India's AI Industry's Job Roles to Grow Over 2.3 Million
A recent study by Bain and Company found that, contrary to the widespread belief that AI will result in job losses, India's AI industry is likely to grow rapidly, with over 2.3 million new positions anticipated by 2027.
According to the analysis, there may be more than 2.3 million job openings in India's AI sector by 2027, and the country's AI talent pool is predicted to reach 1.2 million, offering a chance to retrain over 1 million individuals.
As businesses scramble to deploy AI technologies, they are confronting an increasing scarcity of qualified personnel.
While the pay for AI specialists has increased by 11 percent annually since 2019, the demand for AI-related talents has increased by 21 percent annually.
Yet, the supply of competent applicants has lagged, leading to a growing skills shortage that is impeding the advancement of AI for numerous businesses.
According to the research, the talent deficit is predicted to persist until at least 2027 and will have varying effects on international markets.
Bain estimates that up to 1.3 million AI jobs would be required in the US by 2027, but there will only be 645,000 skilled workers available.
By 2027, Germany may also have a 70 percent AI labor shortage, with significant talent shortages also occurring in the UK and Australia.
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Saikat Banerjee, Partner and leader of Bain & Company's AI, Insights, and Solutions practice in India, said, "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 1.5-2 times of the talent availability."
He added, "The challenge--and opportunity-- lies in reskilling and upskilling a significant portion of the existing talent base on emerging technology tools and skillsets."