India’s AI Sector Projected To Create Over 2.3 Million Jobs By 2027

A report from Bain & Company anticipates over 2.3 million AI job openings in India by 2027, with a significant focus on reskilling the current workforce to bridge the expected talent gap. Globally, AI job postings have surged, with many countries facing critical shortages in qualified candidates. Addressing these challenges requires a fundamental change in how companies attract and retain AI talent.

The artificial intelligence (AI) sector in India is projected to generate over 2.3 million job openings by the year 2027, as indicated by a report from Bain & Company. The study emphasizes that the key to meeting the rising demand for AI professionals is through the reskilling and upskilling of the current workforce, forecasting the AI talent pool to reach approximately 1.2 million individuals in India. This expansion presents a significant opportunity to retrain over one million workers.

Saikat Banerjee, Partner and leader in Bain & Company’s AI, Insights, and Solutions practice in India, expressed that India holds a distinct opportunity to become a global hub for AI talent. However, he warned that by 2027, the anticipated job openings in AI may exceed talent availability by 1.5 to 2 times. Therefore, reskilling a considerable part of the existing workforce on advanced technology tools and skillsets is crucial.

Mr. Banerjee acknowledged the AI talent shortage as a major challenge but maintained it is not insurmountable. He stated that resolving this issue requires a fundamental transformation in the ways businesses attract, develop, and sustain AI talent. Companies must transcend traditional recruitment practices, prioritize ongoing upskilling, and cultivate an innovation-focused ecosystem.

On a global scale, AI-related job postings have risen by 21 percent annually since 2019, with compensation increasing by 11 percent annually during the same period. Nevertheless, the growth rate of qualified candidates has lagged, resulting in a widening talent gap which is hindering global AI adoption.

A significant 44 percent of executives reported that a lack of in-house AI expertise presents a major obstacle to implementing generative AI. This shortage of talent is anticipated to remain through at least 2027, affecting global markets to varying extents. The report forecasts that, in the United States, half of all AI positions could remain unfilled by 2027. Over the next two years, the demand for AI jobs in America may reach more than 1.3 million, while the supply is projected to be less than 645,000, necessitating the reskilling of up to 700,000 workers.

Germany is projected to face the largest talent deficit, with around 70 percent of AI positions likely to go unfilled by 2027. With just 62,000 AI professionals available for an estimated 190,000 to 219,000 job openings, reskilling initiatives for current employees is of paramount importance. The United Kingdom may also confront talent shortages exceeding 50 percent, with only 105,000 AI workers to fill up to 255,000 jobs by 2027. Furthermore, Australia is expected to fall short by more than 60,000 AI specialists by 2027, with only 84,000 qualified individuals available for 146,000 positions.

In conclusion, the AI sector is poised for substantial growth in job opportunities in India, with over 2.3 million positions projected by 2027. The imperative to reskill and upskill existing talent is crucial to bridging the talent gap that poses a significant challenge worldwide. Similar talent shortages are expected globally, notably in the US, Germany, the UK, and Australia, underscoring the necessity for proactive measures in workforce development.

Original Source: www.ndtv.com