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A new survey claims that the number of jobs in artificial intelligence (AI) and machine learning (ML) in India is growing quickly.
The research showed that employment in AI and ML increased by an astounding 37% year over year in May, underscoring the growing emphasis in the sector on specialised knowledge and skill in AI technology. This increase in demand is indicative of the significant impact AI and ML are having on changing many industries and advancing technology.
The survey pointed out that notable job growth was also observed in numerous other areas in May, in addition to AI and ML. These industries include oil and gas, banking, and fast-moving consumer goods.
In May 2024, white-collar hiring in India increased by 6% as compared to April 2024. White-collar professions are usually higher paying and need higher skill levels. They primarily involve managerial, administrative, or clerical labour done in an office setting.
The research showed that non-metropolitan areas with the most annual job growth were non-metropolitan cities like Raipur and Surat, which emerged as hiring hotspots. These locations are becoming more and more desirable for both employers and job seekers due to things like growing business prospects and less cost of living.
However, hiring slightly decreased in the context of employment growth in major cities like Bangalore, Hyderabad, and Mumbai. This pattern suggests that job dynamics may be changing, with more chances emerging in non-metro locations.
The research highlights a noteworthy trend, which is the rise in demand for positions needing a great deal of experience. There was a notable 23 percent increase in jobs in the category of 16 years of experience, which indicates that employers are looking for seasoned workers who can provide knowledge and leadership to their positions.
The IT, BPO, and education sectors showed relatively slower development than the other sectors, which pulled down the total index even though most other sectors posted mid-single-digit growth. Still, a number of important industries showed strong performance.
Strong demand and rising investments propelled the oil and gas industry’s 14% year-over-year increase. The banking industry’s continuous growth and digital transformation initiatives are reflected in the sector’s 12% growth.
The FMCG industry grew by an astounding 17% year over year, with Mumbai and Kolkata driving the majority of the gain at 38% and 25%, respectively. This expansion shows how consumer demand is growing and how resilient the industry is to economic setbacks.
The healthcare industry exhibited robust expansion as well, recording an annual rise of 8%. Large cities like Bangalore and Hyderabad, where healthcare services and infrastructure are growing quickly, were the main drivers of this rise.
In a similar vein, the travel and hospitality industry grew by 8%, which may be attributed to a rise in travel-related activities and higher consumer expenditure on leisure and tourism.
Even with these encouraging developments, the survey also showed that, as of May 2023, there were 2% fewer new job openings for entry-level professionals.
This drop raises the possibility that, despite the strong demand for seasoned experts, chances for recent graduates and those just starting their careers may be scarce.
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