According to a recent JobSpeak by naukri.com, AI and machine learning (ML) employment is experiencing rapid growth in India.
The report highlighted that AI and ML employment grew at an impressive 37% year-on-year in May, bringing an increased industry focus on AI technology expertise and talent. This surge in demand reflects the important role AI and ML play in driving transformation and technological advancements in various sectors.
In addition to AI and ML, the report said several other sectors also witnessed significant employment growth in May. These sectors include banking, fast-moving consumer goods, and oil and gas.
Overall, white-collar employment in India increased by 6% in May compared to April 2024. White-collar jobs that usually involve management, management, or administrative work, which are performed in an office environment are generally well-paid and require a higher skill level.
The report highlighted that non-metro cities like Surat and Raipur have emerged as employing hotspots with the most employment growth year-over-year. These cities are becoming increasingly attractive to job seekers and employers, driven by factors such as reduced living costs and new business opportunities.
However, employment growth scenarios in major cities such as Mumbai, Hyderabad and Bangalore have slightly reduced employment. This trend indicates a potential change in employment dynamics, creating more opportunities in areas outside of the Metro.
A notable trend highlighted in the report is the increased demand for employment that requires extensive experience. Work in the experience category over 16 years has seen significant growth of 23%, reflecting the industry's needs for veteran experts who can bring expertise and leadership to their roles.
Most sectors reported mid-single digit growth, but the overall index was reduced by IT, BPO and education sectors, showing relatively slow growth. Nevertheless, several major sectors have shown robust performance.
The oil and gas sector recorded a 14% year-on-year growth due to strong demand and increased investment. The banking sector rose 12%, reflecting on continued expansion and digital transformation initiatives within the industry.
The FMCG sector experienced impressive 17% year-on-year growth, while Mumbai and Kolkata led the surge with 38% and 25% respectively. This growth demonstrates rising consumer demand and sector resilience in the face of economic challenges.
The healthcare sector also showed strong growth, up 8% from the previous year. This growth is driven primarily by metropolitan cities such as Bangalore and Hyderabad, where medical infrastructure and services are expanding rapidly.
Similarly, the travel and hospitality sector has grown by 8%, reflecting rebounds in travel activities and increased consumer spending on leisure and tourism.
Despite these positive trends, the report showed a 2% decline in new job opportunities for entry-level professionals compared to May 2023.
This decline suggests that there may be a strong demand for experienced professionals, but there may be relatively limited opportunities for fresh graduates and career start-ups.