With the emergence of disruptive technologies over the years, the Indian economy has witnessed a paradigm shift in the IT and ITES markets. The technological revolution has created significant demand in the education sector, especially engineering and computer science. As India continues to be a top runner in the global sourcing market, several Indian IT companies have set up global delivery centres around the globe. Having said that, several international IT companies are setting up operations in India due to the cost competitiveness in providing IT services, which remains the country’s unique selling proposition in the global sourcing market.
The Industrial Revolution – Then & Now
From using water and steam power to mechanize the production of goods in the first industrial revolution, to the use of electric power for mass production in the second, we’ve definitely evolved from primitive methods to adopting automated and smart techniques for our processes. The third industrial revolution brought in automation by using electronics and information technology to automate production.
Now the fourth industrial revolution, known as “Industry 4.0” is the one to watch out for and we cannot stop raving about it. It consists of a fusion of digital technologies coming together to create robust, scalable and efficient production processes.
Industry 4.0 making a groundbreaking impact in the way we live and work, has opened multiple and diverse pathways to create job opportunities that are creative, design-oriented with high order skills as compared to repetitive and task-based jobs. With generous efforts from the government, industries and the education sector, India is preparing itself for scalable economic opportunities with the advent of Industry 4.0 that will witness a diversified job market to meet its demands.
Key factors influencing the job market and hiring demand in India
Speaking of advancement in technology and the emergence of Industry 4.0, this is the new age of automation. As we are at the brink of an industrial revolution and with everything becoming automated, it automatically gives rise to the changing nature of work, re-defining job roles and creation of new avenues of occupations and job roles. The growth of e-commerce and technology-based sectors are creating job opportunities we never knew in the past. The three major forces that drive transformation in an economy are Globalization, Demographics, and Disruptive Technologies.
Globalization: The changes that positively or negatively affect the trade relations between countries and how it impacts future job opportunities is all driven by globalization. With international companies setting up base in India, it will result in the creation of job opportunities, especially in the IT, manufacturing and retail sectors.
Demographics: With the majority of the population being the millennial generation in urban areas, the two factors that will drive job opportunities are sophistication and variation in working arrangements, which will give rise to revised wage scales, a growing middle-class population, and urbanization
Technology Disruption: We can agree that the adoption of exponential technologies is disrupting various industries in the market. This is transforming existing product categories and giving rise to new job roles and redefining job categories. While several IT companies in India are staying adept at the latest technologies, the demand to hire top-notch talent that possesses skills to work on new age technologies will increase automatically.
Technology trends on the rise
Internet of Things (IoT)
As our business processes and lifestyles are becoming automated and digital to deliver a more connected and seamless experience, IoT remains a top trend among the latest technologies that has erupted in recent years. But will it have an impact on jobs? Yes indeed. It will give rise to newer job roles such as IoT Managers, Chief IoT Officers, IoT Business Designers, full stack developers etc. The functional and technical areas of these jobs include the expertise of applying sensors, microchips, software, electronics and other embedded devices to businesses and hands-on expertise with front-end and back-end technologies. It might sound quite ambitious to have this skill set in one person, but they do exist.
Machine Learning/Artificial Intelligence
AI and machine learning continue to be the most sought-after technology trends and individuals who possess skills for the job are in a good space. Many companies are developing software tools that are enabled with machine learning and AI capabilities to eliminate manual intervention. These technologies are directly linked to big data analytics, so the emerging job titles are similar to them.
Big Data & Cloud
Big Data technology and cloud computing are widespread across the globe over the past decade. Now that everything’s becoming automated and businesses are online, analytics plays such an important role in the lives of entrepreneurs. The insights derived from big data analytics and other such technologies are like a gold mine for businesses to make informed data-driven decisions. The onset of big data and cloud has led to the emergence of new job roles such as data scientists, BI engineers, Cloud Architects, BI Solutions Architects, Statisticians, Data Visualization Developer etc.
Key takeaways from the job market and hiring trends for 2018
The year of 2018 is definitely looking great for the Indian job market. The rise of new technologies and the need to stay upbeat with it, allows scope for new job opportunities and roles. The IT industry will always remain competitive which will directly boost the need for manpower and skills on the digital front. Technologies such as big data, cloud computing, machine learning, AI and robotics process automation (RPA) will continue to rule the economy for the next decade at least.
Top B-schools and premier IT institutes are already being flooded by tech giants wanting to recruit fresh grads offering great compensation and benefits. The best part is the year of 2018 will bring about a revolution in the IT space as India continues to occupy the top spot in providing both, on-shore and offshore IT services to global clients.