TOP 10 LATEST TRENDS IN THE INDIAN JOB MARKET 2023
Job marketing isn’t novel in India but its significance roamed to the doors and streets in an unconditional stipulated time. As everyone wants to live on the top of mountain but all the happiness and growth occurs while you are climbing it, India’s job market sees record 22% YoY growth in June. As employees are at one’s beck and call, employers look in for those who can burn the midnight oil. Where we talk about Job Market or Labor Market in India, the new drive has changed the trends, seeking for skillful manpower of the country and to enrich the existing workforce for a powerful India.
1, AI :Transforming India’s Job Market
AI being the master of all is set to revolutionize as growing automation will slower the demand for repetitive mechanical jobs and crave for new job profiles. Almost 45K open AI-jobs were reported as of February 2023. The reason for the cause is to improve efficiency and productivity, reducing errors in tandem with the wider objective of serving more people/businesses and helping them perform better. It has seen a rapid rise since the launch of well-known helping unit ChatGPT. AI – generated revenue in India stands at USD 12.3 billion in 2022, assuming the expected expenditure to rise to $11.78 billion by 2025 and add $1 trillion to India’s economy by 2035.
2, Remote Jobs: Redefining Work and Skillsets
Remote jobs commonly known as employee-based jobs or freelance jobs has made India the powerhouse of tech skills for global companies. It isn’t merely restricted to working from home where in past two years, people have invested in quality work. It helps businesses access a global talent pool and reduce costs, it can also create communication challenges and negatively impact local economies.
3, Cyber Security: Securing Digital India
Where company’s strategy for sustainability, security and growth has entailed heights with utmost relief, Cyber-security seems to be the path of success in the materialistic race of today’s world. It is projected to grow by 11% in 2023 and by 20% in 2025. This is a fast-paced career with a medium salary of $81,000. Experts predict it will focus more towards hiring woman, enriching Women Empowerment increasing the demand and promote up-skilling.
4, Data Scientists: In High Demand
The up-growing urge to overcome digital transition across various industries and guiding employees to build a valuable-effective source uplifts the demand of Data Scientists across the nation. Popular tools like Tableau helps to create impactful visualizations of stock data to locate opportunities and risks. The employment rate for data scientists will grow by 36% from 2021 to 2031.
5, GIG: Reshaping the Job Market
In the changing economy, where human psychology craves for a little and more, Gig provides a platform for short term commitments via online platform. It increases flexibility, access to a larger pool of talent, and the ability to scale quickly creating Growth opportunities It is estimated that India will see an increase in its gig workforce by 110 lakh or more workers by 2025.
6, Predictive analysis: Acquiring Talent
Proficiency marks the scale; Predictive analysis helps to recruit and hire professionals making better offers to candidates. It improves HR metrics such as employee engagement and productivity. The marketing is projected to expand at a compound annual growth rate (CAGR) of 18.5 % between 2023 and 2030.
7, Automation: Streamlining Operations
There is a rise in business costs due to inflation which can be eliminated with help of automation which further streamlines the process of helping employees complete task more efficiently. Though it has threatened jobs in India, its leaders to faster ROI and optimum utilization of floor space.
8, IT Professionals: Upgrading the Tech Market
As technology evolves, the demand for professionals rises too. Developers and programmers work with production, IT staff and system operators to ensure code releases, debugging and deployments. South Region has been notified as the largest market for fastest growing segment in IT & Telecommunication. As they expect 20.1% CAGR by 2029.
9, Project Management: Driving Efficiency in SOP
Via 2027, the Project Management-oriented labor force in seven project-oriented sectors is expected to grow by 33 percent, or nearly 22 million new jobs. As it is rightly said, to gain something you have to risk something, so to overcome those particular areas we require professionals like them which help to track work, set deadlines and delegate task identifying potential risks.
10,Blockchain: Impact on India’s Financial
The global blockchain technology market was valued at 5.85 billion U.S. dollars in 2021 and forecast represents a compound annual growth rate of 82.8 percent. It is open and distributed, the data is secure and verified. The encryption is done through cryptography to eliminate vulnerabilities such as unauthorized data tampering.
References:
m.economicstime.com, thehindubusinesline.com, inc42.com, marketsandmarkets.com, analyticsindiamag.com, news.abplive.com, thetimesofindia.indiatimes.com, linkedin.com, simplilearn.com, emeritus.org, 365,datascience.com, onlinemanipal.com, expert360.com, wire19.com, globenewswire.com, insightsonindia.com, pmi.org, knowledghut.com, precedenceresearch.com, statista.com
By Dhriti Mehra
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