GlobalData: Tech sector facing layoffs as it rides the GenAI wave

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The technology industry is a growing sector, says GlobaDataThe report says that in 2024, the industry has already seen significant changes, including layoffs at big companies like Google, Amazon, and Meta. This trend began last year and affected over 191,000 workers, due to factors such as post-COVID-19 adjustments and a focus of emerging tech, like artificial intelligence (AI).

The data and analytics company says that despite these and other challenges there is still hope. “positive outlook for AI roles, especially those in customized generative AI solutions and machine learning operations (MLOps). This underscores the dynamic nature of the employment landscape within the technology sector.”

Kiran Raj is the practice head of Disruptive TechGlobalData has said that “in the context of AI jobs, this trend represents a dual narrative. While layoffs create challenges within the tech industry, there is also a growing demand for specialized AI and machine learning talent as these technologies become increasingly integrated into business operations.”

This demand is not acceptable, said Raj. “particularly for generative AI-powered custom applications, catering to specific market needs while enhancing privacy and security.”

Saurabh Dag, associate project manager for Disruptive Tech. “the shift towards tailored generative AI tools is increasingly evident, catering to the specific market niches and user needs. This approach is particularly advantageous in sectors like healthcare, finance, and legal, enhancing efficiency and privacy.”

A release issued this week points out that recent analysis of Global Data’s Job Analytics database “underscores these trends where the job postings related to generative AI (GenAI) have grown by 42 per cent from Q3 2023 to Q4 2023. Moreover, the data points towards a much lower five per cent increase in overall AI-related jobs in the same period. This emphasizes the importance that enterprises are placing on transformative outcomes through generative AI.”

Daga said that the tech industry will be at a crossroads in 2024. “The employment landscape is being shaped by a combination of macroeconomic and technological changes. This dynamic landscape underscores the need for workforce development, hiring, and reskilling to meet the industry’s evolving demands.”

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