Demand for AI/ML, Cybersecurity, and Cloud Computing surged, with projected market growth of up to 35%.
Bengaluru leads tech hiring with a 43.5% share, followed by Hyderabad (13.4%) and Pune (10%)
Emerging technologies like Quantum Computing and Generative AI are expected to create over 1 million jobs by 2030
Mumbai, 30th December 2024:Quess IT Staffing, India’s largest provider of technology staffing solutions, today unveiled the Technology Skills Report, December 2024. The report offers a comprehensive analysis of the trends shaping the Indian technology workforce, emphasizing its critical role in the global digital economy.
Top Skills: Emerging and Traditional Technologies Drive Growth
The report highlights the year-on-year growth of skills across various domains:
Skill
YoY Growth 2023
YoY Growth 2024
CAGR (2024-2030)
Market Size 2024 (in USD)
AI/ML
15%
30%
25%-35%
$6.26 Bn
Cybersecurity
30%
20%
15-16%
$6.8 Bn
Cloud Computing
23.4%
27%
23-24%
$13 Bn
Data Science
30%
33%
33%
$3.71 Bn
Blockchain
65.8%
~90%
32%
$0.35 Bn
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.
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.
Kapil Joshi, CEO of Quess IT Staffing, commented, “India’s technology workforce is witnessing a transformative shift. The synergy of traditional skills like ERP with breakthrough technologies such as AI/ML and Quantum Computing presents unparalleled opportunities. At Quess, we are committed to bridging talent gaps and enabling our clients to excel in this competitive landscape.”
Skill Trends and Hiring Hotspots
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.
Cloud Computing hiring grew globally by 30-35% YoY in 2023, with Quess reporting an impressive 125% YoY increase in Q2FY25. This surge was fueled by industries like IT Services, Consulting, Media, Telecommunications (TMT), and Automotive, showcasing the accelerated shift toward cloud-based solutions.
Bengaluru continues to dominate the hiring landscape, contributing nearly half (43.5%) of the tech demand, followed by Hyderabad (13.4%) and Pune (10%).
Future Outlook
India’s IT sector to add upto 2 million jobs by 2030, with technologies like Generative AI and Blockchain leading the charge. Bengaluru remains the epicenter of tech hiring, contributing 43.5% of demand, followed by Hyderabad and Pune.
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.
About Quess Corp
Established in Bengaluru in 2007, Quess Corp Limited (BSE: 539978, NSE: QUESS) is India’s leading business services provider – that leverages its extensive domain knowledge and future-ready digital platforms to drive client productivity through outsourced solutions.
Quess provides a host of managed outsourcing and technology-enabled services across processes such as sales and marketing, customer care, after-sales service, back office operations, staffing, manufacturing, facilities & security management, HR & F&A operations, IT & mobility services etc. Quess has a team of over 609,000 employees, serving 3000+ clients across India, North America, APAC and the Middle East as on Sep 30th, 2024.
Quess Corp announced a three-way demerger of its diversified businesses, ultimately resulting in three separate listed companies, namely Quess Corp Ltd., Digitide Solutions Ltd., and Bluspring Enterprises Ltd., post demerger.
