IT Sector Remains Cautious, 10% Hiring Growth Expected In 2023: Report

A new report says that India IT sector will remain cautious with 10 per cent hiring growth expected in 2023. But report also highlights that the demand for tech talent will rise in non-tech industries like manufacturing, agriculture, and pharmaceuticals.

In terms of broad hiring trends, Automotive (30 per cent), Manufacturing (25 per cent), and BFSI (24 per cent) will continue to lead India's demand for talent, followed by Internet Businesses (19 per cent), and Pharmaceuticals and Healthcare (16 per cent).

As the global in-house centers or global captive centers continue to expand in India, GICs are expected to post a 29 per cent hiring growth in 2023, a drop from 36 per cent posted last yea, and will also see hiring in large numbers. 

The report states that the momentum to tap non-Tier-I cities for talent recruitment continues to stay strong, with 54 per cent of companies expanding their hiring searches away from Tier-1 cities to emerging talent hubs. It also highlights a drop in women participation in 36 per cent in 2021 to 33 per cent recorded in 2022.

The report by Taggd, prepared in collaboration with the Confederation of Indian Industry (CII), revealed that Indian companies are signaling a cautiously optimistic hiring intent at 20 per cent for 2023 as compared to 28 per cent growth seen last year.