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Frontier Digital Skills - Preparing for the Next Horizon

October 7, 2024 13 0 Emerging Tech Digital Transformation

Frontier Digital Skills - Preparing for the Next Horizon

The world is changing at a frenzied pace with new technologies bursting on the scene. The emergence of technologies like quantum computing, edge computing, 5G connectivity, low code/no code platforms, Web 3.0, Generative AI, Building Information Modeling (BIM), Green Tech, and Semiconductor is propelling towards a future brimming with possibilities and unprecedented opportunities. This report serves as a compass mapping skilling requirements based on how these new age transformative technologies reshape industries as well as revolutionize the way we live and work.

 

 

 

The Indian Technology market was valued at a whopping $273.5 billion in 2023 and is expected to reach $421.59 billion by 2028. India’s digital economy which is currently at 11% of GDP is expected to surge to 20% of GDP by 2026.

Technological breakthroughs, especially Generative AI, will impact various job roles and functions, replacing some job roles while augmenting others. World Economic Forum’s ‘Future of Jobs’ report (May 2023) states that over 2023-2027, globally, 69 million jobs will be created, and 83 million jobs will no longer exist across 27 industry clusters - a contraction of global labour markets of 14 million jobs at the present rate of change.

As per the World Economic Forum’s ‘Future of Jobs’ report (May 2023), 82% of the surveyed firms identified increased adoption of new and frontier technologies and broadening digital access as the top two macrotrends driving business transformation.

Awareness of Digital Applications is imperative to make this a reality. In addition to fostering digital skills within the Technology sector, there is a pressing need to cultivate digital talent across all industries. As digital technologies continue to reshape business landscapes, organizations must equip their workforce with the necessary skills and competencies to thrive in the digital age. With a market size exceeding 100 million, there is a clear imperative to enhance the skills of students (49 million), IT sector employees (8.9 million), and non-IT sector employees (51 million) to align with the escalating demand for tech talent. By investing in digital skill development programs and fostering a culture of continuous learning and adaptation, businesses can harness the full potential of technology to drive innovation, competitiveness, and sustainable growth across diverse industry sectors.


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A skilling ecosystem focused on emerging technologies, powered by a partnership between the Ministry of Electronics and Information Technology, Government of India, nasscom, and the IT industry. It seeks to propel India to become a global hub of talent in emerging technologies.



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