AI skills crisis may lead to wasted investments and stifled innovation, research shows – Benzinga

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Survey confirms rising importance of relevant experience and non-degree credentials in closing AI and data science skills gaps
CARY, N.C., Sept. 22, 2022 /PRNewswire/ — Urgent action is needed to tackle an artificial intelligence (AI) skills crisis that is already stifling US productivity and innovation, new research has found. Published by analytics leader SAS, How to Solve the Data Science Skills Shortage is a report based on a survey of decision makers from major US firms spanning nine sectors, including banking, insurance, government and retail.
Fortune Business Insights projects the global artificial intelligence market to grow from $387 billion in 2022 to nearly $1.4 trillion by 2029.1 Correspondingly, AI and machine learning are top investment priorities over the next one to two years, according to 43% of SAS survey respondents. That is well ahead of data technology stalwarts such as data visualization (25%), data analytics (22%) and big data (17%).
But there is a massive red flag. Sixty-three percent of respondents also claim their largest skills shortages are in AI and machine learning.
No easy answers on how to bridge the skills gap

Without the talent, these increased investments in artificial intelligence and machine learning could be wasted, leading to financial losses and unrealized opportunities. Survey respondents are planning different tacks to address skills gaps, but they cite several challenges.
Three-quarters of respondents want to train and upskill existing staff, compared to 64% who want to recruit new talent. Training and upskilling may prove more cost-effective compared to hiring and using contractors – but the study highlighted barriers such as lack of time and motivation, and belief that senior management may be worried about people taking their skills elsewhere.
Given how fierce the war for talent has become, salary is another sticking point. Companies may have little choice but to pay ever-higher salaries, and recruitment and contractor costs to secure the skills they need. The estimated total pay for a data scientist now stands at around $122,000 in the US2, and this may not be sustainable for many organizations.
Universities still important, but companies looking beyond degrees
An April study by Indeed found that 67% of large companies surveyed would consider dropping their degree requirements.3 The findings of the How to Solve the Data Science Skills Shortage report mirror this trend.  
Respondents largely want to work with academic institutions to recruit data talent directly, but understand that relying on graduates alone will not fill vacancies fast enough. And what they are seeking from potential hires is not necessarily a four-year degree. The survey indicates:
Building data science talent now
Dr. Sally Eaves, AI expert, author and speaker who contributed to the How to Solve the Data Science Skills Shortage report, said: "Businesses cannot rely solely on graduates or continue the poaching merry-go-round. The good news is employers have already begun to recognize the value of on-the-job training and other certifications as stated in the report." 
The report outlines three recommendations to address the data science skills gap:
"There is no single approach – but a combination of expanding mid-career training including to those currently in non-technology roles, equipping people with the right tools for the job and growing the data science community will start to see that skills gap narrow," said Eaves. "Together, they could significantly increase the supply of talent, and create good-quality, satisfying jobs that benefit individuals, organizations and the wider economy."
Learn more about how SAS can help an organization build analytics skills to gain a competitive edge.
Methodology
SAS commissioned a survey of 72 US-based decision-makers in organizations spanning nine sectors, including banking, insurance, government and retail. Each worked for organizations with more than 1,000 employees; some had more than 100,000. The vast majority were in technical roles, including data science and data analytics, and just under a quarter were in HR and talent management. The survey was also carried out in the UK and Ireland, and conducted by Coleman Parkes.
About SAS
SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. SAS gives you THE POWER TO KNOW®
SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2022 SAS Institute Inc. All rights reserved.
1 https://www.fortunebusinessinsights.com/industry-reports/artificial-intelligence-market-100114
2 https://www.glassdoor.com/Salaries/data-scientist-salary-SRCH_KO0,14.htm
3 https://www.indeed.com/lead/report-how-covid-19-pandemic-changed-recruiting?hl=en&co=US
Editorial Contact:
Trent Smith
Trent.Smith@sas.com
919-531-4726
sas.com/news

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SOURCE SAS
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