Two major drivers are shaping the job market of 2020: Impending recession, which is sprouting up fast and, Industry 4.0 disruption which is impacting almost every industry at every level. Skill demand factors are shifting gears and to keep up with them, the supply or the talent side has to arduously and hastily uplift itself. The skill sphere is getting ruthless with every passing day. Talent that fails to upgrade itself to its standards will be promptly tossed aside to the sidelines away from the mainstream race, probably never to be picked up again.
The World Economic Forum says by 2022 over 54% of employees will need reskilling and upskilling. A severe resource crunch is plaguing industries at almost all levels. In the absence of skill availability, projects have been stacking up and organizations are scrambling to find the right talent. The good news for job seekers is - If you get your hands on the right skills, you can get your instant leap to next career stage and this challenge can be the biggest opportunity that you can ever get. The bad news - If you fail to take advantage of this opportunity, you may miss it for a long time to come.
Here are top 5 tech skills that can take you to your dream career stage sooner than you expect:
Cybersecurity, with its zero percent unemployment rate, tops this list. About 65% of organizations have a CISO (Chief Information Security Officer). This number is expected to grow to 100% by 2021. Cybersecurity Ventures says by 2021, 3.5 million cybersecurity jobs will crop up. Currently, cybersecurity professionals earn an average salary of USD 110,899 a year. In the years ahead, this number is expected to grow multifold.
Top 10 companies hiring cybersecurity professionals: Apple, Cisco, Intel, Boeing, General Motors, Lockheed Martin, Patient First, Capital One, Northrop Grumman and the Federal Reserve Bank of New York.
Gartner says AI will create 2.3 million new jobs by 2022 and will generate a business value of USD 3.9 tn by 2022. The job portal Indeed says demand for AI professionals almost doubled over the past 3 years and the number of job postings grew by 119%. The trend is much likely to extend. This spike in demand has shot up the salaries for AI professionals and they are skyrocketing now. Paysa, a job search site says the average salaries for AI engineer is USD 171,715 per year.
Top 10 companies hiring AI professionals: Microsoft, IBM, Amazon, NVIDIA, Accenture, Facebook, Intel, Samsung, Wells Fargo, and Adobe.
Between 2017 and 2018, blockchain jobs rose by 300%. Hired says the global demand for blockchain professionals shot up by 517% during the last year. The average salary for blockchain professionals is USD 84,884 per year, 61.8% greater from the median salary USD 52,461 for other IT professionals.
Top 10 companies hiring blockchain professionals: Deloitte, IBM, EY, JP Morgan Chase, KPMG, Cisco, Microsoft, ConsenSys, Accenture and Conduent
Termed the sexiest job of the century by HBR, a data scientist’s role has everything to offer that an aspiring professional wants: good interesting work, involvement in important decision making and high growth potential. A January 2019 report from Indeed says data scientist jobs showed YOY growth of 29% and 344% increase since 2013. The average salary for a Data Science professional is USD 108,000.
Top 10 companies hiring Data Science professionals: Accenture, Amazon, Apple, Facebook, Google, Intel, Microsoft, Paypal, Twitter and Fidelity Investments.
The Internet of things is soon becoming an internet of everything. Gartner predicts 20.8 billion devices will be connected by 2020. This explosion of connecting devices is getting harder to contain. Gartner in its 2017 report said three-fourths of IoT projects will be stalled or will take twice as much time to implement because of the talent dearth. The demand for IoT related job roles soared by 48.8% in the last quarter of 2018 and is expected to rise further. The industry’s valuation is expected to reach USD 45 billion by 2020.
Top 10 companies hiring IoT professionals: General Electric, IBM, Intel, Microsoft, Amazon, Dell, AT&T, Oracle, Lenovo and Comcast.
The above blueprint only shows a small section of the enormous and grave skill deficit that’s facing us. Challenge is immense but so is the opportunity. Even a minor skill up-gradation can bring a major career boost for you.
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