Contrary to popular perception that artificial intelligence (AI) and analytics would grab away all existing jobs, these innovative solutions are said to provide a strong support to the job market in the country.
Taking a cue from a recent Gartner report which states that worldwide, AI is predicted to generate 2.3 million jobs by 2020, far exceeding the 1.8 million jobs which it will extinguish; HR experts say the AI/Analytics thrust would open a new avenue for young professionals.
Kamal Karanth A, co-founder of specialist staffing firm Xpheno, says AI & Analytics will create new roles and jobs that didn't exist in the past.
Citing examples, Karanth says a driverless car will require a technician, an Amazon Go store will mandate human intervention for the infrastructure. "There are startups working to deploy or develop robotics in fields like agriculture, thus infusing formal jobs in an informal sector."
According to Mohan Lakhamraju, Founder & CEO, Great Learning, which offers programmes in Business Analytics, Big Data, etc., roles like machine learning engineers, data scientists, data mining specialists, cloud architects and cyber security analysts will be in high demand.
Industry insights reveal there is a demand for over 1, 00, 000 Big Data, AI, machine learning and analytics professionals in India at present, with the demand rising by 60 percent each year.
According to Rituparna Chakraborty, president, Indian Staffing Federation, AI and analytics will boost jobs in financial services, KPO, pharmaceuticals, energy, e-commerce, (tech) startups, automobiles, telecom and retail.
These technologies are said to impact businesses positively with a direct bearing on productivity and revenues.
Chakraborty says they help organisations save time, increase productivity, enable faster decision-making, minimise human error, predict customer preferences, enhance operational efficiencies and revenues.
"AI and Big Data help professionals to focus on the core activities of their business, allowing machine and codes to take over some non-core activities. This results in better productivity and higher revenues," says Karanth.
The novel technologies also help companies deal with real time data and create personalised experiences to meet consumer expectations, says Lakhamraju. "AI drives business value by combining data in new ways to discover consumer trends and deliver deep insights."
The high industry demand translates into high pay packages. Experts state that freshers in analytics are paid well above other industries, with pay averaging Rs.6, 40, 000 per annum if hired by an IT service provider; or even a stupendous Rs.8, 40,000 per annum if employed by a global captive centre.
"Almost 40 percent of analytics jobs are at a salary higher than Rs.15 lakhs per year; while those equipped with both machine learning and big data skills can command Rs.13.94 lakhs per year," says Karanth, adding that specialists in these domains also tend to take home average annual hikes upwards of 17 percent, against the industry average of 11 percent.
Karanth says most AI/analytics professionals come with an engineering background, "with specialisation in computer science, statistical studies, etc. Then there are also those who have a post graduate degree in mathematics."
But for others, it is necessary to upskill themselves in these lucrative technologies, say consultants.
"One should evaluate a course based on the learning outcome expected and whether it will help them transition to a better role in their career. We see massive demand for courses in business analytics, Big Data, etc., from professionals carrying work experience of anywhere from two to 20 years ," says Lakhamraju.
Tech Edge
- These technologies are said to impact businesses positively with a direct bearing on productivity, revenues
- Experts state that freshers in analytics are paid well above other industries
- But for others, it is necessary to upskill themselves in these lucrative technologies, say consultants
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