The Indian IT sector, which has seen a contraction in hiring amid global economic slowdown and funding winter, is likely to witness a positive turnaround with 8-10% increase in hiring in 2024, suggests a new report rom talent solution company NLB Services.<\/p>\n
Overall, the hiring in the IT sector is expected to surge by 12-15% in CY 2024, especially due to the surge in global capabilities centres (GCCs) and global economy settling down comparatively, according to the report.<\/p>\n
“From a quarter perspective, the initial quarter will notice an average 8-10% growth in hiring, followed by Q2 and Q4 demand percentage rising up to 12-14%,” said Sachin Alug, CEO, NLB Services.<\/p>\n
The IT sector has been estimated to have witnessed a growth of 40-45% of jobs in 2023 as compared to 2022. In 2024, hiring is further expected to surge by 15-20%. Owing to global recession and shift in business synergies, the Indian IT sector witnessed a dip during the initial quarters of this year.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
In Q2 FY24, the key IT firms reported a 3-10% average increase in their net profits.<\/p>\n
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.<\/p>\n
“Despite the initial slowdown some of the skill sets which continued to shine in prominence in this segment included software development (with 28% demand), SAP expertise (12% demand), automotive design (14% demand), and testing skills (12% demand).<\/p>\n
“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,” said Alug.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Indian IT sector, which has seen a contraction in hiring amid global economic slowdown and funding winter, is likely to witness a positive turnaround with 8-10% increase in hiring in 2024, suggests a new report rom talent solution company NLB Services. Overall, the hiring in the IT sector is expected to surge by 12-15% in CY 2024, especially due to the surge in global capabilities centres (GCCs) and global economy settling down comparatively, according to the report. “From a quarter perspective, the initial quarter will notice an average 8-10% growth in hiring, followed by Q2 and Q4 demand percentage […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-800760","post","type-post","status-publish","format-standard","hentry","category-it-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=800760"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800760\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=800760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=800760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=800760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}