India’s AI sector is expected to generate over 2.3 million job openings by 2027, as per a Bain & Company report. Reskilling existing talent is crucial to meet this demand. Saikat Banerjee emphasizes the opportunity for India to become a global AI talent hub, despite challenges posed by talent shortages. Similar worldwide trends indicate significant deficits in AI professionals, particularly in the U.S., Germany, UK, and Australia.
The artificial intelligence (AI) sector in India is projected to create over 2.3 million job openings by the year 2027, according to a recent report by Bain & Company. This significant increase highlights the necessity of reskilling and upskilling the current workforce to cater to the burgeoning demand for AI talent in the country. The AI talent pool in India is expected to expand to approximately 1.2 million, indicating an opportunity to reskill over 1 million existing workers.
Saikat Banerjee, a Partner at Bain & Company and leader of the AI, Insights, and Solutions practice in India, emphasized, “India has a unique opportunity to position itself as a global AI talent hub.” However, he also cautioned that by 2027, the projected AI job openings are likely to be 1.5 to 2 times greater than the availability of qualified talent. Tackling this challenge and capitalizing on the opportunity requires substantial reskilling and upskilling of the current workforce with emerging technology tools and skillsets.
Banerjee noted that while the shortage of AI talent presents a significant challenge, it is not insurmountable. He stated, “Addressing it requires a fundamental shift in how businesses attract, develop, and retain AI talent.” Companies must transcend traditional hiring practices, prioritize continuous development, and cultivate an innovation-driven ecosystem.
Globally, AI job postings have seen an annual increase of 21% since 2019, with salaries rising by 11% across the same timeframe. Yet, the pace of qualified candidates entering the field has not kept up, leading to a considerable talent gap that hampers AI deployment worldwide. Nearly 44% of executives have pointed to a deficiency in internal AI expertise as a key impediment to implementing generative AI solutions.
This talent gap is expected to persist until at least 2027, affecting various global markets in differing degrees. In the United States, projections suggest that half of the AI jobs could remain unfilled by 2027, while AI job demand in the U.S. may exceed 1.3 million, falling short of the anticipated supply of less than 645,000. This implies a need to reskill around 700,000 workers.
Germany may experience the most significant talent shortage, with about 70% of AI roles unfilled by 2027. It is projected that only 62,000 AI professionals will be available to address 190,000 to 219,000 job openings. The United Kingdom could face a shortfall of over 50%, with only 105,000 AI workers available for up to 255,000 roles. Similarly, Australia is expected to have a deficit of more than 60,000 AI specialists by 2027, with just 84,000 available to fill approximately 146,000 jobs.
The artificial intelligence sector in India is set to experience exponential growth in job openings, necessitating a concerted effort in reskilling and upskilling existing talent. Key players, including Saikat Banerjee, advocate for a transformative approach to talent acquisition and development to meet the demands of this evolving industry. Globally, talent shortages in AI are projected to persist, highlighting an urgent need for action across various markets.
Original Source: www.ndtv.com
