Emerging Technologies & Job Trends around the Globe and in India

Introduction: Emerging technologies are new and innovative technologies that are currently being developed or will be developed in the near future. These technologies have the potential to transform industries, improve people’s lives, and protect the environment. They are often perceived as capable of changing the status quo and revolutionise the various sectors such as Agriculture, Education, Heath, Space, Homeland Security, Law Enforcement, Defence etc.

Emerging technologies play a vital role in the modernization of industries and help in transforming enterprises into a digital world. Some examples of emerging technologies include Artificial Intelligence, Blockchain, Augmented Reality/Virtual Reality, Cybersecurity, Internet of Things, Big Data, 3D Printing, and Edge Computing. These technologies have the potential to create new job opportunities and skills demand for professionals across the globe. They require constant learning and upskilling to stay updated and competitive in the market. 

 

Overview of Top-10 Emerging Technologies in Various Sectors & Trending Job Market

The brief overview, use cases, and job market statistics (globally and in India) of ten technologies i.e. Artificial Intelligence, Blockchain, AR/VR, Cybersecurity, IoT, Big Data, 3D Printing, Edge Computing, Cloud Computing & Robotic Process Automation have been discussed below which are:

 

1. Artificial Intelligence (AI): AI refers to the development of computer systems that are able to perform tasks that would normally require human intelligence, such as visual perception, speech recognition, decision-making, and language translation.

Use Cases- Some of the use cases for AI include predictive maintenance, fraud detection, customer service, and personalized marketing.

Job Market- According to a report, the occupations that have been most exposed to advances in AI have tended to be high-skilled, white-collar ones, including business professionals, managers, science and engineering professionals, and legal, social and cultural professionals. The global AI market in 2021 was nearly US$ 59.67 billion and it is projected to grow at a CAGR of 39.4% to reach US$ 422.37 billion by 2028. While the AI market in India is projected to grow at a CAGR of 20.2% to reach US$ 7.8 billion by 2025 from US$ 3.1 billion in 2020.

 

2. Blockchain: Blockchain is a distributed database that maintains a continuously growing list of records called blocks, which are secured using cryptography.

Use Cases- Some of the use cases for block chain technology include supply chain management, identity management, voting systems, and smart contracts.

Job Market-  As per a report, top use cases for block chain technology in terms of market share worldwide in 2021 were cross-border payments and settlements (16%), lot lineage/provenance (10.7%), trade finance (9.7%), post-trade/transaction settlements (8.4%), and identity management (7.7%). The block chain technology market share forecast worldwide in 2021 was led by the banking sector (30.7%), followed by the manufacturing sector (18.3%), energy and utilities sector (11.4%), healthcare sector (11%), and government sector (8%). In India, the total market size of blockchain is expected to advance at a CAGR of 38.29% to US$ 14.07 billion by 2027.

 

3. Augmented Reality (AR) / Virtual Reality (VR): AR is a technology that superimposes a computer-generated image on a user’s view of the real world, while VR refers to a computer-generated simulation of a three-dimensional environment that can be interacted with in a seemingly real way by a person using special electronic equipment.

Use Case- Some of the use cases for AR/VR include gaming, education, retailing, and healthcare. 

Job Market- According to reports, the global AR/VR market size stood at US$ 28 billion in 2021 and is projected to reach US$ 250 billion by 2028 the total market size of AR/VR in India is expected to advance at a CAGR of 38.29% to US$ 14.07 billion by 2027.

 

4. Cyber Security: Cyber security refers to the practice of protecting internet-connected systems such as hardware, software, and data from attack or unauthorized access.

Use Case- Some of the use cases for cyber security include network security, application security, information security, operational security, and disaster recovery/business continuity planning. 

Job Market- According to a study, India reported the largest share of users who experienced any cybercrime in comparison with other countries. The cyber security market in India was worth nearly US$10 billion in 2021 and was estimated to gross over US$15 billion by 2023.

 

5. Internet of Things (IoT): IoT refers to the network of physical objects or “things” embedded with electronics, software, sensors, and connectivity that enables these objects to collect and exchange data.

