The AI market in India is projected to reach $7.8bn in value by 2025. India will require over 1 mn Data Science, AI professionals by 2024.
The AI market in India is projected to reach $7.8bn in value by 2025, clocking a CAGR of 20.2% over the next 5 years. India is expected to witness high growth in the demand for Data Science & AI professionals. By 2024, India will require over 1 mn Data Science and AI professionals by 2024
NASSCOM has released the report “State of Data Science & AI Skills in India: Data and the Art of Smart Intelligence.”
The AI market in India is projected to reach $7.8bn in value by 2025. By the year 2024, India would need more than a million Data Science & AI professionals.
India’s AI Skills Penetration Factor is 3.09, the highest among all G20 and OECD countries. The country’s tech talent was 3X more likely to have or report AI skills than other countries.
The role of AI is also expanding in India. Organizations are planning to invest in AI to address functions ranging from Customer Service, HR, and IT automation to Security. More than 1900 AI-focused start-ups are providing innovative solutions. The areas are conversational AI, NLP, video analytics, disease detection, fraud prevention, and deep fakes detection.
Demand for DS & AI talents
The Demand for DS&AI Talent Stands at 629k. India has a talent pool of 420K by August 2022 while the total demand for talent stood at 629K. The gap between total demand and supply is 51%. With an estimated spend of $4.2bn by 2024, India is expected to have a total demand of over 1mn professionals
Tier 2 & Tier 3 Cities Are Emerging Talent Hubs
Around 70% of India’s talent is concentrated in Tier 1 cities. Tier 2/3 cities are fast emerging as DS&AI talent spots – Ahmedabad, Kochi, Indore, Coimbatore, and Jaipur.
4 Critical Roles in Demand
Certain roles have a higher degree of demand-supply disparity, ranging between ~60% and 73% – ML Engineer, Data Scientist, DevOps Engineer, and Data Architect. 75-80% of the job openings fall between 0-5 years and 5-10 years experience bands.
Survey shows that 75% of India’s AI Developer talent falls in the 18-29 age group and 33% is in the 18-21 years age bracket, indicating a high growth talent segment.
