AI, ML jobs see over 35% growth in May

Amid the generative artificial intelligence (AI) boom, companies are demanding specialised talent. The need for AI and machine learning skills has been persistently increasing. In May, the number of jobs in the AI and ML domain increased by 37% year-on-year, according to job portal Naukri’s study. 

“The consistent job growth in the AI-ML domain stands out as a major positive and signals that the Indian economy and its talent pool are well aligned with the global tailwind on AI,” said  Pawan Goyal Chief Business Officer, Naukri.

Earlier, a report by Nasscom-BCG released in February stated that India has the second highest installed talent base with 420,000 employees working in AI job functions. The report also mentioned that India's AI market, growing at a compounded annual growth rate (CAGR) of 25-35% is projected to reach $17 billion by 2027.

Further, Naukri’s JobSpeak Index report, which indicates the state of white-collar jobs in the country, has also shown that the hiring has grown by 6% sequentially but on a yearly basis, it has dropped by 2%. Major sectors such as banking, FMCG, healthcare, travel and hospitality, among others have shown double-digit growth. However, BPO and education sector jobs decreased, while IT jobs remained almost at the same level. These three sectors were found to have dragged the overall index.

Speaking specifically about the IT sector, out of the five leading tech companies — TCS, Infosys, Wipro, HCL, and Tech Mahindra — four experienced a decrease in headcount by the year ended on March 31. While HCL Tech stood out as an exception, collectively these companies saw a workforce reduction of nearly 70,000 employees last year, offsetting the 56,000 employees they hired the year prior.