'Emerging tech to create 1 mn jobs': Here are the salaries you can expect

Emerging technologies like Quantum Computing and Generative AI are expected to create over 1 million jobs by 2030, according to the annual report by Quess IT Staffing, India’s largest provider of technology staffing

solutions.

 

The report reveals significant year-on-year (YoY) growth across various technological skills, showcasing the demand for both emerging and traditional technologies. Bengaluru continues to dominate the hiring landscape, contributing nearly half (43.5%) of the tech demand, followed by Hyderabad (13.4%) and Pune (10%).

 

India’s IT sector is said to add upto 2 million jobs by 2030, with technologies like Generative AI and Blockchain leading the charge, noted the report.

 

 

"Strategic investments in upskilling will remain pivotal as the workforce adapts to the increasing demand for AI, Cybersecurity, and Cloud Computing. Emerging technologies are expected to contribute over $150 billion to India’s economy by 2030, reaffirming its position as a global technology leader," said Kapil Joshi, CEO of Quess IT Staffing. 

 

Here are the key insights from the report:

 

Artificial Intelligence and Machine Learning (AI/ML): The demand for AI and ML skills has surged, with a YoY growth of 30% in 2024, compared to 15% in 2023. The compound annual growth rate (CAGR) for this sector is projected to be between 25% and 35%, with a market size expected to reach $6.26 billion in 2024.

 

Cybersecurity: As threats to digital assets continue to rise, cybersecurity skills have seen a 20% YoY growth in 2024, following a robust 30% increase in 2023. The CAGR for this field is estimated at 15-16%, with a market size of $6.8 billion.

 

Cloud Computing: The cloud computing sector remains strong, experiencing a 27% growth rate in 2024, up from 23.4% the previous year. The CAGR is projected at 23-24%, with the market size expected to reach $13 billion.

 

Data Science: Data science skills have grown by 33% in 2024, following a 30% increase in 2023. The CAGR for this field is projected at 33%, with a market size of $3.71 billion.

 

Blockchain: The blockchain technology sector has experienced extraordinary growth, with an estimated YoY increase of around 90% in 2024, compared to a remarkable 65.8% in 2023. The CAGR is forecasted to be 32%, with a market size of $0.35 billion.

 

"Emerging skills like AI/ML, Cybersecurity, Cloud Computing, Data Science, and Blockchain are transforming industries with innovative applications. AI/ML enhances efficiency in Healthcare, BFSI, Retail, Automotive, and Manufacturing through diagnostics, fraud detection, and quality control. Cybersecurity safeguards critical infrastructure and data across BFSI, Government, and Manufacturing. Cloud Computing drives secure data management and customer engagement in IT, BFSI, and Healthcare. Data Science enables data-driven decisions in BFSI, Telecom, and E-commerce, while Blockchain revolutionizes Finance and Supply Chains with secure transactions and anti-counterfeiting solutions," said Quess IT Staffing's December 2024 Technology Skills Report.

 

Top Industries Leveraging Key Skills

 

The report identifies robust demand for skills in AI/ML, Cybersecurity, Cloud Computing, and Blockchain, driven by their transformative impact across industries: 

 BFSI (Banking, Financial Services, and Insurance): Cybersecurity and Blockchain are critical in ensuring secure transactions, fraud detection, and identity management. AI/ML is driving personalized customer interactions and advanced analytics for risk management.

 

 Healthcare: AI/ML and IoT are revolutionizing healthcare with applications in predictive analytics, personalized medicine, and telehealth. Data Science aids in drug discovery and patient data analysis.

 

 Retail & E-commerce: AI/ML enables personalized recommendations, inventory management, and dynamic pricing. IoT powers smart shelves and supply chain optimization.

 

 Manufacturing: Cloud Computing and IoT optimize production processes and predictive maintenance, while AI/ML enhances quality control and supply chain management.

 

Telecom: Cloud and Cybersecurity safeguard network operations and customer data. AI/ML improves customer churn prediction and network optimization.

 

Blockchain hiring has experienced significant growth, with global demand increasing by over 76% YoY in 2023. In India, Blockchain roles saw a 60% rise in demand between 2021 and 2023, driven by sectors like BFSI, supply chain, healthcare, and IT services.