The meteoric rise of Artificial Intelligence (AI) in India mirrors the global trend of how AI has been disrupting sectors like travel, finance, manufacturing, and media. In fact, according to a 2023 PwC report, the adoption of artificial intelligence in India has increased from 40% in 2020 to 56% in 2022-23. Furthermore, the growth of AI jobs in India is going to be the strongest in the next five years across roles at 38%, as per the World Economic Forum’s (WEF) Future of Jobs Report 2023. This blog seeks to explain the impact of AI on the future of Indian jobs. A thorough reading of this article will help you figure out how to secure your career accordingly.
In this blog, we will explore the following:
- What is the Current State of Artificial Intelligence in India?
- How Will Artificial Intelligence Impact Job Opportunities in India?
- What Career Paths Will be in Demand for AI Professionals, Data Science Professionals, and Software Engineers in India?
- What are the Benefits of AI in the Workplace?
- What are the Risks of AI in the Workplace?
- Know Why Artificial Intelligence Will Not Destroy Jobs
- Frequently Asked Questions About Artificial Intelligence in India
What is the Current State of Artificial Intelligence in India?
The emphatic arrival of generative AI in 2023 has only cemented AI’s place in the popular imagination. Here’s what we know so far:
The industry is using AI to develop diagnostic tools, design treatments, and improve the delivery of healthcare. Many companies are already using AI-powered chatbots to support patients at any given hour.
2. Rapid Growth in AI Start-Ups
Several start-ups dabbling in generative AI have mushroomed in India, especially during 2023. This robust ecosystem is conducive for developing AI tools for businesses and the public at large. There are seven AI unicorns in India, which include Fractal and Uniphore, according to Air Street Capital’s State of AI Report 2023.
Manufacturing companies are exploring ways to incorporate AI into their workflows. This is because AI tools can automate tasks, improve quality control, and reduce costs. AI robots can also take over dangerous tasks on the factory floor, such as welding, cutting, painting with chemicals, etc.
4. Supply Chain
Artificial intelligence companies in India are keen to provide solutions that improve visibility and risk management across supply chains. Pickrr, Shipsy, and LogiNext are popular startups trying to address the bottlenecks in the supply chain ecosystem.
How Will Artificial Intelligence Impact Job Opportunities in India?
Many theories have been floated about the far-reaching impact of artificial intelligence in India. Here are a few of them:
As noted above, AI jobs in India will witness the biggest churn among roles. The growth is significant as it can result in lakhs of jobs. This growth will benefit diverse sectors ranging from retail to marketing.
Development of Skills
An individual with a specialized set of AI skills will be spoiled for choice. As a result, every professional will want to upgrade their skill set to stay ahead of the curve. This will spur a demand for organizations offering courses in AI.
Demand for Automation
The number of tasks automated by artificial intelligence in India is undoubtedly going to see a rapid increase. For instance, the Business Process Outsourcing (BPO) industry will look to automate certain tasks, as we have seen with AI call assistants.
Formulation of Policy
The rise of AI will bring up several ethical and regulatory questions. There is a need for a strong policy framework in light of these concerns. Hence, many opportunities may open up in areas such as AI regulation, compliance, and governance.
Impetus for Innovation
AI is undeniably disrupting India’s vibrant start-up scene, especially with the number of AI startups going up in the last few years. The number will continue to rise, which in turn will encourage innovation and product development. This will disrupt traditional business models and create new markets.
What Career Paths Will Be in Demand for AI Professionals, Data Science Professionals, and Software Engineers in India?
The expanding AI scope in India generates a healthy demand for data scientists. They help analyze large datasets and offer insights for building predictive models. The average annual salary for a data scientist in India is ₹10,20,850.
Machine Learning Engineer
A Machine Learning (ML) engineer develops ML frameworks and algorithms used in different recommendation systems. According to Indeed, an ML engineer earns an average of ₹9,07,980 per year.