Use Case- Some of the use cases for IoT include smart homes/buildings/cities, wearables, connected cars, and industrial IoT. 

Job Market- A report predicts that the global IoT market will grow from $190 billion in 2018 to $l.3 trillion in 2025, with a Compound Annual Growth Rate (CAGR) of 24.7% According to one report, IoT market in India is projected to grow by 17.05% (2023-2028) resulting in a market volume of US$60.01bn in 2028.

 

6. Big Data: Big data refers to extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations relating to human behaviour and interactions.

Use Case- Some of the use cases for big data include customer analytics, operational analytics, fraud and compliance analytics, and new product/service innovation analytics.

Job Market- In comparison with other countries like United States which has a big data industry forecasted around US$27.9 billion by 2026 (exhibiting a CAGR of 12.1%), China’s big data industry is forecasted around US$27.9 billion by 2026 (exhibiting a CAGR of 12.1%). Given the proliferation of technology-backed cost-effective data structures in India as well as China and Japan — the Asia Pacific will be the fastest-growing region.

 

7. 3D Printing: 3D printing, also known as additive manufacturing, refers to the process of making three-dimensional solid objects from a digital file.

Use Case- Some of the use cases for 3D printing include prototyping, product development, medical devices, and aerospace components. 

Job Market- The worldwide market for 3D printing products and services was valued at around US$12.6 billion in 2020 and is expected to grow at a compound annual growth rate of some 17% between 2020 and 2023.

 

8. Edge Computing: Edge computing refers to the practice of processing data near the edge of the network where the data is being generated, instead of in a centralized data-processing warehouse.

Use Case- Some of the use cases for edge computing include IoT, content delivery, AR/VR, and smart cities. 

Job Market- According to a study, the global edge computing market size is expected to reach US$274bn in 2025. In India, businesses are increasingly delving into edge data centers to minimize operational costs. According to a report by NASSCOM, the Indian Edge computing market is expected to reach $2.6billion by 2024, with a CAGR of 36.2% from 2019 to 2024. A report by Analytics Insight states that the Edge computing market in India is expected to grow at a CAGR of 33.8% during the period 2020-2025.

 

9.Cloud Computing: Cloud computing technology refers to the delivery of computing resources and services, including storage, processing power, and applications, over the internet. Instead of relying on local infrastructure, organizations can access cloud-based resources on-demand, paying only for what they use.

Use Case- Some of the use cases for Cloud computing include Data storage and backup, data analytics and processing, application development and deployment.

Job Market- A report predicts that the global Cloud Computing market will grow at a CAGR of 14.9% from 2020 to 2027. There are approximately 12,000-13,000 cloud computing-related job openings in India as of April 2023 and the number is expected to grow by around 20-25% annually in the next 5 years. Another report predicts that the Cloud Computing market in India will grow at a CAGR of 17.5% from 2020 to 2027.

 

10. Robotic Process Automation: RPA is a technology that uses software robots or digital workers to automate repetitive and rule-based tasks that are usually performed by humans.

Use Case- Some of the use cases for RPA include Business process automation, data entry and validation, customer service and support.

Job Market- According to a report, the global RPA market size was valued at USD 1.l billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 33.6% from 2020 to 2027. According to a report by NASSCOM, the Indian RPA market is expected to grow from USD 350 million in 2020 to USD l5 billion by 2025, at a CAGR of 34%.

 

Conclusions: Emerging technologies are rapidly evolving and transforming many industries and sectors, such as finance, healthcare, education, manufacturing, and entertainment. These technologies have the potential to create new job opportunities and skills demand for professionals across the globe. Emerging technologies also require constant learning and up skilling to stay updated and competitive in the market.

 

Blog Written By| Sameer Srivastava [Ex- Deputy Director (Technology), UIDAI-AADHAAR]

[Disclaimer-The article aims to provide an overview of the current and future trends and opportunities in the field of emerging technologies. It is based on open-source information available on the internet and author does not claim to be verified, accurate or exhaustive.]