigating the dynamic field of Artificial Intelligence, I've gained insights into the intriguing correlation between experience and salary. Let's unravel how artificial intelligence jobs salary in AI evolves with professional expertise, from entry-level positions to seasoned specialists.
As an Entry-Level AI Specialist (Less than 1 Year Experience):
With less than one year of experience in the field, I've observed that entry-level AI Specialists can anticipate an average artificial intelligence starting salary of $117,447. This comprehensive package has tips, bonuses, and potential overtime pay.
Transitioning to an Early-Career AI Specialist (1-4 Years of Experience):
During my early career phase with 1 to 4 years of experience, I've noted AI Specialists receive an average artificial intelligence earnings of approximately $113,406. This stage represents a pivotal period for skill development and foundational knowledge acquisition.
Advancing to a Mid-Career AI Specialist (5-9 Years of Experience):
As I progressed in my career to the mid-career stage with 5 to 9 years of experience, the artificial intelligence job salary was around $143,087. This phase signifies a substantial expertise in AI technologies.
Evolving into an Experienced AI Specialist (10-19 Years of Experience):
With a career spanning 10 to 19 years as an AI Specialist, I've observed professionals of this caliber enjoy an impressive average artificial intelligence pay of $203,387. Their extensive knowledge and ability to tackle intricate AI challenges position them as leaders within the field.
Artificial Intelligence Salary: Based on Location
India
In India, where I've observed the AI job market, top cities like Bengaluru and Mumbai host major IT companies such as Infosys and Accenture, offering artificial intelligence earnings of around ₹1,100,000.
Table 1: Top Cities in India with artificial intelligence average salary
City | Average Salary (per annum) |
Bengaluru | ₹19,00,000 |
Mumbai | ₹10,00,000 |
Pune | ₹12,00,000 |
Table 2: Top AI Companies in India with Artificial Intelligence Jobs Salary
| Company | Average Salary (per annum) |
| Accenture | ₹24,06,468 |
| Tata Consultancy Services | ₹1,00,000/mo |
| IBM | ₹8,00,000 |
| Infosys | ₹5,79,157 |
| Wipro | ₹6,00,000 |
- US
My experience in the United States reveals a thriving AI sector where tech giants, including Google and IBM, drive the market. Here, the salary of artificial intelligence specialists exceeds $127,380, reflecting the nation's robust demand for AI talent.
Table 1: Top Cities in the USA with Artificial Intelligence Average Salary
City | Average Salary (per annum) |
Seattle, Washington | $168,001 |
New York | $125,000 |
Boston | $1,44,843 |
Table 2: Top AI Companies in the USA with Artificial Intelligence Jobs Salary
Company | Average Salary |
$21,148 / artificial intelligence salary per month | |
Meta | $2,53,582 /yr |
Amazon | $2,19,174 /yr |
Apple | $17,436 / artificial intelligence salary per month |
Tesla | $1,91,384 /yr |
- UK
In the United Kingdom, the artificial intelligence jobs salary hovers around £68,784, highlighting the promising opportunities in the UK's AI field.
Table 1: Top Cities in the United Kingdom with Artificial Intelligence Degree Salary
City | Average Salary (per annum) |
London | £72,280 |
Manchester | £44,621 |
Edinburgh | £58,913 |
Table 2: Top AI Companies in the UK with AI Jobs Salary
Company | Average Salary (per annum) |
Bloomberg L.P. | £2,00,000 |
Verityv | £1,00,000 |
£2,00,000 | |
NatWest Group | £1,00,000 |
Geeks | £1,00,000 |
Rolls-Royce | £96,000 |
- Australia
In Australia, artificial intelligence salaries reach around AU$92,056, making the country an appealing destination for AI specialists seeking rewarding career prospects.
Table 1: Top Cities in Australia with Artificial Intelligence Degree Salary:
City | Average Salary (per annum) |
Sydney | $74,000 |
Melbourne | $71,500 |
Brisbane | $62,500 |
Table 2: Top AI Companies in Australia with AI jobs salary:
Company | Average Salary (per annum) |
Amazon | $225,000 |
Johnson & Johnson | $200,000 |
Microsoft | $200,000 |
Canva | $175,000 |
Oracle | $135,000 |
- Canada
Canada's AI domain, which I've observed closely, features dynamic AI firms. AI professionals can expect average annual salaries exceeding C$102,936 annually.
Table 1: Top Cities in Canada with a salary of artificial intelligence
City | Average Salary (per annum) |
Toronto | CA$1,16,237 |
Vancouver | CA$1,08,701 |
Montreal | CA$1,03,829 |
Table 2: Top AI Companies in Canada with AI Expert Salary
Company | Average Salary (per annum) |
Tesla | CA$2,00,000 |
Infinite Technologies | CA$147,000 |
Huawei Technologies | CA$1,00,000 |
University of British Columbia | CA$50,000 |
- Singapore
In Singapore, artificial intelligence salary is around S$78,000, signifying the burgeoning demand for AI expertise in the Asia-Pacific region.
