Internet- of- things will cut down 69,000 jobs in the IT industry in the next five years time. A report by consulting firm Zinnov says the automation in the IT industry will predominantly impact the IT sector and its market share which contributes to almost 40% today and is steadily increasing. This major chunk of share comes from the services related to internet-of-things.
“Internet-of-things technology will impact 120,000 jobs in the country by 2021. 94,000 jobs will be eliminated, and 25,000 jobs will be created in the five-year period,” said Hardik Tiwari, engagement lead at Zinnov.
The unskilled and blue-collar workforce will be most impacted by the automation in IT industry. On the other hand, there will be more than 25000 jobs that will be created , but it requires highly skilled labour. So value wise its a gain for Indian companies but with fewer jobs.
IoT refers to the addition of sensors and chips to machinery which allows them to the monitored and controlled over the internet. The technology will soon be taking over the jobs of people working in office administration, support staff and maintenance, giving way to IoT product managers, robot co-ordinators, industrial programmers and network engineers.However despite these job losses, the IoT market share will witness a rising trend.