As we usher in 2024, India's tech job landscape is poised for tremendous growth opportunities catering to IT job seekers. With employers across sectors reporting optimistic hiring plans and the IT industry aiming to grow exponentially, projections indicate the coming year will witness a transformation.
As per the latest reports, the IT industry added 2.9 lakh new jobs, taking the industry’s workforce tally to 5.4 million people in FY23. Building on this momentum, the year 2024 is expected to open up a plethora of roles for skilled technology professionals. Driven by factors like increased digitization, investor funding in startups, and new emerging tech arenas like AI/ML - the Indian tech job market is set to grow.
Moreover, both freshers and experienced professionals with in-demand digital skills can expect a thriving job scenario. Hence, for IT job seekers, the outlook for 2024 remains highly promising.
The IT sector is a core pillar of India’s job market. Over the decades, India has emerged as a leading player in the IT and BPM industries and is even transforming the global landscape. The industry has shown impressive growth to be a preferred destination for outsourcing and offshoring IT services and BPM operations. This development can be attributed to technological advancements, support from the government, and most importantly, a skilled workforce.
Unfortunately, the market is currently under the radar, facing the brunt of situations due to firms resuming the ‘work from office’ model and putting a hold on the appraisals of employees. Adding to it are concerns around the recruiting drop, and questioning the future of IT employment in India.
According to a report by a leading Indian business publication, in the July-September quarter this year, hiring at nine out of 10 major Indian IT firms fell significantly, making it the first-ever decline in the last 25 years. This trend will continue to sustain throughout the fiscal year and might go as steep as nearly 25% to 30%. The hiring decline is expected to impact the overall job market as well, marking the beginning of a challenging period ahead.
Not to forget, the age-old debate of automation and outsourcing reducing the need for human intervention continues to happen and will supposedly impact IT jobs in the future. On the flip side, the scenario for the IT industry, one of the lucrative fields in the Indian job market, looks progressive in the coming year.
IT professionals to be in high demand in 2024
The technological advancements are becoming more profound with each passing day. With the tech landscape evolving constantly, the recent metaverse launch, and the significant prominence of big data and quantum computing, both tech companies and highly-skilled IT professionals will be in huge demand in the future.
Even organizations are willing to spend a hefty amount to hire firms or workers who have the capability and expertise to enhance their tech architecture and bridge the talent-skill gap through certifications.
As digital innovations enter sector after sector, the country is bracing for the next growth phase in the IT revolution. Hence, 2024 will be exceptional for professionals looking to explore opportunities in the IT sector. Job seekers possessing a passion for tech and the ability to adapt to changing scenarios and deal with changes will be in high demand across sectors.
IT jobs to gain prominence
The core foundation of the Indian IT services and BPM industries lies in its skilled workforce. India has a vast talent pool, with professionals having proficiency in diverse domains. They are known for their technical prowess, problem-solving abilities, and adaptability to evolving technologies. The companies have already invested heavily in upskilling their workforce to stay ahead of the curve and become future-ready.
With the rapid digitization and technology constantly evolving, positions of AI and ML engineers, data scientists, Blockchain developers, UI/UX designers, and AR and VR developers will be highly lucrative and in high demand as these technologies play a vital role in driving the Indian economy.Additionally, jobs in the emerging fields of cloud architects, full stack developers, DevOps engineers, cyber security analysts, and edge computing engineers will also witness a rise.
To have a competitive edge, professionals and job seekers are required to upskill and stay abreast with the latest tech developments and innovations. Those interested in pursuing a career in the IT sector or looking for elevation should certainly acquire in-demand technical skills. This can be done by undertaking courses, attending boot camps, and gaining exposure through training and internships.
The IT and BPM sector is one of the significant growth catalysts for the Indian economy, contributing significantly to the country’s GDP and public welfare. The IT industry accounted for 7.4% of India’s GDP in FY22. It is expected to contribute 10% to India’s GDP by 2025 and is projected to touch the US$ 19.93 billion mark by 2025.
In the coming times, the focus of the companies will be to spread their global presence and enhance their international delivery centers. Hence, the industry will have to onboard more qualified professionals to expand its talent pool and upskill and reskill the existing workforce to achieve such futuristic targets.
As 2024 dawns on us, the Indian job market is expected to be on the cusp of innovation, opportunities, and growth. Technological advancements and skill development will be vital in shaping successful career trajectories.
Managing the digital realm, and building and maintaining the tech aspects of a business are becoming imperative in India’s job market today. Hence, the need for IT professionals and experts in new-age technologies will never experience a dearth and will rise in the times to come.
-- Siva Prasad Nanduri, CEO, Diensten Tech Ltd (DTL).