Veritone Releases Analysis of Q4 2024 and Annual 2024 U.S. Bureau of Labor Statistics Jobs Data and AI Job Growth
AI remains a shining beacon in the U.S. jobs economy with faster growth and higher salaries than the national jobs aggregate
Veritone, Inc. (NASDAQ:VERI), a leader in building human-centered enterprise AI solutions, today released its analysis of Q4 2024 and annual 2024 aggregated U.S. Bureau of Labor Statistics (BLS) Jobs Reports, which provide insights into the latest employment trends and market dynamics shaping the U.S. labor market. Leveraging data from Aspen Technology Labs, Inc., a global leader in web data management services and recruitment technology, Veritone also analyzed Q4 and annual 2024 AI job growth.
According to BLS data, total nonfarm payroll employment increased by 495,000 in Q4, marking a decrease of 2.94% from the 510,000 jobs added in Q3. The U.S. unemployment rate held steady at 4.1%, a 2½ year high. In Q4, average hourly earnings increased a modest .65% from $35.46 to $35.69. In 2024, average hourly earnings increased by 3.9%, the slowest pace in three years.
Comparing AI job growth to the BLS aggregate, Veritone analyzed Aspen Tech Labs' Job Market Pulse, a real-time database with more than 5 million U.S. jobs from more than 112,000 employers. In Q4 2024, Aspen Tech Labs observed a 7.3% increase in the total number of AI job openings compared to Q3 2024 and a 36.6% increase compared to Q4 2023. Overall, in 2024, there were 81,298 AI job openings, reflecting a 24.5% increase compared to 2023.
Amazon dominated the field in AI-related job vacancies with 786 openings in Q4 2024, reflecting its strong focus on AI across e-commerce, logistics and cloud services. Apple and TikTok followed in second and third positions with 702 and 625 job openings, respectively. The top 10 list is rounded out by Google (424), Meta (283), Nvidia (270), Microsoft (234), Walmart (232), Capital One (218) and JPMorgan Chase (192), showcasing the active pursuit of AI talent across diverse sectors, particularly in technology and finance.
"AI continues to play a pivotal role in shaping the U.S. labor market, driving innovation and demand for specialized talent across industries," said Alex Fourlis, general manager, Veritone Hire, Veritone. "The substantial growth in AI job openings in Q4 and throughout 2024, against a rather subdued market for technology hiring underscores the transformative impact of AI on the economy and its potential to create opportunities for businesses and individuals alike. Veritone remains committed to advancing human-centered AI solutions that empower organizations to thrive in this evolving landscape."
In Q4 2024, the median annual salary for AI-related roles was $155,688, a modest 1.5% decrease from $158,049 in Q3. However, in 2024 overall, the median annual salary for AI jobs was $151,996, a 2.7% increase from $147,992 in 2023.
Fourlis continued, "In 2025 we expect the demand for AI talent will continue to accelerate. Organizations are increasingly prioritizing AI expertise to remain competitive and innovate in areas like automation, data analytics and ethical AI practices. We anticipate continued growth in AI hiring across diverse industries, reflecting the strategic importance of artificial intelligence in driving operational efficiency and business transformation. Veritone is proud to support this momentum by delivering enterprise AI solutions that advance innovation and human potential."
The salary data included in this analysis is derived from salaries listed on job postings collected directly from corporate career sites, providing an important perspective on wage trends in the market.
About Veritone
Veritone (NASDAQ:VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition industries, Veritone's software and services empower individuals at the world's largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone's leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Veritone.com.
About Aspen Technology Labs, Inc.
Aspen Technology Labs (ATL) is a global leader in web data management services, labor market intelligence, and recruitment technology, founded in 2008. The company is headquartered in Aspen, Colorado with teams throughout the U.S. and Europe. ATL provides web scraping and data/analytics services for a wide variety of industries. ATL's teams are constantly working to increase the number of companies and jobs in the database and to improve the quality and extraction of additional data. ATL's JobMarketPulse is a powerful, real-time labor market intelligence tool to assist ATL customers in staying in front of the challenging labor market. To learn more, visit AspenTechLabs.com.
Safe Harbor Statement
This news release contains forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to various matters which are difficult or impossible to predict accurately and many of which are beyond the control of Veritone. Certain of such judgments and risks are discussed in Veritone's SEC filings. Although Veritone believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Veritone or any other person that their objectives or plans will be achieved. Veritone undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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Sarah Rich
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