By Mr. Ankur Aggarwal, Co-founder & Managing Director, LaunchMyCareer
The year 2022 has been all about waking up to new realities and maintaining a balance between the old and the new. New developments have taken place across all sectors, including education and employment. Mobile technology, cloud services, and augmented reality tools have been making waves in the economy and their impact on the global careers landscape is inescapable. The value of the global EdTech market is anticipated to increase to approximately US$230 billion in the next few years. And now as we approach 2023, we anticipate these global trends are going to give an entirely new meaning to education, and subsequently the job market.
Digitization and immersive technologies
The labour market the world over has witnessed an intensification of digitalization. With the enhancement in remote working and hybrid workforces induced by the pandemic, the careers landscape has been influenced by rapid automation and adoption of new technologies. Immersive technologies like virtual reality (VR), augmented reality (AR), and mixed reality (MR) offer an integrated ecosystem to engage with employees and establish new processes. VR offers the workforce of tomorrow a virtual workspace to enjoy a hands-on experience even before taking up a job. Furthermore, immersive technologies offer a practical application of concepts in real-time, which is why these technologies are going to be crucial in helping job aspirants develop important future skills and prepare for sustainable careers.
Though some experts see artificial intelligence (AI) as a catalyst for replacement of many existing jobs, some also acknowledge its potential to create millions of employment opportunities for generations to come. AI is affecting various sectors of employment – from recruitment, logistics, sales, manufacturing, customer relationship management, to even creative jobs like designing and writing. With AI projected as a global career trend in the near future, students must be encouraged to explore careers in the field.
The world has been preparing for 5G to go mainstream for a long time. 5G offers seamless coverage, low latency and highly reliable communication systems but that’s not the whole of it. The integration of 5G is expected to take the Indian IT industry to great heights. By 2035, 5G is expected to have a cumulative economic impact of US$1 trillion and increase GDP by US$150 billion. According to research, there will be 125 billion connected devices on the planet in 2030 in contrast to 27 billion in 2017. It is anticipated that most IT businesses will be taking on the technology and hiring individuals who are equipped with 5G skills. Skills involving network architecture, machine learning systems, big data analytics, and IOT (Internet of Things) are sure to be in high demand in the coming years.
Yet another career trend that will top the charts is cloud computing. It has opened up immense possibilities for organizations as they employ cloud computing services in everyday functioning. Initially, its mainstream adoption was somewhat slower due to a lack of knowledge and the fear of losing jobs among the IT workforce. However, it has picked up pace in recent years. Cloud computing has made it possible to set up virtual offices with anytime, anywhere connectivity. 5G technology-led cloud systems are enabling business leaders to be more perceptive to meet real-time business needs.
While the world is harnessing the use of technologies to empower practical, technical and task-based abilities, soft skills have become equally important as well. The importance of soft skills in contemporary culture has been acknowledged to include critical thinking, problem-solving, creativity, emotional intelligence, teamwork, and flexibility, among other things. Business leaders and recruitment agencies will be looking out for prospective employees that demonstrate a fine balance of technical and soft skills.
Reskilling and upskilling
Cross-functionality and merging careers are expected to be some of the top global career trends of the future. If statistics are anything to go by, a change in the human-to-machine labour ratio might result in a loss of up to 85 million jobs by 2025. However, 97 million new jobs are also anticipated to be created at the same time as a result of ongoing digital transformation and technological advancements. The predicted proportion of essential skills that will need upgrading is 40%. This highlights the urgent need for reskilling and upskilling in every position, division, and organization. In order to stay relevant, both current and future workforces will have to be prepared for continuous upgradation of skill sets.
The new year promises to usher in a wave of new technologies that will impact the global employment market. Keeping upcoming global trends in perspective will help students and job aspirants stay ahead of the employment curve. Learning new-age skills will enable them to gain a strong foothold in their career trajectory and prepare for career success.