How much do AI and Data contractors earn?

It happened two years ago, but back in 2022 a key shift happened globally that saw companies look to better utilise their data and move towards being ‘data-driven organisations,’ and that shift is partly responsible for IT contractor pay rates in 2024 of up to £730 a day, writes Kieren Scully, senior manager at permanent and contract tech recruitment specialists Morgan McKinley.  

Can you drain the data swamp?

With the wealth of data companies house, one of the key challenges in the analysis of it, often stems around it existing in data ‘puddles’ or data ‘swamps’ rather than a data ‘lake.’

Without data correctly organised, the ability to explore and analyse it to uncover insights and trends is greatly limited.

And just as Artificial Intelligence has become the hottest corporate ‘must-have,’ companies are looking for ways to embed it into their organisations to enhance operational efficiency, drive innovation, and ultimately gain a competitive edge.

So, what does the importance of AI and data surging mean for the technology contracting market in the UK?

Over the last 24 months, daily rates for contractors in the Data & AI market have experienced various trends influence by the technological advancements and market demands.

Speaking with our clients and candidates, we have seen increased demands for the following four:

Top four AI & Data hires

1. Data Scientists

Data scientists have experienced a substantial increase in demand due to the critical role they play in analysing and interpreting complex data.

2. Machine Learning Engineers

With the rise of AI applications, machine learning engineers are in high demand. They typically work on developing and deploying machine learning models,

3. AI Specialists

Specialists in Artificial Intelligence, particularly those with expertise in natural language processing (NLP) and computer vision, are currently sought-after.

4. MLOps Engineers

MLOps, which combines machine learning and operations, has become increasingly important. The demand for MLOps engineers has risen, with daily rates reflecting their pivotal role in maintaining and scaling AI systems.

So where’s that premium rate of £730, I hear you ask?!

Well, in line with the rising demand for their skillsets, daily rates for freelance techies skilled in these areas, skills and services have increased from 2022 by around 18-22%, as the table below shows.

AI and Data Contractor Pay Rates 2022-24

AI & Data hiring: the future

The rise in demand for AI and Data contractors demonstrates the growing importance of ‘data-driven’ decision-making. So whereas it was organisations as a whole which moved to be data-driven two years ago, it is now organisations' strategic decision-making where the data-driven focus currently is.

Also at present, companies are striving to leverage their data for advantage over their rivals, explaining how the necessity for skilled professionals in Data Science, Machine Learning and AI has become critical.

Technology-focussed companies that continue to invest in AI and Data will be well-positioned to drive innovation and maintain a competitive edge as we continue to move towards a data-centric world, and they’re prepared to make those investment on a granular, human, and departmental level for individuals whose skillsets are at the cutting-edge.