India’s AI sector is expected to create over 2.3 million job openings by 2027, with a critical need for reskilling and upskilling existing talent. Bain & Company’s report indicates a growing AI talent pool, but warns of significant shortages if action is not taken.
The artificial intelligence sector in India is predicted to generate over 2.3 million job openings by 2027, as detailed in a report released by Bain & Company. A significant part of this development will rely on the reskilling and upskilling of current talent to meet the rising demand in the industry. The report forecasts that the AI talent pool in India will expand to approximately 1.2 million, which offers an opportunity to enhance the skills of over 1 million workers.
Saikat Banerjee, Partner and leader at Bain & Company’s AI, Insights, and Solutions practice, emphasized India’s potential as a global AI talent hub. He noted that by 2027, the expected job openings in AI may outnumber available talent by 1.5 to 2 times. He stated that tackling the talent shortage involves reskilling existing workers to use emerging technology tools and skill sets, highlighting it as both a challenge and an opportunity.
Mr. Banerjee further remarked, “AI talent shortage is a significant challenge, it is not invincible.” He advocated for a transformative approach concerning how businesses attract and develop AI talent, recommending a move away from traditional hiring methods to emphasize ongoing skills development and an innovation-driven ecosystem.
On a global scale, AI job postings have risen by 21 percent each year since 2019, with salaries also increasing at a rate of 11 percent annually. However, the supply of qualified candidates has not kept pace, resulting in a growing talent gap that hinders worldwide AI adoption. Executives have identified a lack of in-house AI expertise as a critical barrier, with nearly 44 percent acknowledging this issue.
The report anticipates that the talent gap will continue until at least 2027, with various regions affected differently. In the United States, it is estimated that one in two AI positions may remain unfilled by 2027, with demand potentially reaching over 1.3 million jobs, while supply could fall below 645,000. This projection underscores the urgency to reskill around 700,000 workers in the nation.
Germany is expected to experience the most severe talent shortfall, with estimates indicating that approximately 70 percent of AI jobs could go unfilled by 2027. This nation may have only 62,000 AI professionals available to fill the estimated 190,000 to 219,000 job openings. The UK could also see talent gaps exceeding 50 percent, with only 105,000 AI professionals available for 255,000 prospective jobs. Australia is similarly projected to face a deficit of over 60,000 AI specialists, with 84,000 AI professionals needed for 146,000 roles by 2027.
In summary, India’s AI sector is on the brink of tremendous growth, with projections of 2.3 million new job openings by 2027. The challenge will largely revolve around reskilling and upskilling the existing workforce to meet the demand. There is a significant opportunity for India to establish itself as a global AI talent hub by addressing the anticipated skill shortages through innovative approaches to talent development and management.
Original Source: www.ndtv.com
