A new study by the World Economic Forum (WEF) suggests that the Indian job market is expected to witness a 22% churn over the next five years, with top emerging roles coming from AI, machine learning, and data segments. Globally, the job market churn is estimated at 23%, with 69 million new jobs expected to be created and 83 million eliminated by 2027.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
According to the estimates of the 803 companies surveyed for the report, employers anticipate 69 million new jobs to be created and 83 million eliminated among the 673 million jobs corresponding to the dataset, a net decrease of 14 million jobs or 2% of current employment.
The report found that in India, 61% of companies think broader applications of ESG (environment, social and governance) standards will drive job growth, followed by increased adoption of new technologies (59%) and broadening digital access (55%). Top roles for industry transformation in India would be AI and machine learning specialists, and data analysts and scientists.
The report also found that manufacturing and oil and gas sectors have the highest level of green skill intensity globally, with India, the US and Finland featuring at the top of the list for the oil and gas sector.
The WEF said that macro trends, including the green transition, ESG standards and localisation of supply chains are the leading drivers of job growth globally, with economic challenges, including high inflation, slower economic growth and supply shortages, posing the greatest threat. Advancing technology adoption and increasing digitisation will cause significant labour market churn, with an overall net positive in job creation, it added.
The WEF’s Future of Jobs report found that technology continues to pose both challenges and opportunities to labour markets, but employers expect most technologies to contribute positively to job creation. Big data ranks at the top among technologies seen to create jobs. The employment of data analysts and scientists, big data specialists, AI machine learning specialists and cybersecurity professionals is expected to grow on average by 30% by 2027.
The report also found that the largest absolute gains in jobs will come from education and agriculture. Jobs in the education industry are expected to grow by about 10%, leading to 3 million additional jobs for vocational education teachers and university and higher education teachers. Jobs for agricultural professionals, especially agricultural equipment operators, graders and sorters, are expected to see a 15-30% increase, leading to an additional 4 million jobs.
Globally, six in ten workers will require training before 2027, but only half of the employees are seen to have access to adequate training opportunities today. At the same time, the report estimates that, on average, 44% of an individual worker’s skills will need to be updated.
Also Read: Freedom House Index: Tibet ranked the world’s least free country
Find More Ranks and Reports Here
The auction of 400 acres of forested land in Kancha Gachibowli, Hyderabad, has sparked widespread…
India is home to some of the wealthiest individuals in the world. These billionaires have…
The richest men in the world have made huge amounts of money through technology, shopping…
Central Government of India announced an increase in excise duties on petrol and diesel by…
India became an independent country on 15th August 1947. After independence, the new government was…
Kazakhstan has uncovered its largest-ever reserve of rare earth metals at the Kuirektykol site in…