Emerging technologies to add $150 billion to India’s economy by 2030, says report.

India's IT sector is set to generate up to 2 million new jobs by 2030, driven by the adoption of emerging technologies like Generative AI and Blockchain, according to a recent Quess IT Staffing report. The report, titled “Technology Skills Report-2024,” estimates that these technologies will contribute more than $150 billion to India’s economy by the end of the decade.

The report highlights key trends reshaping India’s tech workforce, underscoring the country’s pivotal role in the global digital economy. Technologies such as AI/ML, cybersecurity, cloud computing, data science, and blockchain are leading the charge, with significant innovations transforming industries across the board.

Blockchain-related hiring saw a sharp increase globally, with demand up by 76% year-over-year in 2023. In India, the demand for blockchain skills grew by 60% between 2021 and 2023, spurred by industries like BFSI, supply chain, healthcare, and IT services. Similarly, cloud computing hiring grew globally by 30-35% in 2023, with India seeing a 125% year-over-year increase in Q2FY25, driven by sectors such as IT services, consulting, media, telecommunications, and automotive.

Bengaluru continues to lead tech hiring in India, contributing 43.5% of demand, followed by Hyderabad (13.4%) and Pune (10%). The demand for skills in AI/ML, cloud computing, cybersecurity, and blockchain is expected to grow rapidly, as these technologies enhance efficiency across multiple sectors. The AI/ML market alone, which was valued at $4.1 billion in 2023, is expected to grow to $30 billion by 2030, with a forecasted CAGR of 25-35%. Similarly, the cloud computing market, currently at $13 billion in 2024, is projected to reach $35 billion by 2030, growing at a CAGR of 23-24%.

AI/ML is expected to drive innovation in various industries such as healthcare, BFSI, retail, automotive, and manufacturing, improving diagnostics, fraud detection, and quality control. Cybersecurity will be vital for safeguarding infrastructure and data across BFSI, government, and manufacturing sectors, while cloud computing will streamline secure data management and customer engagement in industries like IT, BFSI, and healthcare.

Data science will enable more informed decision-making in BFSI, telecom, and e-commerce, while blockchain will revolutionize finance and supply chains through secure transactions and anti-counterfeiting solutions.

The report also notes the growing importance of AI/ML and IoT in healthcare, where they are being used for predictive analytics, personalized medicine, and telehealth. In retail and e-commerce, AI/ML is powering personalized recommendations and dynamic pricing, while IoT optimizes supply chains. In telecom, cloud computing and IoT are improving network operations, and AI/ML is enhancing customer churn prediction.

Kapil Joshi, CEO of Quess IT Staffing, emphasized that India’s technology workforce is undergoing a transformative shift, with a convergence of traditional skills like ERP and cutting-edge technologies such as AI/ML and quantum computing, presenting new and unparalleled opportunities.

HBL