The Critical and Emerging Technology landscape set to provide employment opportunities across sectors such as Healthcare, BFSI, Education, Manufacturing and Retail
TeamLease Digital, one of the leading tech staffing firms, has released its niche report on ‘Initiative for Critical and Emerging Technologies (iCET) – Forces Shaping Future of Technology’ with a specific focus on Artificial Intelligence. The report illuminated the recently concluded iCET partnership between the US and India by exploring the growth as well as job opportunities in the area of AI. iCET was established in order to boost and expand strategic technology partnerships between the two countries and pledges cooperation in multiple tech areas like AI, quantum technologies, advanced wireless etc. Being an IT powerhouse and the second largest online market in the world, the iCET initiative and a great government impetus in recent years, especially recent budget announcements in terms of skilling in new age technologies, create enormous potential to benefit from the AI revolution.
This report has conducted a thorough analysis of AI’s potential in some of the selected industries and examined the key job roles and AI uses in these industries, demonstrating the increased demand for AI career aspirants and professionals specialized in AI. The report finds a wide variety of key job roles in the AI landscape across major industries, including Healthcare (Clinical Data Analyst, Medical Imaging Specialist, Health Informatics Analyst, among others), Education (Edtech Product Manager, AI Learning Architect, AI Curriculum Developer, Chatbot Developer, etc), BFSI (Fraud Analyst, Credit Risk Analyst, Compliance Specialist), Manufacturing (Industrial Data Scientist, QC Analyst, Process Automation Specialist, Robotics Engineer, among others) and Retail (Retail Data Analyst, IT Process Modeler, Digital Imaging Leader, and others). Additionally, the report extends the importance of upskilling a pool of opportunities to freshers and experienced professionals by providing a list of job roles that are currently available.
The report also estimates the open job roles and salary packages for freshers and experienced professionals across occupations and industries, as well as the desire for AI skills that job seekers should have to secure future employment. The report has also evaluated that, as of February 2023, there are 45,000 AI job openings in India alone, with data scientists and ML engineers among the most sought-after careers. It is also highlighted that increased focus on scalable ML applications is leading to an increase in demand for AI professionals proficient in scripting languages, and building conventional ML models will be the foremost skill required for a career in AI.
According to TeamLease Digital’s research, the expected salaries for freshers in various technology roles in India are as follows:
- Data engineers can earn up to INR 14 lakhs per annum
- ML engineers up to INR 10 lakhs, data scientists up to INR 14 lakhs
- Devops engineers up to INR 12 lakhs
- Data architects up to INR 12 lakhs
- BI analysts up to INR 14 lakhs, and database admins up to INR 12 lakhs
Additionally, candidates with eight years of experience in similar fields can earn even higher salaries ranging from INR 25 to 45 lakhs per annum.
Sharing his views, Mr Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital, said, “The AI revolution is transforming the job market, creating an urgent need for skilled professionals who can design, develop, and implement cutting-edge AI technologies. Fortunately, the Indian government is taking proactive steps to address this challenge by entering into a bilateral strategic partnership through iCET and setting up centers of excellence and training initiatives. TeamLease services is uniquely positioned to help job seekers capitalize on these opportunities, offering a range of resources and support to connect individuals with the best possible AI job opportunities. With our assistance, talented professionals can thrive in this dynamic industry and contribute to the continued growth and development of AI in India.”
“In today’s rapidly evolving job market, upskilling with AI skills is becoming increasingly important for career growth and employability. With automation and AI transforming industries across the board, having a basic understanding of AI and its applications can give individuals a competitive edge in the job market. Moreover, developing AI skills can lead to higher-paying job opportunities and help individuals stay relevant and adaptable in an ever-changing job landscape. It’s never too late to start upskilling, and investing in AI skills can provide long-term benefits for individuals and their careers,” added Siva Prasad Nanduri, Chief Business Officer, TeamLease Digital.
According to a survey conducted by TeamLease Digital, 37% of organizations prefer to provide their employees with relevant tools to build an AI-ready workforce, and 30% of organizations stated AI learning initiatives are mandatory to unlock hidden talents in the workforce. Evidently, 56% of organizations expressed that necessary initiatives are being undertaken to fill the AI demand-supply talent gap. The survey also revealed that a majority of employees share their employers’ sentiments. 55% of employees expressed that AI unlocks new job opportunities, and 54% of employees stressed the fact that organizations take upskilling and reskilling initiatives to have a future-ready workforce. More than 40% of employees feel that building in-house capabilities and integrating AI into day-to-day operations enhance AI capabilities.
Finally, the report also takes into account steps announced by the Government of India (GoI) as part of the Union Budget for upskilling the youth in AI-related skills. One of the major initiatives taken is the creation of Centres of Excellence for AI. Such steps aim to provide a boost for interdisciplinary research, development of cutting-edge applications and scalable problem solutions in numerous segments. Another step by the GoI highlighted by TeamLease Digital in its report is the Pradhan Mantri Kaushal Vikas Yojana which aspires to provide on-the-job training in AI and other emerging technologies.