India’s AI Sector: Anticipated 2.3 Million Job Openings by 2027

The Bain & Company report indicates that India’s AI sector could surpass 2.3 million job openings by 2027, necessitating a focus on reskilling existing employees. The AI talent pool is projected to reach 1.2 million, indicating a need to reskill over one million workers to meet the demand.

A recent report by Bain & Company predicts that India’s artificial intelligence (AI) sector will create over 2.3 million job openings by 2027. To meet the increasing demand, the report emphasizes the significance of reskilling and upskilling existing employees. It also suggests that India’s AI talent pool can grow to approximately 1.2 million, providing an opportunity to reskill more than one million current workers.

Saikat Banerjee, a Partner at Bain & Company, stated, “India has a unique opportunity to position itself as a global AI talent hub. However, by 2027, the job openings in AI are expected to be 1.5-2x of the talent availability.” This situation presents both a challenge and an opportunity as significant reskilling efforts are necessary to address this impending gap.

Mr. Banerjee further remarked, “AI talent shortage is a significant challenge, it is not invincible.” He emphasized that overcoming this shortage requires businesses to fundamentally alter their strategies for attracting and retaining AI talent, such as prioritizing continuous training and fostering an innovative workplace atmosphere.

On a global scale, AI-related job postings have increased by 21 percent annually since 2019, while candidate qualifications have not kept up, leading to a growing talent deficit. In the U.S., half of AI job positions may remain vacant by 2027, with a projected demand for over 1.3 million AI jobs, yet only 645,000 qualified candidates expected.

Germany faces the largest anticipated talent gap, with about 70 percent of AI jobs possibly going unfilled by 2027. There are only an estimated 62,000 AI professionals available for 190,000 to 219,000 job openings. Similarly, the UK and Australia are projected to experience significant shortfalls, with the UK having only 105,000 AI workers available for up to 255,000 jobs, while Australia will have a deficit of over 60,000 AI professionals by 2027.

In summary, the AI sector in India is poised for significant growth, potentially creating 2.3 million job opportunities by 2027. To leverage this potential, a concerted effort towards reskilling and upskilling current employees is essential. The global landscape reflects similar trends, emphasizing the necessity for innovative hiring and development strategies to bridge the talent gap.

Original Source: www.ndtv.com