EMERGING TECHNOLOGY: ARTIFICIAL INTELLIGENCE Arti昀椀cial Intelligence in 2024 How is the Next Big Thing Shaking Up the IT Job Market? No topic has been more talked about in tech than the newest advancements in Arti昀椀cial Intelligence and its potential impact not only on the tech job market but on the overall economy. Even though the technology has been around in some way for decades, search trends for the term “Arti昀椀cial Intelligence” hit their all-time high in April 2023, and there continues to be interest from the average population that likely gives this technology more staying power than other recent trends like crypto- currencies and the metaverse – demonstrated in the investment in the market. While debates go on about how tools like ChatGPT might take over the world, when it comes spe- ci昀椀cally to the tech job market, most businesses have both short-term and long-term plans when it comes to AI and Machine Learning technologies. The World Economic Forum’s 2023 Future of Jobs Report says that AI and Big Data will be the big- gest reskilling focus for companies inside the US, and AI and Machine Learning jobs will be the sec- ond highest key role for business transformation in the next 昀椀ve years. 45% of tech leaders are saying that AI spending is a top priority for their company, and data center spending on AI processors will grow 4 times what it is now by 2025. Generative AI Market Revenue ($M) Generative AI Growth by Segment Source: S&P Global Market Intelligence Source: S&P Global Market Intelligence 23-28 CAGR: 57.9% Year Over Year Growth Code Generators 72.9% $36,358.1 134.9% Image Generators 65.8% $27,260.2 Video Generators 61.2% 102.8% Audio Generators 59.6% 71.1% $19,471.0 Numeric/Structured 59% Data Generators $12,852.4 51.5% Foundation Models 56.6% $7,510.3 40.0% $3,703.6 33.4% Text Generators 29.9% 2023 2024 2025 2026 2027 2028 23-28 CAGR Total Market Revenue (in Millions) MOTIONRECRUITMENT.COM 14