According to the World Economic Forum, the job market in India is estimated to see a 22% churn in the next five years. AI, machine learning, and data analysis are expected to be the top roles, with employers expecting 69 million new jobs to be created and 83 million to be eliminated. 61% of the surveyed companies considered that adhering closely to ESG (environment, social and governance) standards will drive job growth and increased adoption of new technologies and digitization follows closely behind.
Big data ranks at the highest point among technologies expected to create jobs, data analysts and scientists, AI/machine learning specialists and cybersecurity professionals are all expected to grow by 30% by 2027. At the same time, automation is expected to lead to the fast disappearing of clerical and banking roles.
Also, 97% of the respondents reported that their organization funds the education and training of their employees. In terms of access to talent, India was found to be more positive in comparison to other countries.
The implementation of Artificial Intelligence has a lot to do with the churn in the job market, as it is expected to be applied by 75% of companies and also having half of the companies expecting job growth, and a quarter expecting job losses.
On the other hand, jobs in education and agriculture are expected to have large growth: 3 million for education professionals and 4 million for agricultural employees. Moreover, 60% of workers are expected to need additional training before 2027, however, only half of them are reported to have access to proper training opportunities.
The World Economic Forum is an international organization that serves as an impartial platform for international collaboration and public-private partnerships established in 1971. It engages diverse stakeholders from business, investing, technology, public policy, international affairs and other sectors to lead industry transformation and foster a more prosperous world. They implement global initiatives, generate new knowledge research, advocate for change, and catalyze action in order to achieve their mission. The Forum organizes various global initiatives such as its Human Capital project which focuses on Job Creation, the Future of Business Council which focuses on driving global collaboration and innovation, the Centre for Fourth Industrial Revolution, and the Global Shapers Community which serves as an international youth movement.
