TeamLease Digital, a prominent tech staffing agency, has issued its specialty study on ‘Initiative for Critical and Emerging Technologies (iCET) – Factors Shaping the Future of Technology,’ with a particular focus on Artificial Intelligence. The paper sheds light on the recently completed iCET cooperation between the United States and India by investigating AI growth and job potential. iCET was founded to strengthen and extend strategic technological collaborations between the two nations, and it commits to cooperation in a variety of tech fields such as AI, quantum technologies, advanced wireless, and so on.
Being an IT powerhouse and the world’s second-biggest online market, the iCET program and a significant government push in recent years, particularly recent budget announcements in terms of skilling in new generation technologies, present immense potential to benefit from the AI revolution.
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This paper evaluated the important employment positions and AI uses in some of the selected sectors and conducted a detailed analysis of AI’s potential in these industries, indicating the rising need for AI career seekers and experts trained in AI. The report identifies a wide range of key job roles in the AI landscape across major industries, including Healthcare (Clinical Data Analyst, Medical Imaging Specialist, Health Informatics Analyst, and others), Education (Edtech Product Manager, AI Learning Architect, AI Curriculum Developer, Chatbot Developer, and others), BFSI (Fraud Analyst, Credit Risk Analyst, Compliance Specialist, and others), Manufacturing (Industrial Data Scientist, QC Analyst, Process Automation Specialist, Robotik Developer, and others), and Transportation (Retail Data Analyst, IT Process Modeler, Digital Imaging Leader, and others). Furthermore, the research emphasizes the need of upskilling a pool of options for both new and seasoned workers by presenting a list of currently accessible career roles.
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.”
The research also forecasts the number of vacant job opportunities and remuneration packages for new and seasoned professionals across vocations and sectors, as well as the desire for AI skills that job seekers should have in order to secure future employment. According to the survey, there will be 45,000 AI job opportunities in India alone by February 2023, with data scientists and ML developers among the most sought-after occupations. It is also stated that the rising emphasis on scalable ML applications is increasing the need for AI specialists competent in scripting languages and that developing traditional ML models would be the primary skill necessary for a career in AI.
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According to TeamLease Digital’s research, the following are the projected earnings for freshers in various technological professions in India:
- Data engineers may make up to 14 lakh rupees each year.
- Up to INR 10 lakhs for ML developers and INR 14 lakhs for data scientists
- DevOps engineers may earn up to INR 12 lakhs.
- Up to INR 12 lakhs for data architects
- BI analysts may earn up to INR 14 lakhs, while database administrators can earn up to INR 12 lakhs.
According to a TeamLease Digital poll, 37% of firms want to give appropriate tools to their workers in order to establish an AI-ready workforce, and 30% of enterprises believe AI learning efforts are required to unleash latent talents in the workforce. Clearly, 56% of firms stated that the required steps are being implemented to address the AI demand-supply talent gap. The poll also indicated that the majority of employees agree with their bosses. 55% of employees believe AI opens up new career prospects, and 54% believe employers should invest in upskilling and reskilling projects to ensure a future-ready workforce. More than 40% of employees believe that developing in-house skills and incorporating AI into daily operations improve AI capabilities.
“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.
Lastly, the research considers efforts proposed by the Government of India (GoI) in the Union Budget to upskill the young in AI-related capabilities. One of the primary projects is the establishment of AI Centers of Excellence. Such initiatives are intended to encourage interdisciplinary research, the creation of cutting-edge applications, and the development of scalable issue solutions in a variety of fields. The Pradhan Mantri Kaushal Vikas Yojana, which aims to give on-the-job training in AI and other new technologies, is another initiative mentioned by TeamLease Digital in its study.
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