India’s AI sector is set to create over 2.3 million job openings by 2027, necessitating the reskilling of existing talent, with a predicted talent pool increase to 1.2 million. The global demand for AI roles is surging, but a talent gap persists across numerous markets, emphasizing the need for strategic workforce development.
The artificial intelligence (AI) sector in India is projected to exceed 2.3 million job openings by 2027, as revealed in a recent report by Bain & Company. To meet this demand, there’s a strong emphasis on reskilling and upskilling the existing workforce, with an anticipated AI talent pool growth to approximately 1.2 million, allowing for the reskilling of over 1 million workers.
Saikat Banerjee, Partner and leader in Bain & Company’s AI, Insights, and Solutions practice, stated, “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 1.5-2x of the talent availability.” This highlights the urgent need to reskill and upskill a significant portion of the existing workforce.
Banerjee further emphasized that while the AI talent shortage poses a challenge, it is surmountable. He remarked, “Addressing it requires a fundamental shift in how businesses attract, develop, and retain AI talent.” This includes moving beyond traditional hiring practices and fostering continuous upskilling in an innovation-driven environment.
Globally, job postings related to AI have increased by 21% annually since 2019, with an 11% annual growth in compensation, creating a widening talent gap. Nearly 44% of executives attributed the lack of in-house AI expertise as a major barrier to implementing generative AI, a gap expected to endure at least until 2027, affecting different markets variably.
In the U.S., it is predicted that half of AI jobs could remain unfilled by 2027, with demand potentially reaching over 1.3 million while supply nears only 645,000, necessitating the reskilling of about 700,000 workers. Germany may witness the largest talent gap, with up to 70% of AI roles unfilled by this timeline. A predicted shortage of AI professionals exists, with only 62,000 candidates available for 190,000 to 219,000 openings.
The UK is also expected to face over 50% talent shortfalls, with only 105,000 workers available for 255,000 jobs by 2027, while Australia projects a gap of over 60,000 AI professionals, needing 146,000 qualified individuals but only having 84,000 available.
The AI sector in India and globally is facing significant talent shortages projected to impact job filling by 2027. India has a chance to leverage its workforce through comprehensive reskilling efforts, while other countries like the U.S., Germany, and the UK are also grappling with similar gaps. Addressing these challenges requires innovative strategies in workforce development and attraction of talent.
Original Source: www.ndtv.com
