Bengaluru NFAPost: Global economy has taken a critical hit even as the job market looks gloomy amid the ensuing Covid-19 pandemic. Consequently, the AI job market is also facing the impending crisis of a slowing economy that is due for a massive recession.
Experts have already sounded a warning bell about the plummeting job availability for deep-learning developers, which is indicative of an AI winter. In other words, it signals shunted development due to lack of interest and funding shortages driven by massive financial losses caused by the pandemic.
Although the demand for AI tech hasn’t reduced a bit, the funding has come down drastically as businesses have resorted to cost-cutting measures to sustain the Covid-19 impact and adopt the new business model that adheres to the changing market trends.
As per recent predictions, the Covid-19 induced economic losses were tipped to cause as much as 15% trade drop worldwide and cost almost $9 trillion globally in 2020 alone.
The double whammy of large-scale unemployment coupled with a weakened economic structure in the US where the largest AI companies reside, has further stunted the growth prospects for deep learning candidates.
Several of these companies have kept their development plans and future investments on hold even as funding shortages have frozen the hiring process for now. There is no clarity on the status of the AI market in the post-Covid world as the global quest for a potent vaccine to cure the pandemic continues unabated.
The US has now become the festering epicentre of the pandemic while we still hope that the Deep Learning jobs could bounce back sooner than other tech domains.
This is due to the fact that businesses could immensely benefit from adopting robust AI systems that can handle the fast-changing business trends in the post-Covid world.
Nevertheless, AI is bound to see a comeback despite the imminent layoffs and hiring freezes that are inevitable even as experts predict: “Things could get worse before they start getting better.”