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The Great Resignation is an economic trend we’ve seen throughout 2022. However, with an imminent recession, many have become worried about the future of hiring. Large, profitable tech companies have reported layoffs this year, with more job cuts expected. But although this trend may seem discouraging, the undercurrent is actually quite promising.
Within tech’s many sectors, some market segments, including artificial intelligence (AI), are rapidly expanding and looking to bring in new perspectives. Times like these typically cause tension, but there are companies looking at the upside of what’s to come and putting plans in place for expansion.
Expanding the tech industry through advancements and hiring
While reports circulate about downsized teams and lack of funding, this is not true for artificial intelligence. As we’ve seen over the last few years, AI has been a continuous hotspot, with the market set to increase by $76.44 billion by 2025, with an accelerated growth rate of more than 21% annually.
With the slew of amazing tech talent across the world and the growth of AI, there’s no doubt that there are numerous opportunities available for industry workers. That’s especially true if they begin to shift into new areas of the industry as companies pull back on hiring. This timing is giving AI a huge opportunity for expansion. Some of the world’s largest companies have been benefiting from the transformational power that AI has provided for years in areas including search, ad targeting and recommendations.
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As the technology has matured, new use cases have opened worlds of possibilities for startups and Fortune 500 companies alike. No longer a niche space, AI is growing at an unbelievable rate and bringing job opportunities to the table.
AI’s transformational power is profound, and we’ve seen a watershed moment in the past few months. The advancements have meant a seismic shift in technology — away from traditional development and towards something entirely new, changing technology as we know it.
AI offering opportunity amid layoffs in other tech sectors
AI is the light at the end of the tunnel in tech right now. Companies, including Meta, are no longer supporting projects that lose money; instead, they are making room for growth in their AI research and VR labs. While the rest of the industry may be downsizing, it’s important to look at how far AI has come and see the opportunities available in this ever-changing market. With the amount of amazing tech talent across the world, individuals should begin shifting their focus to see what the AI industry has to offer.
Future of the tech industry
We may not know what the future holds in terms of layoffs and the job force, but based on previous events and economist insight, it’s likely the tech market will change in a coming recession. AI will undoubtedly change, but it will continue to make positive strides, including language translation, conversational AI, facial recognition, targeted advertising and much more.
Seeing how the tech industry comes out of the recession will be interesting. While there are some recession-proof companies, the recession may still affect them in some ways. On the other hand, a handful of creative and evolving technologies will be put to the test in the next few months; we’ll see if they can withstand the recession and what’s to come.
The sense of security that the tech industry once had is also beginning to dwindle as workers lose confidence in job reliability and stability. As some of the largest tech companies in the world are already laying off workers, many are wondering what will happen once the recession hits.
Remaining hopeful in an evolving industry
There is no lack of funding in AI at the moment, but when choosing a funding partner, it’s vital to make sure the partner embraces and supports the same long-term plans as the company, such as leveraging advances in AI and being strategic when it comes to hiring plans.
Now more than ever, sticking to first principles and being pragmatic about how we execute this vision during a time of extreme uncertainty is undoubtedly the right approach. It’s right to go back to the older and more realistic realities of valuing revenue, people, customers and cost awareness. While no industry will survive a recession unscathed, the tech industry is extremely dynamic and will have no problem adapting.
Nick Lynes is cofounder and co-CEO at Flawless