$320 Billion Boom: NY’s Huge Artificial Intelligence Leap by 2038

$320 Billion Boom: NY's Huge Artificial Intelligence Leap by 2038

New York City is gearing up for a massive artificial intelligence (AI) boom that could be worth a staggering $320 billion by the year 2038. A recent report from Accenture and Tech:NYC sheds light on why the city is positioned to thrive in the AI economy, attributing its success largely to the abundance of local talent.

Currently, New York boasts a workforce of 40,000 AI professionals, making it the second-largest hub for funding AI companies. The report reveals that a remarkable 90% of executives believe that the city’s talent pool is a crucial factor in driving their success in the AI sector.

Predictions indicate a substantial growth in the number of AI professionals over the next three years as executives actively seek to recruit more talent to the city. By 2038, it is projected that two-thirds of working hours for New Yorkers will involve AI either automating or augmenting tasks, resulting in a significant boost to the economy.

Furthermore, the study highlights a key point: rather than replacing jobs, AI is expected to simplify tasks for the majority of New York workers. Additionally, the adoption of AI could level the playing field for younger individuals and those lacking traditional connections, as employers shift their focus towards skill sets rather than pedigrees.

The tech landscape in New York City is experiencing a transformation as AI technologies reshape various industries. Unlike some tech-centric cities like San Francisco, NYC’s diverse sectors such as finance, media, advertising, and fashion offer unique opportunities for AI implementation. Every industry seems to be aligning its strategies with AI, illustrating the city’s inclusive approach to technological advances.

Tech leaders report witnessing the impact of AI across different sectors, with New York already hosting 35 AI “unicorns”—companies valued at over $1 billion. Established AI firms like Ramp, Runway AI, and Dataminr are revolutionizing business operations for companies like Glossier, Heyday, and Seed, showcasing the practical application of AI in everyday workflows.

To nurture its growing AI ecosystem, New York has invested in cultivating research and supporting startups, academic institutions, and established industry players. Notable research labs at Columbia, Cornell, and NYU’s CILVR Lab, run by META’s Chief AI Scientist Yann LeCun, underscore the city’s commitment to advancing AI capabilities.

Governor Kathy Hochul has taken significant steps to solidify New York’s position as an AI hub, unveiling a $400 million investment plan earlier this year known as “Empire AI.” This initiative aims to foster collaboration among seven universities to drive AI research, create cutting-edge computing labs, and educate future AI leaders, positioning New York as a leading contender in the race for AI supremacy.

With a vibrant cultural scene, a wealth of research opportunities, and a diverse pool of talent, New York is shaping up to be a powerhouse in the AI industry, offering a beacon of innovation and growth for the future.

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