Global Trends That Will Impact Careers In 2023
The new year promises to usher in a wave of new technologies that will impact the global job market; keeping emerging global trends in perspective will help students and job aspirants stay ahead of the employment curve
The year 2022 was about awakening to new realities and maintaining a balance between the old and the new. New developments have taken place in all sectors, including education and employment. Mobile technology, cloud services and augmented reality tools have made waves in the economy and their impact on the global career landscape is inescapable. The value of the global Edtech market is expected to increase to approximately US$230 billion in the next few years. And now as we approach 2023, we expect these global trends to give an entirely new meaning to education and, consequently, the labor market.
Digitization and immersive technologies
The labor market around the world has seen an intensification of digitization. With the improvement in remote work and hybrid workforces brought about by the pandemic, the career landscape has been affected by rapid automation and adoption of new technologies. Immersive technologies such as virtual reality (VR), augmented reality (AR) and mixed reality (MR) provide an integrated ecosystem to engage with employees and establish new processes. VR offers the workforce of tomorrow a virtual workspace to enjoy a hands-on experience even before taking on a job. Furthermore, immersive technologies offer a practical application of concepts in real time, and therefore these technologies will be crucial in helping job aspirants develop important future skills and prepare for sustainable careers.
Although some experts see artificial intelligence (AI) as a catalyst for replacing many existing jobs, some also recognize its potential to create millions of jobs for future generations. AI is affecting various sectors of employment – from recruitment, logistics, sales, manufacturing, customer relationship management, to even creative jobs like design and writing. With AI projected as a global career trend in the near future, students should be encouraged to explore careers in the field.
The world has long been preparing for 5G to become mainstream. 5G offers seamless coverage, low latency and highly reliable communication systems, but it is not the whole thing. The integration of 5G is expected to take the Indian IT industry to great heights. By 2035, 5G is expected to have a cumulative economic impact of US$1 trillion and increase GDP by US$150 billion. According to research, there will be 125 billion connected devices on the planet in 2030 as opposed to 27 billion in 2017. Most IT companies are expected to embrace the technology and hire individuals equipped with 5G skills. Skills involving network architecture, machine learning systems, big data analytics and IOT (Internet of Things) are sure to be in high demand in the coming years.
Another career trend that will be at the top of the charts is cloud computing. This has opened tremendous possibilities for organizations as they use cloud computing services in everyday functioning. Initially, its mainstream adoption was somewhat slower due to a lack of knowledge and the fear of losing jobs among the IT workforce. However, it has picked up speed in recent years. Cloud computing has made it possible to set up virtual offices with anytime, anywhere connectivity. 5G technology-led cloud systems enable business leaders to be more attentive to meeting real-time business needs.
As the world embraces the use of technology to empower practical, technical and task-based capabilities, soft skills have also become equally important. The importance of soft skills in contemporary culture has been recognized to include critical thinking, problem solving, creativity, emotional intelligence, teamwork and flexibility, among others. Business leaders and recruitment agencies will look for prospective employees who demonstrate a fine balance of technical and soft skills.
Cross-functionality and merging of careers are expected to be among the top global career trends of the future. If statistics are anything to go by, a change in the human-to-machine labor ratio could result in a loss of up to 85 million jobs by 2025. However, it is also expected that 97 million new jobs will be created at the same time as a result of continuous digital transformation and technological progress. The predicted proportion of essential skills that will need to be upgraded is 40 percent. This highlights the urgent need for re-skilling in every position, department and organisation. To remain relevant, both current and future workforce will need to be prepared for continuous upgrading of skill sets.
The new year promises to usher in a wave of new technologies that will impact the global job market. Keeping emerging global trends in perspective will help students and job aspirants stay ahead of the employment curve. Learning new-age skills will enable them to gain a strong foothold in their career and prepare for career success.