A report by Bain & Company forecasts that India’s AI sector will see over 2.3 million job openings by 2027, yet face a shortage of qualified talent. Reskilling and upskilling existing workers are crucial to meeting this demand, as globally, the AI job market presents similar challenges in talent availability. The findings highlight the need for transformative hiring and training practices across industries.
A recent report by Bain & Company indicates that India’s artificial intelligence (AI) sector is anticipated to exceed 2.3 million job openings by 2027. To meet this demand, reskilling and upskilling of the existing workforce will be crucial. The AI talent pool in India is projected to grow to approximately 1.2 million, providing a significant opportunity to reskill over one million workers.
Saikat Banerjee, Partner and leader in Bain & Company’s AI, Insights, and Solutions practice in India, noted that despite the substantial AI talent shortages, India is uniquely positioned to become a global AI talent hub. However, the forecast suggests that by 2027, there will be 1.5 to 2 times more job openings than available talent, emphasizing the urgent need for reskilling in emerging technologies.
Mr. Banerjee remarked that while the talent shortage is a substantial hurdle, it is not insurmountable. He stated that businesses must transform their strategies for attracting, developing, and retaining AI talent. This transformation should affect hiring methods, place significant emphasis on continuous skills enhancement, and nurture an innovation-driven environment.
Globally, AI job postings have increased by 21 percent annually since 2019, alongside an 11 percent rise in compensation. However, the growing demand for qualified candidates has outstripped supply, resulting in a skills gap that hampers AI adoption. Approximately 44 percent of executives have identified the lack of in-house AI expertise as a major barrier.
The report anticipates that one in two AI jobs in the United States could remain unfilled by 2027, with demand expected to exceed 1.3 million positions and supply near 645,000. In Germany, the AI talent gap could be the most pronounced, with 70 percent of AI jobs potentially going unfilled. The UK and Australia are also predicted to face significant shortages, with labor shortages in AI professionals projected to exceed 50 percent in the UK and more than 60,000 in Australia by 2027.
In conclusion, India’s AI sector is on a trajectory to create over 2.3 million jobs by 2027, but this is coupled with the challenge of a significant talent shortage. Emphasizing reskilling and upskilling is crucial for capitalizing on this growth potential. Other countries are also experiencing similar talent gaps, underscoring the global need for innovative strategies to develop AI expertise and address workforce demands.
Original Source: www.ndtv.com
