AI To Create Over 2.3 Mn Jobs In India By 2027: Bain & Company

New Delhi, Mar 11 (KNN) A recent study by Bain and Company has challenged the prevailing notion that Artificial Intelligence will eliminate jobs, instead forecasting significant employment growth in India's AI sector. 

According to the report, AI-related job openings in India are projected to exceed 2.3 million by 2027, substantially outpacing the anticipated talent pool of 1.2 million qualified professionals.

This widening gap between demand and supply presents a substantial opportunity for reskilling and upskilling existing professionals across industries. 

The study highlights that companies are already experiencing a growing shortage of skilled AI professionals as they accelerate their implementation of artificial intelligence solutions, with 44 percent of executives reporting that insufficient in-house AI expertise is impeding their ability to adopt AI technology.

The demand for AI-related skills has demonstrated remarkable growth, increasing by 21 percent annually since 2019. 

This surge in demand has driven corresponding compensation increases for AI professionals, which have risen at a rate of 11 percent each year during the same period. 

Despite these attractive incentives, the number of qualified candidates has failed to keep pace with market requirements, creating a talent deficit that is hindering AI progress for numerous organisations.

Sarah Elk, Americas head of AI, Insights, and Solutions at Bain & Company, emphasised the critical nature of this talent gap, stating, "AI is at the forefront of corporate transformation, but without the right talent, businesses will struggle to move from ambition to implementation."

The research indicates that this talent shortage is expected to persist until at least 2027, with varying impacts across global markets. 

In the United States, Bain anticipates that up to 1.3 million AI jobs will be required by 2027, while only approximately 645,000 qualified professionals are expected to be available. 

Similarly concerning forecasts apply to other developed economies, with Germany potentially facing a shortage of 70 percent of its required AI workforce by 2027, and both the United Kingdom and Australia projected to experience major talent shortfalls.

Saikat Banerjee, Partner and leader of Bain & Company's AI, Insights, and Solutions practice in India, highlighted the unique position of the Indian market, stating, "India has a unique opportunity to position itself as a global AI talent hub. 

However, by 2027, the job openings in AI are expected to be 1.5-2 times of the talent availability." Banerjee further noted, "The challenge—and opportunity—lies in reskilling and upskilling a significant portion of the existing talent base on emerging technology tools and skill sets."

(KNN Bureau)