New Delhi: The Indian IT sector, which has seen contraction in hiring amid global economic slowdown and funding winter, is likely to witness a positive turnaround with 8-10 per cent increase in hiring in 2024, a new report showed Wednesday.
Overall, hiring in the IT sector is expected to surge by 12-15 per cent in CY 2024, especially due to the surge in global capabilities centres (GCCs) and global economy settling down comparatively, according to talent solution company NLB Services.
“From a quarter perspective, the initial quarter will notice an average 8-10 per cent growth in hiring, followed by Q2 and Q4 demand percentage rising up to 12-14 per cent,” said Sachin Alug, CEO, NLB Services.
The IT sector has been estimated to have witnessed a growth of 40-45 per cent of jobs in 2023 as compared to 2022. In 2024, hiring is further expected to surge by 15-20 per cent. Owing to global recession and shift in business synergies, the Indian IT sector witnessed a dip during the initial quarters of this year. In fact, in Q1 FY24, IT witnessed the sharpest contraction in headcount in the last three years as companies were experiencing the heat of the slowdown in projects, according to the report.
“However, the third quarter of this fiscal year is bringing a favourable outlook. Promising prospects are foreseen in green technology, electric vehicles, and an increased emphasis on AI and cybersecurity,” Alug informed.
In Q2 FY24, the key IT firms reported a 3-10 per cent average increase in their net profits.
The positive growth trajectory was largely influenced by IT players securing strong new wins, expanding multi-year renewals with existing clients, and growing investment into technology, etc.
“Despite the initial slowdown some of the skill sets which continued to shine in prominence in this segment included software development (with 28 per cent demand), SAP expertise (12 per cent demand), automotive design (14 per cent demand), and testing skills (12 per cent demand).
“Some of the most in-demand IT skills next year are expected to include AI/ ML experts, DevOps specialists, full-stack developers, cybersecurity experts, Blockchain developers, Cloud architects, UI/ UX designers and so on.
“Overall hiring in the IT sector is expected to surge by 12-15 per cent in CY 2024, especially due to the surge in global capabilities centres (GCCs) and global economy settling down comparatively,” said Alug.
IANS