New Delhi [India], March 10 (ANI): Contrary to the common perception that Artificial Intelligence will eliminate jobs, a recent study by Bain and Company stated that India's AI sector is set to experience rapid growth, with job openings expected to surpass 2.3 million by 2027.

While the talent pool may grow to just 1.2 million, this presents a significant opportunity for reskilling and upskilling existing professionals.

Companies are facing a growing shortage of skilled professionals as they rush to implement artificial intelligence (AI) solutions.

44 per cent of executives report a lack of in-house AI expertise is slowing their businesses' ability to adopt AI technology.

Since 2019, the demand for AI-related skills has surged by 21 per cent annually, while compensation for AI professionals has risen 11 per cent each year.

Despite this, the number of qualified candidates has not kept pace, causing a widening talent gap that is hindering AI progress for many companies.

'AI is at the forefront of corporate transformation, but without the right talent, businesses will struggle to move from ambition to implementation,' said Sarah Elk, Americas head of AI, Insights, and Solutions at Bain & Company.

The research points out that the talent shortage is expected to continue until at least 2027, affecting global markets in different ways.

In the United States, Bain predicts up to 1.3 million AI jobs will be needed by 2027, yet only 645,000 qualified professionals are expected to be available.

Similarly, Germany could face a shortage of 70 per cent of its AI workforce by 2027, with the UK and Australia also experiencing major talent shortfalls.

Saikat Banerjee, Partner and leader of Bain & Company's AI, Insights, and Solutions practice in India, said, 'India has a unique opportunity to position itself as a global AI talent hub. However, by 2027, the job openings in AI are expected to be 1.5-2 times of the talent availability.'

He added, 'The challenge--and opportunity-- lies in reskilling and upskilling a significant portion of the existing talent base on emerging technology tools and skillsets.' (ANI)