It might be difficult for new graduates or professionals in their early careers to discover the developing industries that offer the most promising career prospects in today’s quickly evolving workplace. To make good career decisions, it’s essential to keep an eye on the market, nevertheless. In light of this, we have put together a list of the most promising rising industries that will offer plenty of possibilities for recent graduates to launch their careers in 2023–2024.
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These industries span a range of quickly developing technology to expanding industries that are in line with the shifting needs of the global community. So let’s investigate and dig in! Here is all you need to know from the expert Hariom Seth, Founder & CEO, Find.Inc.
1. Artificial Intelligence (AI) & Machine Learning (ML): Healthcare, banking, transportation, and customer service are just a few of the sectors that are being transformed by AI & ML technology. Computer science or data analytics graduates may find work designing AI algorithms, putting ML models into practice, or analysing large data sets. With more businesses looking to embrace these technologies to remain competitive, AI & ML are among the most sought-after career opportunities in India. Jobs in AI and ML are in high demand as businesses throughout the nation increasingly rely on these technologies to add value for their consumers.
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2. Average Salaries for Various Roles
AI and ML Engineer’s salaries in India range between Rs. 3.7 Lakhs to Rs. 25.8 Lakhs with an average annual salary of Rs. 7.4 Lakhs. Depending on the company and the level of experience. Listed below are some of the prominent AI & ML roles along with the average salaries they attract.
- AI/ML Engineer: As an AI/ML Engineer, professionals apply AI & ML technology to develop innovative solutions for various industries. The average salary of an AI/ML Engineer in India is around Rs. 5-7 LPA.
- Data Scientist: Data scientists work to analyse and optimise large datasets to help drive business decisions. The average salary of a data scientist in India is around Rs. 10-12 LPA.
- Cybersecurity: The need for cybersecurity experts in India is growing as a result of the surge in cyberattacks and data breaches across many businesses. India would require an additional million cybersecurity workers by 2025, according to a DSCI-Nasscom report. Indian businesses are collaborating with educational institutions to promote cybersecurity as a vocation and provide training to students, making it an increasingly attractive career option. This is done to solve the skills gap.
According to recent surveys, the following are some of the typical salaries in India for various cybersecurity roles:
- Cybersecurity analyst: INR 5–7 lakhs per annum
- Network security engineer: INR 4–9 lakhs per annum
- Cybersecurity consultant: INR 15–25 lakhs per annum
However, salaries may vary depending on the organisation & the cybersecurity certifications the professional carries. Many employers prefer candidates with global cybersecurity certifications like CEH, CISSP, CISA, CompTIA Security+, etc.
3. Renewable Energy
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Over the past ten years, India’s renewable energy industry has expanded significantly because of programmes like the National Solar Mission and Wind Energy Mission. This sector is anticipated to keep growing quickly, with a focus on creating solutions for renewable energy sources. There is an increasing need for experts in this field due to the drive towards a greener economy and the requirement to lower carbon emissions.
- Opportunities in industries like solar, wind, or geothermal energy may be available to you if you have a background in environmental science, engineering, or business. Salary levels in this industry depend on education and experience.
- According to Glassdoor, the average salary for a solar engineer is around Rs.540,000 per year, while wind turbine technicians earn an average of Rs.359,000 per year.
- Project managers in renewable energy can earn between Rs.900,000 to Rs.2,500,000 per year, and entry-level positions such as solar PV installers or operations and maintenance technicians can typically earn between Rs.200,000 to Rs.400,000 per year.
4. Digital Marketing
Projections for job growth in the digital marketing sector in India have significantly increased. The Indian digital advertising market is anticipated to increase at a compound annual growth rate of 32% to Rs 539.5 billion ($7.1 billion) by 2024, according to KPMG. This suggests that there is a growing need for qualified individuals with experience in digital marketing.
- Consider pursuing a job as a Digital Marketing Manager, SEO Specialist, or Social Media Manager if you have an interest in digital marketing. Salaries in this field are competitive, with Digital Marketing Managers earning between Rs. 5,00,000 to 12,00,000 per annum, SEO Specialists earning between Rs. 2,40,000 to 5,00,000 per annum, & Social Media Managers earning between Rs. 3,00,000 to 8,00,000 per annum.
- To develop the necessary skills & qualifications for a career in digital marketing, there are several recommended courses and certifications, such as Google Analytics certification and HubSpot certification for Digital Marketing Managers, Yoast SEO Course & Moz SEO Course for SEO Specialists, and Facebook Blueprint and Hootsuite Academy for Social Media Managers.
5. Blockchain
As more companies and startups use this technology to streamline operations and boost security, there is an increase in demand for blockchain expertise in India. According to NASSCOM, the blockchain sector in India is predicted to grow at a rate of 35% by 2025, offering enormous potential for job creation.
Blockchain developers, architects, analysts, project managers, and researchers are just a few of the professions that are in high demand within the business if you’re interested in it. The salaries for these occupations range from INR 6 lakh to INR 25 lakh annually, depending on the level of expertise and proficiency in a particular role.
- To compete in this expanding employment market, recent grads must have the required skills, certifications, and work experience. Some of the suggested programmes that could help candidates acquire the skills they require include the Blockchain Developer Certification, Ethereum Developer Certification, and Smart Contract Developer Certification.
- Additionally, exposure to the real world, the development of practical skills, and industrial experience are all benefits of internships and working on blockchain projects.
Remember that this is not a comprehensive or final list and that new fields could develop in the upcoming years. Notably, a degree is not the only prerequisite for a profession in any of these fields.
