Indian government has recently released a statement saying “There will be no large scale job losses in IT sector” to which Aruna Sundararajan, IT Secretary further added “They may not be renewing the contracts of some people as per the regular annual appraisal cycle but it’s wrong to say that there will be major job losses.”
On the other side, renowned executive search firm HeadHunters India on 17th February, 2017 announced that job cuts in IT sector will be between 1.75 lakh and 2 lakh annually for next three years due to under-preparedness in adapting to novel technologies.
These two different statements by renowned veterans has created muddle and left the aspirants scratching their heads. If reports by McKinsey & Company are to be believed, it has been said that nearly half of the workforce in the IT services firms will become inapt or irrelevant over the next 3-4 years.
As per Mr. Noshir Kaka, Managing Director, McKinsey India, India, the industry recruits 3.9 million people and a large majority of them would have to be retrained owing to the rapid advancement that would be taking place in future. Yes, the tech industry would be undergoing a sea change due to the burgeoning demand for tech-related goods and services over the next decade. Considering the embryonic IT Secto, there’s no uncertainty that IT sector is all set to envision huge transformations in future.
Vidaan has cogitated over the predicament and tried to reach the profundity of the underlying situation through conscientious analysis. After zooming in the bigger picture of tomorrow, Vidaan has come up with following prognosis:
- Internet of things will blow our minds, leading to a paradign shift
The Internet of things refers to the inter-networking of physical devices for collection and exchange of data. Yes, you got the catch! Everything from buildings, vehicles to the items embedded with electronics such as sensors, actuators, network connectivity and softwares will collect and exchange data.
As per the reports by Business Insider, approx. $6 trillion will be invested in the Internet of Things over the next five years.
Taking into account the today’s faster and higher-bandwidth wireless networks, Internet of Things will now be dominating the sphere.
2. Stealing identities, corporate secretsUnfortunately, I predict we'll see huge growth in the area of security technology and a high demand for security experts. It's an area that can only grow as independent hackers and foreign actors target companies across industries, looking to steal identities, siphon corporate secrets or influence elections.
Another sector that is bound to evelove is gizmo Data centers
The fourth growth area will be in data — data centers, data analysts, and data engineers. Right now, almost every company is in need of more staff to deal with these disciplines, especially data analysis. The world's biggest companies are collecting terabytes or petabytes of data of all types every day that needs to be searched, analyzed and used to enhance their ability to create products and services for their customers.
Healthcare
The digitization of health information will open new markets for health-related devices, from fitness trackers for consumers to hospital-grade tech. At every level of the healthcare system, digital technology will become more important for making diagnoses, managing patient records, preventing disease and so on.
As one who has tracked the tech market for the last 35 years and seen its tremendous growth along with its bleaker periods, I think we're about to see a major boom period. Clearly, Apple, Facebook, Google, Intel, Qualcomm, the telecoms and many others have a glimpse of this vision, and they're just getting ready for a new era in which technology will have a tremendous impact on our lives.
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