The future skills demand is likely to grow to 3.5-3.7 million in 2024 from 1.2-1.3 million the industry currently employs, according to report by NASSCOM
There is a huge gap in demand and supply of talent in the emerging technologies in India, as companies fast-track their digital transformation journey in the wake of the COVID-19 pandemic, according to a recent report.
The report - Trends Impacting demand and supply of digital talent in India - by the IT industry body NASSCOM revealed that India’s demand for Digital talent jobs in the areas of cloud computing, big data analytics, and cybersecurity is approximately 8x larger than the size of its fresh talent pool currently.
“By 2024, this demand is expected to become 20x the available fresh talent pool,” the report said.
“Growing investment by global MNCs is expected to amplify the rising demand for talent, thereby further widening the demand-supply gap,” the report added.
NASSCOM has divided the talent pool into Future skill talent pool and Digital Talent pool. Digital Talent pool comprises those who are employed in new-age technology areas such as artificial intelligence and big data analytics, IoT, cloud computing, cybersecurity, RPA, blockchain, AR/VR, and 3D printing.
In addition to these skills, Future Skill Talent pool also includes web and mobile development and IT marketing technologies.
The future skills demand is likely to grow to 3.5-3.7 million in 2024 from 1.2-1.3 million the industry currently employs. “The talents installed in these roles are growing at a CAGR of 16-20 percent whereas the demand for these roles is growing at a CAGR of 19-23 percent,” the report said.
For instance, though the overall supply of fresh talent pool was high in the country, those who are relevant in the latest technologies were in the range of 45,000-50,000 in FY20. India saw 8 million graduates in total for the period.
According to the report, the opportunity to train the workforce is huge.
It is at this backdrop that boardroom conversations are beginning to focus on reskilling. “Leading Indian companies are already undertaking scaled reskilling exercises to close the demand-supply gap. Standardization of job roles and tasks will further speed up reskilling for the ecosystem,” the report said.Reskilling by employers and training providers accounted for about 1.8-2 lakh of the total Digital Talent increase from 2019 to 2020. The report said that successful implementation of reskilling programmes can help India capture a larger portion of the global digital talent pool.