Table 1: Top Cities in Singapore with artificial intelligence salary per month
City | Average Salary (per annum) |
North-East Singapore | $11,000 |
West Singapore | $5,500 |
Table 2: Top AI Companies in Singapore with artificial intelligence average salary
Company | Average Salary (per annum) |
$1,43,000 | |
Accenture | $1,45,000 |
Alibaba Group | $10,000/mo |
Hyundai Motor | $1,36,000 |
Artificial Intelligence Salary: Based on Job Roles
The field of Artificial Intelligence (AI) presents a diverse compensation landscape, with salaries varying based on specific job roles. In the United States, professionals in roles such as Machine Learning Engineers and AI Research Scientists tend to command some of the highest annual salaries. Data Scientists, AI Software Engineers, and AI Product Managers also enjoy competitive artificial intelligence earnings.
Table: Average AI Salaries by Job Roles (USD)
Job Role | Average Salary (per annum) |
Machine Learning Engineer | $120,146 |
AI Scientist Salary | ₹1,148,746 |
Machine Learning Engineer | $120,146 |
Software Engineer | $92,629 |
AI Product Manager | $119,904 |
AI specialist Salary | $127,380 |
Artificial Intelligence Salary: Based on Industry
AI salaries are notably influenced by the industry in which professionals work. In India, the technology sector offers some of the most financially rewarding positions, while other industries, such as software products and Advertising / PR, also provide promising career prospects for AI specialists.
Table: Average AI Salaries by Industry (USD)
Industry | Average Salary In India(per annum) |
IT | 16823.34 |
Software product | 19226.67 |
BPO | 13218.34 |
Advertising / PR | 13242.37 |
Artificial Intelligence Salary: Based on Skills
The acquisition of specific skills can significantly impact artificial intelligence career salary. Professionals with expertise in areas such as Natural Language Processing, Deep Learning, Computer Vision, Reinforcement Learning, and Big Data analytics are in high demand, commanding competitive salaries.
Table: Average AI Salaries by Skills (USD)
Skills | Average Salary (per annum) |
Machine Learning | $129,538 |
Deep Learning | $160,000 |
Software Development | $153,500 |
Python | $116,790 |
Computer Vision | $157,500 |
Artificial Intelligence Salary: Based on Education
Educational attainment plays a pivotal role in determining AI salaries. In the United States, AI professionals with different educational backgrounds, including Bachelor's, Master's, and Ph.D. degrees, can secure varying levels of AI salary based on their qualifications and expertise.
Table: Average AI Salaries by Education (USD)
Education Level | Average Salary (per annum) |
Bachelor of Science (BS / BSc), Artificial Intelligence | $93,000 |
Master of Computer Science (MCS), Artificial Intelligence Degree | $114,000 |
Ph.D. | $115,000 |
Factors Affecting Artificial Intelligence Salary
Understanding the factors that influence artificial intelligence (AI) salaries is crucial for both job seekers and employers in this rapidly evolving field. Let’s have a look at them in this section:
- Location
Where you work can impact how much you make as an Artificial Intelligence (AI) professional. In New York City, AI salaries are about 2% lower than the national average. But in Seattle, Washington, which is known for its tech scene, AI pros can earn a whopping 32% more than the national average. It is because big tech companies in cities such as Seattle need AI experts, so they offer higher salaries to attract talent.
- Industry / Employer / Company
Industry affiliation and the choice of employer wield significant impact. Renowned tech giants such as Google and Amazon are renowned for their competitive AI salaries ranging between $1,80,000 and $2,20,000, reflecting their unwavering pursuit of top-tier AI talent.
- Experience
The factor of experience is equally pivotal. Seasoned AI specialists with 5-9 years of experience can anticipate salaries averaging around $143,087, emblematic of their accumulated expertise.
- Demand and Supply
The overall demand and supply for AI professionals in the job market also impact salaries. As AI's importance grows, so does the demand for skilled practitioners, which can drive up artificial intelligence salaries.
- Credentials / Certifications
Credentials and certifications, notably those conferred by esteemed organizations such as Google, amplify AI job salary potential by serving as tangible evidence of one's dedication to professional growth.
- Skills
The precise skill set possessed by an AI professional significantly influences their earning capacity. Proficiencies in sought-after areas like Natural Language Processing and Deep Learning often translate into more competitive compensation packages.
How to Improve an Artificial Intelligence Professional's Salary?
