Hiring in Indian IT sector likely to see 8-10% growth in 2024: report
IT sector, which has seen a contraction in hiring amid global economic slowdown and funding winter, is likely to witness a positive turnaround with 8-10% increase in hiring in 2024, suggests a new report rom talent solution company NLB Services.
Overall, the hiring in the IT sector is expected to surge by 12-15% in CY 2024, especially due to the surge in global capabilities centres (GCCs) and global economy settling down comparatively, according to the report.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIndian School of BusinessISB Digital TransformationVisit«From a quarter perspective, the initial quarter will notice an average 8-10% growth in hiring, followed by Q2 and Q4 demand percentage rising up to 12-14%,» said Sachin Alug, CEO, NLB Services.
The IT sector has been estimated to have witnessed a growth of 40-45% of jobs in 2023 as compared to 2022. In 2024, hiring is further expected to surge by 15-20%. Owing to global recession and shift in business synergies, the Indian IT sector witnessed a dip during the initial quarters of this year.
In fact, in Q1 FY24, IT witnessed the sharpest contraction in headcount in the last three years as companies were experiencing the heat of the slowdown in projects, according to the report.
«However, the third quarter of this fiscal year is bringing a favourable outlook. Promising prospects are foreseen in green technology, electric vehicles, and an increased emphasis on AI and cybersecurity,» Alug informed.
In Q2 FY24, the key IT firms reported a 3-10% average increase in their net profits.
The positive growth trajectory was
