AI and machine learning jobs to dominate India in future, 69 million jobs to be created globally

AI and machine learning roles will be dominating the Indian job market in the next five years, a study by World Economic Forum (WEF) states. Also, as many as 69 million jobs will be created.

The world is going through a technological shift with the popularity of AI chatbots like OpenAI's ChatGPT, Microsoft's new Bing and Google's Bard. What seemed impossible until a year ago is suddenly possible now and people are finding newer ways to put the emerging technology to use. Be it composing music and poetry or writing essays, ChatGPT has excelled in various aspects. And a new career option, prompt engineering, is also gaining ground due to the AI chatbots' popularity.

But prompt engineering isn't the only job role that will be emerging in the future. According to a study by World Economic Forum (WEF), as many as 69 million job roles would be created all around the world in the next five years. However, the study also estimates that around 83 million jobs will be eliminated by 2027.

WEF study surveys 803 companies

A total of 803 companies were surveyed by WEF, with a combined workforce of over 11.3 million employees. These companies represent 27 industry clusters and come from 45 different economies spanning across various regions of the world.

In the study, WEF said, "Almost a quarter of jobs (23 per cent) are expected to change in the next five years through growth of 10.2 per cent and decline of 12.3 per cent (globally)."

Indian job market scenario

Coming to the Indian job market, it is expected to show a growth of 22 percent. And the top roles will belong to AI, machine learning and data segments. The study also added that a majority of companies in India (61 percent) believe that the wider implementation of ESG standards will result in job growth. This was followed by the adoption of new technologies (59 percent) and improving digital access (55 percent). The report also identified AI and machine learning specialists, as well as data analysts and scientists, as the key roles that will drive industry transformation in India in the next five years.

AI to result in growth and losses

Moreover, 75 percent of the surveyed companies are expected to implement AI in their operations. While 50 percent of these companies anticipate job growth, 25 percent anticipate job losses as a result of AI's algorithmic displacement. The report also identified the education and agriculture sectors as the top drivers of job growth.

The education sector is expected to see a 10 percent increase in jobs, leading to the creation of 3 million new jobs, while the agricultural sector is predicted to experience a 15-30 percent rise in jobs, translating to an additional 4 million jobs.

By Divyanshi Sharma