The AI sector in India anticipates more than 2.3 million job openings by 2027, driven by the necessity of reskilling existing talent. Bain & Company’s report emphasizes the urgent need for strategic changes in workforce development to bridge the talent gap, noting that similarly, global markets face significant shortages in AI expertise that hinder adoption.
The artificial intelligence (AI) sector in India is projected to create over 2.3 million job openings by 2027, as reported by Bain & Company. The key to fulfilling this demand will be the reskilling and upskilling of the current workforce, aligning talents with the anticipated growth of the AI talent pool to approximately 1.2 million individuals. This transformation presents an opportunity to reskill over 1 million workers across various industries.
Saikat Banerjee, Partner and leader in Bain & Company’s AI, Insights, and Solutions in India, highlighted that while India could become a global AI talent hub, the job openings are likely to exceed available talent by 1.5 to 2 times by 2027. “The challenge– and opportunity — lies in reskilling and upskilling a significant portion of the existing talent base on emerging technology tools and skillsets,” he emphasized.
Mr. Banerjee further noted, “AI talent shortage is a significant challenge, but it is not invincible.” He suggested that businesses need to fundamentally change their strategies to attract, develop, and maintain AI talent. Companies must evolve beyond traditional hiring methods and emphasize continuous innovative training within their workforce.
On a global scale, AI job postings have surged by 21 percent annually since 2019, with compensation increasing by 11 percent. However, there is a noticeable talent gap, as qualified candidates have not matched the swift demand, hampering AI adoption internationally. Approximately 44 percent of executives believe that lacking in-house AI expertise is a main obstacle to implementing generative AI.
The forecast shows that in the United States, around half of AI jobs may remain unfilled by 2027, with projected demand exceeding 1.3 million and supply under 645,000. This indicates a pressing need for the reskilling of up to 700,000 workers in the country. Germany is expected to experience a significant talent deficit, with a projected 70 percent of AI jobs unfilled by the same year.
In Germany, there are an estimated 62,000 AI professionals available for approximately 190,000 to 219,000 job openings by 2027, indicating a critical need for employee reskilling. The United Kingdom may also face a talent shortage exceeding 50 percent, with only 105,000 AI workers available for up to 255,000 AI roles by that year. Furthermore, Australia is projected to encounter a deficit of over 60,000 AI professionals by 2027, with merely 84,000 available to fill around 146,000 job vacancies.
In summary, India’s AI sector is on track to experience substantial growth with over 2.3 million job openings expected by 2027. However, the disparity between job openings and qualified talent presents a significant challenge that can be addressed through effective reskilling and upskilling initiatives. As countries worldwide face similar deficits in AI expertise, strategic workforce development will be crucial for capitalizing on the burgeoning opportunities within the AI landscape.
Original Source: www.ndtv.com
