The country has as many as 45,000 job roles in artificial intelligence and associated fields, according to the latest report by TeamLease Digital. Titled as 'iCET-Forces Shaping Future of Technology,' the report says that data scientists and machine learning engineers are among the popular roles in AI in India.
According to the 'Future of Workforce with AI' overview, software engineering, data analysts, application developers, business catalysts, statistical or quantitative analysts and operations research analysts are among the key job roles for freshers in AI in India. For experienced professionals, machine learning scientists, natural language processing (NLP) engineers, ML engineers, image processing engineers and data scientists are amongst the top AI roles in India.
"As countless businesses continue to integrate Critical and Emerging Technologies (CET), businesses are rethinking and reshaping the future of talent. Job seekers who are aspiring to have careers in CET should possess relevant and in-demand skills by repair, prepare and upskill to make their careers future-proof," says Sunil C, CEO, TeamLease Digital.
The report also sheds light on the iCET (Initiative for Critical and Emerging Technologies), the bilateral initiative between US and India by exploring growth opportunities specifically in the area of AI technology, as well as the key job roles and applications across major industries. The iCET initiative mainly emphasises six key areas namely strengthening innovation ecosystems, defense innovation and technology cooperation, resilient semiconductor supply chain, space, STEM talent and next-generation telecom.
According to the iCET overview, AI is expected to add $967 billion to India’s economy by 2025. The report says AI will add $450-$500 billion to the country’s GDP by 2025, thus accounting for 10% of the country’s $5 trillion economy target by 2025-26. AI is expected to contribute up to $15.7 trillion to the global economy in 2030.
According to the report, AI-generated revenue in India stood at $12.3 billion in 2022. AI market in India is expected to grow at a CAGR of 20% to $7.8 billion by 2025. The AI software segment is expected to grow at a CAGR of 18% by 2025. The report says that India’s share in global investment stood at 1.5% in 2022 and is growing at a CAGR of 30.8%. India’s AI investment will reach $881 million in 2023. With this, India is the third-largest contributor, thus representing 16% of global AI talent pool. According to the report, India has around 4,00,000 AI talent base in India.
Amongst sectors, AI in the Indian healthcare industry is estimated to grow at a CAGR of 50.9%. AI expenditure in India’s healthcare sector is expected to reach $11.78 billion by 2025 and is expected to add $1 trillion to India’s economy by 2035.
In the education sector, the growth rate of AI will be around 36.6%. In the Banking and Financial Services and Insurance (BFSI) sector, AI has the potential to add a revenue of $60 billion by 2026 by offering targeted services and redefining user experience. In the manufacturing sector, AI is to achieve a 25% sectoral contribution to the Indian economy, pegged at $1 trillion by 2025.