Improving your AI salary as an AI professional involves a strategic approach to enhancing your skills, qualifications, and marketability. Here's how you can boost your AI engineering salary:
- Become a Specialist: As you progress in your career, consider specializing in areas such as machine learning, neural networks, natural language processing, robotics, speech processing, evolutionary computation, or mastering linear algebra. Specialized expertise can make you invaluable to companies seeking specific skills.
- Go Where the Jobs (and Money) Are: Relocation to AI hubs like San Francisco, Seattle, or Boston can significantly increase earning potential. These cities host numerous AI companies and offer competitive artificial intelligence architect salaries and other AI roles salaries, though the cost of living should be factored in.
- Gain More Experience: Actively seek opportunities to gain experience. Engage in open-source projects, pursue personal AI projects, take relevant courses, consider freelance work, or participate in projects within your current organization. Experience is a strong driver of increased artificial intelligence salaries.
- Pursue Relevant Certifications: Take the Best Artificial Intelligence Course and earn certifications offered by KnowledgeHut to demonstrate commitment to professional development. The artificial intelligence course guides you through the process of integrating deep learning, machine learning, and other AI technologies to improve company operations, and the earned credentials can bolster your resume and make you a more attractive candidate, potentially leading to higher-paying roles.
Why are Artificial Intelligence Professionals Paid So Much?
Artificial Intelligence (AI) professionals command substantial artificial intelligence salaries for several reasons:
- High Demand for AI Skills: There is an exceptional demand for AI expertise across various industries. Businesses are recognizing the transformative potential of AI, leading to a competitive marketplace for AI talent. The AI job market is witnessing rapid expansion. Between July 2020 and July 2023, Indeed recorded a 35% increase in AI-related job postings. Concurrently, ZipRecruiter reported a more than tenfold rise in AI job listings since 2019, with the average annual salary escalating from $36,443 to $56,885 in 2024.
- Technological Advancements: AI is a rapidly evolving field, necessitating ongoing learning and adaptability. AI professionals must stay up-to-date with the most delinquent developments, contributing to premium AI salaries. Interestingly, Glassdoor's user ratings for the top-ranked tech jobs in 2024 do not prominently feature AI-centric roles. Instead, roles such as performance engineer, biomedical engineer, and computer scientist take precedence. This variance suggests that AI tasks (and subsequently responsibilities) are embedded within broader tech roles.
- Impact on Industries: AI's potential to automate processes, drive innovation, and gain a competitive edge has led to substantial investments by companies. This profound impact on industries contributes to the high salaries professionals in this field command. Amazon recently posted a senior manager role with an annual income of up to $340,300. Also, a director of retail media AI at Walmart could earn up to $288,000. Google, on the other hand, sought a specialized AI lawyer with a prospective annual salary of $351,000.
Conclusion
Presently, a staggering 75% of companies are turning to AI to enhance their business models, driving growth and enhancing their brand image and reputation. AI represents a realm where machines not only match but also surpass human capabilities. For professionals venturing into the realm of the AI field, it offers a unique opportunity to harness this immense power, and it is only achievable if you have extensive knowledge and agility in building AI tools and crafting effective strategies. What makes this career path even more enticing is the prospect of high artificial intelligence earnings.
The AI job market is on fire, and high-paying careers are up for grabs. Knowledgehut's Artificial Intelligence Engineering Bootcamp prepares students for success in this fast-growing field. This program significantly emphasizes real-world applications, ethics, privacy, and moral obligations. It also impacts the tasks of designing AI-enabled systems. Enroll in the AI Engineering Bootcamp today and position yourself at the forefront of the AI revolution. Your journey to a brighter, more prosperous future begins here.
Frequently Asked Questions (FAQs)
1. Are AI salaries higher in certain regions or cities?
AI salaries vary by location, with major tech hubs such as San Francisco, Seattle, and Boston offering higher salaries due to industry concentration.
2. What is the salary range for entry-level AI positions?
Entry-level AI positions in the United States typically range from $60,000 to $120,000 per year.
3. What certifications or qualifications can help boost AI salaries?
Certifications and
qualifications that can boost AI salaries are:
●
Master's or Ph.D. degrees in AI, computer science, or related
fields prove useful.
●
Certifications from recognized organizations such as IBM,
AWS, and Google in AI and Machine Learning (ML) can help you get lucrative
jobs.
●
Specialized courses in areas such as natural language
processing, deep learning, and computer vision can improve your chances of
success in this field.
4. What is the highest-paid artificial intelligence engineer?
The highest-paid AI engineers often possess extensive expertise and can earn around $1,60,990 per year, especially in leadership roles.
5. What are the career advancement opportunities for an artificial intelligence engineer?
AI engineers can advance to roles such as AI team lead, manager, research scientist, or architect. They can also explore entrepreneurship and consulting opportunities.
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