New Delhi: Contrary to the general perception that artificial intelligence will eliminate employment, a recent study by Bane and the company states that the Indian AI sector is experiencing rapid growth as the Indian AI sector is expected to surpass 2.3 million by 2027.
The talent pool could grow to just 1.2 million, but this provides an important opportunity to reskill and enhance existing professionals.
Companies are facing a shortage of skilled professionals as they are in a hurry to implement artificial intelligence (AI) solutions.
44% of executives report that a lack of in-house AI expertise has slowed the ability of businesses to adopt AI technology.
Since 2019, demand for AI-related skills has skyrocketed 21% per year, while AI professional compensation has increased by 11% per year.
Nevertheless, the number of qualified candidates has not maintained a pace, expanding the talent gap that has hindered AI advances in many companies.
“AI is at the forefront of corporate transformation, but without the right talent, companies will have a hard time moving from ambition to implementation,” says Sarah Elk of Bain & Company, head of AI America.
The research expects the talent shortage will continue until at least 2027 and will affect global markets in a variety of ways.
In the US, Bain predicts that up to 1.3 million AI jobs will be needed by 2027, but only 645,000 qualified professionals are available.
Similarly, Germany could face a 70% shortage in the AI workforce by 2027, with the UK and Australia experiencing a major talent shortage.
Saikat Banerjee, AI partner and leader at Bain & Company, is a leader in Insights and Solutions Practice in India, saying, “India has a unique opportunity to establish itself as a global AI talent hub. However, by 2027, AI recruitment is expected to be 1.5-2 times the availability of talent.”
He added, “The challenge and opportunity lies in the fact that a significant portion of the existing talent base will scare and skill a substantial portion of the emerging technology tools and skill set.”
