The rise of artificial intelligence is often linked to the fear of job losses, but a new report from Bain & Company reveals a surprising twist: AI is expected to generate over 2.3 million jobs by 2027. While this offers exciting prospects for the future, it also highlights a significant challenge – a shortage of skilled talent. With the demand for AI professionals set to outpace the available workforce, the need for upskilling and reskilling has never been more critical.
According to the consulting firm’s latest study, the global AI talent pool is anticipated to grow from 800,000 in 2024 to 940,000 by 2025, reaching up to 1.08 million in 2026. However, even with this growth, the demand for AI talent will exceed the supply, with a baseline need of 1.5 million AI professionals, which could surge to 2 million by 2025. This presents a massive gap, creating ample opportunity for professionals to upskill and transition into AI roles.
The shortage of AI talent is particularly acute in Western countries. The report predicts that the UK could face a 50% shortfall in AI professionals, while Germany may see 70% of AI positions go unfilled. In Australia, a talent gap of approximately 60,000 professionals is expected by 2027. This has sparked a growing demand for AI experts in global markets, which could benefit Indian professionals, who are well-positioned to fill these vacancies in countries like the US and the UK.
Bain & Company’s research also found that 44% of executives reported a lack of in-house AI expertise as a significant barrier to implementing AI-driven solutions in their organisations. The report’s findings emphasise that while AI’s potential is enormous, the industry is facing a critical shortage of trained professionals to meet this rising demand.
“India has a unique opportunity to position itself as a global AI talent hub. However, with AI job openings expected to be 1.5 to 2 times the available talent, the challenge lies in reskilling and upskilling a significant portion of the existing workforce in emerging technologies and skillsets,” Saikat Banerji, partner and lead, Bain & Company’s AI Insights and Solutions Practice in India, commented.