The AI sector is set to surpass 2.3 million job opportunities by 2027, as noted in a report published on Monday.
As noted by Bain & Company, the solution to filling this increasing demand lies in upskilling and reskilling the current pool of employees. The report puts India's AI talent base at 1.2 million, with a potential for retraining more than 1 million professionals.
"India is poised to become the world's top hub for AI talent. Nevertheless, by 2027 the demand for professionals with AI capabilities will be between 1.5 to 2 times larger than available skills. The real challenge—and opportunity—are in placing advanced AI technology and skills on a significant share of the country's current talent pool," observed Saikat Banerjee, Partner and chief of Bain & Company's India AI, Insights, and Solutions practice.
Banerjee recognized the scarcity of AI skills as a chief challenge but emphasized that it's not an unsurmountable problem.
"Fixing this would mean a significant change in how companies recruit, develop, and retain AI specialists. Companies must move beyond traditional recruitment practices, focus on constant skill enhancement, and create an ecosystem that enables innovation," he further added.
Worldwide, job postings related to AI have increased by 21% each year since 2019, while salaries rose by 11% every year. Yet the number of competent professionals has not matched this increase, leading to a widening skills gap that is holding back AI adoption globally.
A notable 44% of business leaders listed a shortage of in-house AI talent as the biggest barrier to adopting generative AI. The shortage will continue through 2027, albeit with varying impacts across nations.
Half of the United States' AI jobs might go unfilled through 2027. Through the next two years, U.S. demand for AI workers might exceed 1.3 million, while the existing talent pool is expected to be only 645,000—meaning that up to 700,000 workers will need to be retrained.
Germany is likely to be hit the hardest by the talent deficit, with 70% of AI jobs going unfilled. The nation will only have 62,000 AI experts to fill as many as 219,000 jobs by 2027, highlighting the need for reskilling.
The UK will also see a deficit of more than 50%, with only 105,000 AI professionals to fill up to 255,000 positions.
Likewise, Australia could run short of more than 60,000 AI professionals by 2027 as only 84,000 professionals will be needed for an estimated 146,000 vacancies, the report uncovered.
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