India's AI sector to exceed 2.3 million job openings by 2027

India’s artificial intelligence (AI) sector is expected to have more than 2.3 million job openings by 2027, according to a report released on Monday. The report, prepared by Bain & Company, highlights the growing demand for AI talent and the need for reskilling and upskilling current workers to meet this demand.

In India, the AI talent pool is predicted to grow to about 1.2 million by 2027. This presents a big opportunity to reskill over 1 million workers. The report also emphasizes that India has a unique chance to become a global hub for AI talent. However, it points out that by 2027, the number of job openings in AI will be 1.5 to 2 times greater than the available talent in the country. The challenge, and also the opportunity, is to reskill and upskill a large portion of the current workforce to help meet the demand for emerging AI technology and skills.

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Saikat Banerjee, a partner at Bain & Company who leads the AI, Insights, and Solutions practice in India, explained that while there is a shortage of AI talent, it is not an impossible problem to solve. He said that companies must rethink how they attract, develop, and keep AI talent. Instead of sticking to traditional hiring methods, businesses should focus on continuous upskilling and create an environment that encourages innovation.

On a global scale, AI job postings have increased by 21% every year since 2019, and salaries for these positions have risen by 11% annually. However, the number of qualified candidates has not kept up with this growth, leading to a widening talent gap. This gap is slowing down AI progress worldwide.

A survey found that 44% of executives said the lack of in-house AI expertise was a major obstacle in using generative AI in their businesses. This talent gap is expected to continue until at least 2027, and it will affect different countries in different ways.

In the United States, the report predicts that half of AI jobs could be unfilled by 2027. In the next two years, the demand for AI jobs in the U.S. could reach over 1.3 million, but there will be fewer than 645,000 qualified candidates. This means the country may need to reskill about 700,000 workers to fill the gap.

Germany could experience the largest AI talent shortage, with around 70% of AI jobs going unfilled by 2027. The country may have only 62,000 AI professionals to fill between 190,000 and 219,000 AI job openings, making reskilling a crucial solution.

The UK could face a talent shortage of over 50%, with only 105,000 AI workers available to fill up to 255,000 AI jobs by 2027. Similarly, Australia is expected to have a shortage of more than 60,000 AI professionals by 2027, with just 84,000 available to fill around 146,000 AI job openings.

The report makes it clear that there is a global opportunity to reskill workers in various countries to help meet the growing demand for AI talent.

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