Tech Companies in India are struggling to fill 4000 jobs

The digital disruption in Information Technology has changed the employment sector a lot. Today, the maximum numbers of jobs are in the information technology sector. The market requires new skills like Artificial Intelligence, Machine Learning, Data Analysis, and Cloud Architecture. As per the recent reports by Analytics India with Great Learning, there is a need for 4000 engineers in Artificial Intelligence. The companies are focusing more on digital infrastructures like Artificial Intelligence and Machine Learning. Indian employers are looking for skills like data analytics, cloud computing, pattern recognition, etc. The labor force participation in the job sector has changed a lot. Companies are looking for freshers to fill their entry-level jobs to create a pipeline of talent supply. The demand for people with skills like Artificial Intelligence and Machine Learning is high and going to increase in the future. There is a 45% increase in the supply gap in just one year as per Hari Krishnan Nair, the founder of Great Learning in the field of data science and decision based making jobs. There is ample opportunity for people to enter the job market. But they need to re-skill themselves.

Before we move further, we have to understand why there is a great demand for Artificial Intelligence engineers. The rapid pace of automation and the digital revolution has brought a revolt in the job sector. Machines can perform most jobs freeing people from repetitive, boring, and lesser tasks needing only low intellect. The people of the world fear that AI will replace jobs. But the fact is that there are a large number of job vacancies due to the evolution of technology. Companies need employees with AI talent especially for the roles of data scientist and machine learning engineers. Global companies like Amazon, Apple, KPMG, Microsoft, and Apple are looking for people with AI jobs skills. There is a great demand for AI engineers who can analyze and interpret data to give a competitive advantage to their companies.  There is a tremendous increase in AI and ML jobs in the last decades. We are looking for electronic appliances that can plug into smart technology like the Internet of Things. All these are dependent on technology such as Artificial Intelligence, machine learning, and cloud computing.

Change is a must for the progress of the human race. If we do not accept change, we become outdated and obsolete. To progress, it is necessary to embrace change. Many people are strong critics of AI, but we have to remember that many people were critics of the first industrial revolution as well. However, the assembly line system has revolutionized the manufacturing sector. The fact is that any new technology needs people to support its entire ecosystem. Any technology which makes people’s work easier will require people to regulate them. We can understand it through many examples. The first innovation in transportation is the invention of the wheel. Gradually, we develop motor vehicles that replace animals and increase the speed of transportation. Today, we are looking forward to driverless vehicles. On similar lines, many new jobs will be created which are less risky and safe. The use of AI in automation will prevent collisions, result in fewer accidents, and an increase in the speed of transportation.

The leading companies which are looking for AI jobs are Amazon, Fractal Analytics, Nvidia, Tech Mahindra, IBM, Accenture, etc. There is a great need for AI jobs in these companies. They are looking for AI employees with skill-sets like cloud computing, pattern recognition, machine learning, natural language processing. The demand for AI jobs is a surge to increase in the coming future. The banking and financial sector continues to be a major driver in artificial intelligence. People can avail themselves facilities like automatic money withdrawal, contactless money transfer through cards, self money submission is possible through Artificial Intelligence. You can check the balance of your account with a single click. Banking services have become more accessible and efficient due to artificial intelligence. The use of blockchain technology and AI will check the fraud quotient in bank loans and prevent defaulters in getting them further into debt. All the banking and payment organizations will be interrelated and could know the status of their customer with a single click. The loan application procedure will become simple as the machine intelligence will take an automatic decision based on the input feed.  The use of AI will bring transparency and remove most bottlenecks. So, indeed all these initiatives will replace the entry-level jobs like clerical jobs, but it will create new jobs like robust compliance and service teams in the banking system.

