I'm currently in this position. I'm a non-PhD (junior) researcher for AI and ML in Germany. I would say at least 50% of my research coworkers "only" hold a Master's and no PhD.
However, I'm currently a bit uncertain about the future of my work and career. I'm not sure whether I should strive to "more", i.e. pursuing a PhD, however, it sometimes feels like a dead end not to do.