This post was originally published on this site.
New Delhi: India’s artificial intelligence (AI) sector is on track to generate over 2.3 million job openings by 2027, according to a new report released on Monday. This surge in job demand highlights the need for significant reskilling and upskilling efforts to meet the growing requirements of the AI industry in the country.
Table of Contents
The report, compiled by Bain & Company, reveals that India’s AI talent pool is expected to grow to approximately 1.2 million professionals. However, this is far from sufficient to meet the projected demand, leaving a gap of up to 2 million AI job openings by 2027.
Reskilling and Upskilling Are Critical for India’s AI Workforce
The report emphasizes that to bridge the gap between the growing demand for AI talent and the available workforce, reskilling and upskilling of existing workers will be crucial. According to Saikat Banerjee, Partner at Bain & Company and leader of its AI, Insights, and Solutions practice in India, “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 to 2 times higher than the talent availability. Addressing this challenge requires a shift in how businesses approach hiring, development, and retention of AI talent.”
Banerjee further noted that while AI talent shortages are a significant challenge, they are not insurmountable. He added that businesses must move beyond traditional hiring methods and focus on continuous skill development to create a thriving innovation ecosystem.
Global AI Talent Gap and Its Impact on Industry Growth
Globally, AI-related job postings have seen a consistent rise of 21% annually since 2019, while compensation for these roles has grown by 11% over the same period. Despite this, the supply of qualified candidates has not kept up with demand, leading to a widening talent gap that has slowed AI adoption in various industries.
Also Read: Mark Carney Declares Strong Stand Against U.S. Influence as Canada’s New Prime Minister
In addition, a survey found that 44% of executives cited a lack of in-house AI expertise as a major barrier to the implementation of generative AI technologies. This talent gap is expected to persist until at least 2027, with varying levels of severity across global markets.
AI Talent Gaps Expected in Global Markets by 2027
The report also sheds light on global AI talent shortages, with some countries projected to face significant gaps. In the United States, up to 50% of AI jobs may remain unfilled by 2027, with demand surpassing supply by more than 700,000 positions. Similarly, Germany is predicted to experience a talent shortfall of 70% by 2027, with an estimated 62,000 AI professionals available to fill 190,000 to 219,000 job openings.
The UK is also expected to face a shortage of over 50%, with only 105,000 AI professionals available to fill up to 255,000 AI jobs by 2027. Australia is anticipated to experience a shortfall of more than 60,000 AI professionals, with just 84,000 AI specialists available to fill 146,000 job openings.
India’s Role in Meeting Global AI Demand
With the global talent gap widening, India stands at a crossroads. By reskilling its workforce and focusing on AI education and training, the country has an opportunity to not only meet its own demand but also become a key player in the global AI talent market.
As AI continues to be a driving force in shaping industries across the world, India’s focus on developing its talent pool through education and upskilling initiatives will be crucial to its success in the AI sector.