Energy Sector

The energy sector is also a major domain for AI jobs.  The goal to achieve low carbon growth and green electricity is facilitating the creation of more AI jobs.  Artificial intelligence will help in forecasting the demand for electricity, generation of electricity. AI can help a lot in reducing electricity wastage during generation and use. AI-enabled technologies will automatically switch off the use of power consumption and prevent energy loss. It will prevent electricity theft. The AI technology will assist in decision-making where the complexity of the problem is difficult to handle when left to a human operator. It will also prevent grid damage due to the sudden rise in voltage.  Recently, the Californian Company STEM has developed Athena which uses AI to map energy usage by the customers in their home.  There is a massive need for synchronization of the grid system. The grid gets energy from various sources like renewable sources which include oil, coal and non-renewable sources like hydro, solar energy, etc.  The grid pattern becomes complex, and the stability of the grid becomes the primary concern. However, AI will bring stability and efficiency to these sources. Recently, Siemens has introduced Spectrum Power Active Network Management System which brings high grid stability, solid peak load management, reliable voltage regulation, real-time evaluation, automatic options, and intuitive operations. All these modern facilities will need AI engineers. The company will need AI engineers to support the AI ecosystem. So, the future is bright for AI engineers in the energy sector too.

Entertainment Sector

The demand for AI professional is not limited to the BFSI and energy sector. There is a vast demand for AI engineers in the entertainment industry. The artificial intelligence is the new rock-star of the entertainment industry.  The media and entertainment are heavily dependent on AI for marketing and advertising. AI technologies are used in the filming and post-production of the movies.  The machine learning algorithm helps in extracting language, objects, and concepts for marketing and advertising solutions to improve efficiency. IBM has created trailers for the horror movie Morgan. IBM AI system Watson has used only six minutes to create the trailers. The AI engineers have trained the Watson after feeding inputs from hundred of horror movies to exactly conclude horror movie trailers. Alibaba Luban, an AI designer has been created thousand of banners within a few seconds. The AI technology assists in effecting marketing and delivering of content using technologies like machine learning, predictive analytics, and natural language processing, etc. The use of AI helps in providing content to the proper user. It increases sales and market revenue. A channel can advertise horror movie for the customer who loves horror films whereas it can target comedy films with comedy.  All these are the bright indicators of jobs in the AI sector for creative minds.

Retail Sector

As per the report by Capgemini, artificial intelligence offers $340 billion worth of opportunities in the retail sector. The researchers find the value chain is the area where the retailers need to focus on. The retail industry is not efficiently able to deploy AI in areas like prioritizing cost, data, and ROI. Their AI system is also not efficiently targeting the customer. The researchers also find those who are using AI have said that AI has created jobs with two-thirds of the jobs being created at a senior level.  Many respondents have reported that AI has not replaced jobs in their organization at all.  The key findings of the research include over a quarter (28% of retailers are deploying AI today). The impact of AI is that it resulted in fewer customer complaints and more customer satisfaction.  There is a vast potential for the use of AI in operations. The use of AI in procurement tasks prevents wastage of inventory and better delivery of goods in entire logistics systems.

Conclusion

Artificial Intelligence and its related fields can be seen at work in every sector of the economy. The impact of AI will increase tenfold in the coming days. It is an excellent technology that will change the entire digital ecosystem. The demand for AI professional is increasing and will continue to grow in the coming future. The value and efficiency of AI are not to replace human beings but to complement them. For example, the use of email has reduced the number of post offices; however, many communications have become more transparent, faster and efficient. Similarly, the volume of total shipping of packages has increased from 3.3 billion to 5.2 billion packages. The delivery points have increased from 148 million to 156 million.  The facts are a clear indicator of the potential jobs that can be created through the use of AI- enabled technologies. Only thing which we need is to re-skill our youth in AI enabled technology like Machine Learning, Deep Tensor Flow, Natural Language Processing, Pattern Recognition, and Algorithm. The future belongs to AI so the youth should understand the importance of AI and learn it.

I hope that by now you have had an overview of AI & Machine learning. Before you enroll in ZaranTech’s certification course on AI&ML, do check out the Machine Learning with Python tutorial for Beginners: