The technology industry is booming and with the advent of artificial intelligence (AI), machine learning (ML), blockchain and growing cybersecurity threats, it is constantly looking for competent human resources in these areas.
The Top 10 Strategic Technology Trends 2023 report recommends that to achieve business goals, companies should focus on sustainable technology, including optimizing digital immune systems, applied observability and reliance on AI, management of risks and security, the scaling of industrial cloud platforms and platform engineering. , Wireless Value Realization and pioneering SuperApps, adaptive AI and the metaverse.
The latest data on LinkedIn’s most in-demand jobs revealed a rapidly growing demand for artificial intelligence engineers. In addition, they revealed that in the last three months the demand for artificial intelligence engineers has increased by 109% and they predict that this will be the case soon. being one of the 10 most requested jobs on the platform. Likewise, their Jobs on the Rise reports mention that cybersecurity positions are in demand globally. The World Economic Forum’s Future of Jobs 2023 report predicts that big data analytics, encryption and cybersecurity will be among the biggest drivers of job growth over the next five years.
In India, the technology industry accounts for 7.5% of GDP and annual revenue is expected to grow by $245 billion in fiscal 2023. IT services are expected to grow by 8.3%, with factors key in areas such as application modernization, cloud migration, platform and cybersecurity. The industry added nearly 3,000,000 employees, strengthening its position as the world’s “digital talent nation.” India has also become a global leader in AI skills. Currently, India ranks first in AI skills penetration, AI talent concentration and fifth in AI scientific publications. The AI market is expected to grow by 20.2% over the next five years. However, it is estimated that the gap between the supply and demand of technological talent in AI/ML Big Data Analytics and Data Science in the country is 51%. The Future of Jobs 2023 report highlights that 60% of workers will need training by 2027, but only half of workers have access to adequate training opportunities today.
Government initiatives
The Indian government has taken several measures to strengthen the technology workforce to meet future needs. In 2021, the government launched Future Skills Prime, a joint initiative of the Ministry of Electronics and Information Technology (MeitY) and NASSCOM, to create an ecosystem for upskilling and reskilling in 10 emerging technologies, such as artificial intelligence, IoT, blockchain and 3D. impression. , AR/VR, cybersecurity, cloud computing, etc., to facilitate continuous upskilling of IT professionals based on their aspirations and aptitudes. The initiative also builds on the strengths of the Center for Development of Advanced Computing (C-DAC), National Institute of Electronics and Information Technology (NIELIT), National Skill Development Mission of India, the National Skill Development Corporation (NSDC) and the All Indian Council. for Technical Education (AICTE) will train or upskill around 20 lakh professionals. Future Skills Prime offers a first-of-its-kind financial incentive program to enhance digital skills; advanced and transitional skills certification courses; a career portal for employment, internships and learning opportunities, and partner with the Staff Federation of India, an apex body for the flexible staffing sector with over 100 members. Through this initiative, the government and industry aim to retrain/upgrade their recruitment skills. 14 lakh employees over a period of 5 years.
Similarly, the Government of India launched a Digital Skills Program in Emerging and Future Technologies in 2022 to provide students with skills, retraining and upskilling through internships, apprenticeships and jobs for college students, starting from class 7 until graduation. The nationwide collaboration was initiated by the Ministry of Education, Ministry of Skills and affiliated NSDCs, Skill India (National Education Alliance for Technology) and AICTE programmes.
The Ministry of Defence, through Innovations for Defense Excellence, has also created an ecosystem to encourage innovation and technological development in the fields of defense and aerospace by engaging industries, including MSMEs, start-ups , individual innovators, R&D institutes and academia. The recently concluded Ministry of Defense of India Start-up Challenge-9, focusing on cyber security, has awarded grants of up to 1.5 Cr to find solutions to various problems shared by the Ministry of Defense of India.
Conclusion
Technology adoption will continue to be a key driver of business transformation over the next five years. As the government strives to meet the need for adequate human resources for an ever-changing IT sector, companies must implement effective learning and development strategies to protect artificial intelligence, blockchain talent and cybersecurity.
TeamLease Degree Apprenticeship, a public-private partnership of TeamLease Skills University, Ministry of Skills, under the TeamLease Degree Apprenticeship mission of Ministry of HRD (AICTE), CII and NSDC, strongly advocates that organizations must meet the expectations of employees and add value. and establish a clear career progression plan to achieve employee buy-in to training objectives. Additionally, it recommends long-term strategic workforce planning through analysis, mapping, forecasting, gap assessment, learning needs assessment, determining target talent, and developing a learning strategy.
