In today’s competitive market, individuals who demonstrate that they possess essential business and technological skills enjoy a significant advantage over their peers. This is more true in the current times.
In a recent presentation to Nasscom, Global advisory firm McKinsey & Company said that nearly half of the workforce in the IT services firms will be “irrelevant” over the next 3-4 years. A similar view was echoed by Capgemini CEO who feels that 60-65 percent of the workforce are just not trainable.
According to a study by Horses for Sources, India is likely to lose 640,000 jobs to IT automation by 2021.
Slow revenue growth and adoption of newer technologies — cloud computing and automation platforms — have started replacing engineers. Hiring will definitely be slower than revenue growth as IT companies try to make their existing employees more productive.
While entry-level coding jobs will see a cut, there will demand for skills in robotics, artificial intelligence (AI), digital space, biotech, nanotech, smart technologies, etc. So Indian IT has got to re-skill its employees. The industry leaders have already drawn up plans for re-skilling, but the education system will also have to bridge the skill gap fast; otherwise we could be staring at social unrest.
Infosys CEO Vishal Sikka has long said that the Indian IT sector will become obsolete in the absence of it innovating and failing to adopt automation – a point which he reiterated in a new year message to employees this year.
According to Trip Chowdhry ( Wall Street Analyst), IT companies will suffer from a lack of revenue catalysts and will have continued industry challengers throughout 2017. As the world moves rapidly to newer technologies like cloud, mobile, analytics, machine learning/artificial intelligence, and internet-of-things, older IT services companies are scurrying to transform themselves to deal with the new requirements. Not only do they need new skills, cloud even requires them to change their business models.
38% of enterprises plan to increase spending on data analytics (big data, enterprise analytics, data mining and business intelligence) in 2017.
In spite of the huge demand and potential of Big Data technologies, the most popular and preferred platforms by Data Scientists across the world are those with Core Open Source Technologies. Leading the pack is the Apache Foundation (Hadoop and Spark) followed by the Python Software Foundation (Python) and the R Foundation for Statistical Computing (R). Commercial Technology vendors, like SAS and Tableau are also in the fray, but haven’t yet caught up with the widespread usage or granular capabilities that the former offer.
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Recently IDC also revealed a report related to the growth of the big data industry. According to IDC, “The Big Data industry will grow with a CAGR of 23.1 per cent in the period of 2016 – 2020.” It is estimated the total market touch USD 57 Billion by 2020 all along double digit CAGR for infrastructure, software and services. According to IDC, infrastructure comprises of storage infrastructure, networking and computing etc and all this will grow with 21.7 per cent CAGR. Software encompasses of information management, software applications, discovery and analytics and all this is expected to grow with a CAGR of 26.2 per cent. On the other hand, services segment includes support services and related infrastructure and software. It is expected to grow with 22.7 percent CAGR.