According to a recent World Economic Forum (WEF) report, the Indian labor market is expected to expand by 22% over the next five years. According to the survey, artificial intelligence, machine learning, and data segments will produce the top jobs.
According to WEF’s most recent Future of Jobs research, 69 million new jobs are anticipated to be produced globally over the next five years. The report also predicts that by 2027, 83 million jobs will be lost. The WEF reported that nearly a quarter of jobs (23%) are expected to change in the next five years through growth of 10.2% and decline of 12.3% (globally).
The survey covered 803 companies, which collectively employ more than 11.3 million people across 45 different economies and 27 industrial groups.
According to the report’s estimates, higher acceptance of new technologies (59%) and improved internet access (55%) are the two factors that would fuel job development in India, followed by broader applications of ESG (environment, social, and governance) norms. AI and machine learning experts, as well as data analysts and scientists, will be the top positions for industry transformation in India.
According to the survey, the manufacturing and oil/gas sectors have the highest levels of green skill intensity worldwide, with India, the US, and Finland leading the list for the same.
In addition, countries’ attitudes on the availability of talent when hiring were more favorable in populous economies like India and China when compared to the worldwide average. But among the several countries, India was one where the expansion of social jobs lagged behind that of non-social jobs.