A lot of data science professionals end up becoming data analysts. They collect and analyze data to provide actionable insights to businesses to aid their decision-making. A data analyst can earn up to Rs 5,50,980 per year.
A data engineer builds data storage capabilities and maintains data pipelines for processing data. It must be remembered that the need for secure data storage is growing daily. Owing to this requirement, data engineers earn an average annual salary of ₹9,82,593.
Many software engineers become full-stack developers eventually. They are well-versed in front-end and back-end development of websites and mobile applications. They earn an average annual salary of ₹8,08,224.
The demand for cloud engineers is at an all-time high due to businesses transitioning to the cloud. They design and maintain cloud infrastructure for organizations on platforms like AWS, Azure, and Google Cloud. A cloud engineer earns an average pay of ₹8,79,448 per year.
What are the Benefits of AI in the Workplace?
The benefits stemming from the burgeoning AI scope in India can be tempting for organizations of all sizes. Here are a few of them:
- Automation: The use of automation can free up employees from menial tasks. It will allow them to focus on strategic activities and improve their productivity.
- Data-Driven Decision-Making: AI processes large datasets in real-time, making it capable of offering predictive analytics, identifying patterns, etc., thereby enabling informed decisions.
- Tailor-Made Services: AI algorithms can provide personalized recommendations and content to users and employees, subsequently improving retention.
- Continuous Support: The use of chatbots and virtual assistants has gone up considerably as they provide customer support 24/7. This also helps in fostering better relationships with users.
What are the Risks of AI in the Workplace?
There are several concerns about artificial intelligence in India and abroad. Here are some major risks:
The advent of any new technology is associated with the loss of jobs simultaneously. The automation provided by AI can wipe off jobs in sectors like banking, manufacturing, coding, customer service, data entry, etc.
Most AI systems are trained on datasets riddled with inherent human biases. This can result in discriminatory or unfair outcomes.
Lack of Regulations
The world of AI is literally a new frontier in technology. Therefore, the absence of regulations can make it difficult to affix accountability in case of errors.
Know Why Artificial Intelligence Will Not Destroy Jobs
The ascent of artificial intelligence in India has many doomsayers doling out apocalyptic predictions. Let’s look at why many of the comments are premature and uninformed.
Creation of New Jobs
The development of AI will create many jobs in the coming decade. It will create jobs in many new areas. You will also find thousands of jobs in the form of Al and ML developers, data analysts, scientists, etc.
Reskilling and Upskilling
Many employees will be transitioned into new roles instead of being replaced altogether. However, firms must ensure that they offer training and upskilling programs.
Impact on Diverse Sectors
The demand for AI will not be limited to tech firms. Many people will want to procure AI skills, leading to a rush for AI courses that cater to their needs. Similarly, AI can spur job growth in sectors like agriculture, healthcare, finance, etc.
Frequently Asked Questions
How Will AI Impact Future Employment?
The impact will be profound since artificial intelligence in India will likely create thousands of job opportunities across industries. It will also cause some uncertainties, but it will be positive by and large.
How is AI Changing the Indian Industry?
AI is bringing significant changes in the Indian industry, whether it is by introducing new practices or by creating jobs. The demand for a skilled workforce to develop and maintain AI solutions will only keep growing in the coming years.
How is Artificial Intelligence Changing Jobs?
AI has changed the way we work in a variety of ways.. AI’s ability to automate, make data-driven decisions, identify patterns and trends, etc., are revolutionizing the job space. It has forced professionals to upskill themselves to stay relevant in the workspace. The changes made by AI’s inclusion have been sweeping and are likely to intensify over the next five years.
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In conclusion, the march of artificial intelligence in India is inevitable. Now is the best time to ingrain a comprehensive set of skills needed to thrive in this emerging field. Join Emeritus’ artificial intelligence and machine learning courses and reap AI’s benefits by unlocking its true potential!
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