India's technology sector is grappling with a critical challenge – a skill shortage and simultaneously shrinking recruitment by information technology companies. In a startling revelation by TeamLease, a staffing company, India's technology sector faces a dual dilemma: a skill shortage coupled with dwindling fresh hires in IT firms. The numbers paint a grim picture – projections for FY24 show only 155,000 new recruits, a steep fall from FY23's 230,000.

This isn't merely a fluctuation; it's a sign of a skill shift in the industry, driven by the relentless march of automation and sophisticated AI helping enterprises become proactive rather than reactive. This trend marks a pivotal moment - the urgent need for skill development in the face of a rapidly evolving tech landscape. The issue is not limited to India but reflects a global trend in the growing demand for data science expertise. Let's delve into some key data and insights to understand this scenario better.

Global and Indian Context

World Economic Forum's (WEF) “Future of Jobs Report 2023”: This report provides a comprehensive overview of labour market trends globally and the evolving nature of jobs. It highlights the increasing importance of technology adoption in business transformation, with over 85% of organisations adopting new technologies to drive change and build efficiencies in the next five years (WEF, 2023).

Demand for Data Scientists in India: According to a report by IBM, the demand for data scientists is expected to grow by 28% by 2023. This surge is indicative of the rapid growth of data science as a field, especially in a tech-driven country like India.

Factors Contributing to the Skill Shortage

Educational Infrastructure vs. Industry Growth: The rapid expansion of data generation and the adoption of data-driven decision-making in businesses have outpaced the development of specialized educational programs in data science.

Skill Gap in Emerging Technologies: Data science is an ever-evolving field, with new tools and technologies emerging regularly. This rapid advancement often leads to a gap in skills, as professionals struggle to stay updated.

Limited Practical Exposure: Many data science courses offer a strong theoretical foundation, but they lack in providing hands-on experience with real-world data and problems.

Geopolitical Influence: Geopolitical factors, including policies on education, technology transfer, and international collaboration, significantly impact the availability and quality of data science education and training.

Addressing the skill gap

Companies investing in training programs and knowledge partnerships with academic institutions can significantly help in developing a talent pool. This is now a business must-have as organizations are moving from post-event analysis to forecasting trends and using data to define proactive steps. Data scientists play a mission-critical role in delivering actionable insights from analytics to key decision-makers.

Numerous academic institutions offer programs in data science — Praxis Tech School, with campuses in Kolkata and Bengaluru, is ranked India’s No. 1 Data Science institution. A pioneer in this domain, in the last 10 years, it has established an enviable reputation by offering a highly regarded Post-Graduate Program in Data Science (PGPDS), a 9-month full-time program that includes Generative AI and Machine Learning. The program is designed with real-time inputs from industry knowledge partners. The curriculum is updated to sync with the latest developments and provides rigorous training in data science, its applications, and the required tools. The PGPDS program is offered in Kolkata and Bangalore. For more details, visit www.praxistech.school.

Praxis Tech School also offers Corporate Training workshops for practising managers to understand and apply Analytics to their workflows.

A shortage of data science skills poses a significant challenge but also presents an opportunity for India to focus on emerging technologies, encourage skill development, and reinforce its position as a leading global player in tech. Praxis Tech School was early to recognize this shift and worked to fill this gap with its programs courses that are creating leaders for a digital tomorrow.

This article has been produced on behalf of Praxis Tech School by ABP Digital Brand Studio.