Udaipur, Indore, Jaipur drive India's job market, AI roles most in demand

The job market in India has shown resilience in 2024, adapting to industry shifts and positioning itself for growth. Naukri’s hiring trends analysis reveals that while the first quarter of the year saw a 10% decline in year-on-year (YoY) hiring activity, industries began to stabilize by the second quarter. By the third quarter, a surge in hiring was evident, driven by a strong recovery in sectors like IT, a rise in emerging cities, and a renewed focus on fresher talent.

 

Metro Cities and beyond

 

Metro cities like Chennai, Hyderabad, and Pune led the recovery effort, with Pune emerging as a standout performer, showing a remarkable 13% growth in hiring in Q3. This growth trend wasn't restricted to major cities. Emerging cities like Indore, Udaipur, and Bhubaneshwar recorded notable growth, with Udaipur seeing a 17% rise and Indore following closely with a 14% boost. Jaipur, particularly, emerged as a rising tech hub, registering 48% growth in IT sector hiring in Q3. 

 

"These cities are becoming important hubs for job opportunities, proving that growth is spreading beyond the traditional centers.

 

Ahmedabad also bounced back during the latter half of the year, posting tremendous growth in sectors like Oil & Gas, Construction/Engineering and Accounting/Finance," noted the report by Naukri.

 

AI/ML and FMCG: The Stars of 2024

 

The AI/ML sectors shined, with growth rates ranging from 14% to 47% during the year, highlighting the ongoing surge in demand for tech-driven talent. Roles surrounding Machine Learning and Data stayed in demand consistently throughout the year, even peaking at a YoY growth of 102% in Q3. A few of them included Machine Learning Engineers, Big Data Testing Engineer, Data Science Analyst, Full Stack Data Scientist among others.

 

The FMCG sector followed suit, maintaining a positive growth rate through the different quarters. The sector witnessed a flattish trend in Q1 and went on to peak at 20% growth by Q3. Similarly, Pharma/Biotech continued to thrive, benefiting from ongoing healthcare needs. Roles like Sales Manager and Marketing Manager remained most in demand in these sectors.

 

While the Banking and Financial Services sector saw a modest growth through the year, the Insurance sector surged in Q2 with a 37% growth, driven by rising demand for financial security, after a subdued Q1. This momentum continued into Q3 with 23% growth. The spike is largely attributed to a rising demand for financial security, as companies and individuals focused on protecting themselves against uncertainty. 

 

The IT/Software Services sector faced ups and downs through the year, wherein the first quarter saw a steep decline of -17%, likely driven by global economic headwinds. However, the sector steadily bounced back and recorded 12% growth by Q3. Oil & Gas remained steady, delivering consistent double digit growth rates through all the quarters, ranging from 10% to 16%.

 

The Manufacturing sector as a whole has demonstrated steady progress, achieving a 6% YoY growth. Within this, the Auto and Auto Ancillary sector showcased a strong recovery, gaining momentum from Q2 with a 5% YoY growth and peaking impressively at 7% during Q3.

 

Experience Takes Center Stage

 

Looking at the experience levels, there’s been a clear shift towards senior talent. Professionals with 16+ years of experience saw the most growth through the year, peaking at 32% during Q2, and maintaining a strong momentum through the latter part of the year. On the other hand, entry-level and mid-career hiring was more unpredictable, as businesses continued to adapt to evolving market needs.

 

Fresher Hiring, however, witnessed an increasing trend in non-IT sectors towards the second half of the year. Sub industries like Steel (+37%), Beauty & Wellness (+32%) and Architecture & Interior Designing (+29%) posted significant growth in fresher hiring from July to November.

 

"As we look ahead to 2025, the outlook is optimistic. Companies are expected to keep investing in AI/ML and digital transformation, while also focusing on experienced leadership. We’re likely to see hiring opportunities expand across different regions, reflecting the changing needs of a more dynamic and diverse job market," said the report.