TCS iON Marketing Team | May 06,2024
Industry Beyond Tech: A World of Diverse Career Opportunities

Industry beyond tech

 

In today’s technology-driven era, there is a prevailing tendency among the younger generation to prioritize pursuing careers in the Information Technology (IT) sector. The integration of Artificial Intelligence (AI) into our daily lives has further accentuated this inclination. Additionally, parents and guardians are often encouraging their children to opt for careers in technology. However, it is imperative to recognize that a broad spectrum of career opportunities exist beyond IT. The non-IT sector offers diverse career paths with attractive remuneration packages, presenting new avenues for exploration.

Careers Beyond IT

A significant concern for students and parents is the uncertainty surrounding job availability and career growth beyond IT. However, let's alleviate that stress. A recent report revealed an intriguing insight for the first half of 2024. It suggested that industries primarily situated in the non-tech sector, including BFSI (Banking, Financial Services, and Insurance), consulting, communication media and technology, retail, and consumer business, life sciences and healthcare, engineering research and development (ER&D), and energy and resources are poised for significant growth. 

Another report projected an overall hiring expansion of 8.3 percent for the year 2024, with Bengaluru expected to witness an impressive 11 percent surge. According to the findings, key sectors set to experience increased hiring include manufacturing, BFSI, automotive, retail, and travel and tourism.

The future in the non-IT sector appears promising and offers ample opportunities for individuals to build successful careers.

Rising Stars: Non-IT Industries on the Horizon

Several key non-tech sectors are emerging, each presenting unique career growth and development opportunities.

 

a. Banking and Finance

The banking and finance sector is vital to the global economy, providing opportunities in investment banking, financial analysis, and risk management. As financial markets become more complex, skilled professionals are in demand, with roles including Financial Analysts, Investment Bankers, and Auditors. 

 

Some other sought-after positions include:

  • Risk Management

  • Compliance and Internal Control

  • Corporate Finance

  • Wealth Management

  • Portfolio Management

  • Financial Planning and Commercial Banking

 

Key skills required to build a great career in banking and finance are:

  • Financial Analysis

  • Numeracy

  • Critical Thinking

  • Attention to Detail

  • Communication Skills

  • Risk Management

  • Regulatory Knowledge

  • Customer Service

  • Adaptability

  • Ethical Conduct

  • Teamwork

  • Time Management

Future Scenario:

According to a recent report, the Indian startup ecosystem has the potential to add USD 1 trillion to India's projected USD 7 trillion economy by FY30, creating over 50 million jobs. Another report revealed that the Indian fintech industry is projected to reach US$ 150 billion by 2025, making it the third-largest fintech ecosystem globally. With one of the fastest-growing fintech markets in the world, India is poised for significant growth in the coming years.

 

b. Health and Wellness

The Health and Wellness industry is growing rapidly as individuals prioritize their well-being. Careers in healthcare, nutrition, and wellness are in high demand, offering fulfilling roles that contribute to societal well-being. Essential positions include Doctors, Nurses, Pharmacists, and Allied Health Workers, alongside a growing need for Wellness Coaches, Nutritionists, and Mental Health professionals.

 

Key skills required for career in healthcare and wellness are:

  • Empathy

  • Communication

  • Critical Thinking

  • Fitness Expertise

  • Attention to Detail

  • Technical Skills

  • Clinical Skills

  • Nutrition Knowledge

  • Ethical and Professional Conduct

Future Scenario:

India's healthcare workforce has surpassed 6 million as of 2024, and it is projected to witness a significant expansion. Over 6.3 million additional jobs are expected by 2030, marking a workforce expansion of over 100% in just six years, with a compounded annual growth rate (CAGR) exceeding 12%. The sector also presents significant investment potential, with an expected investment of US$630 billion by the end of this decade.

 

c. Logistics 

The logistics industry, especially supply chain management, is crucial in ensuring the smooth flow of goods and services. As markets globalize and e-commerce expands, there is a rising demand for skilled logistics, transportation, and inventory management professionals. Roles include logistics coordinators, Transportation Managers, Warehouse Supervisors, and Procurement Specialists, with a need for expertise in inventory management, distribution, and supply chain analytics.

 

Some of the key skills needed to have a successful career in logistics are:

  • Attention to Detail

  • Organizational Skills

  • Problem-Solving

  • Communication Skills

  • Analytical Skills

  • Customer Service

  • Negotiation Skills

  • Technology Proficiency

  • Supply Chain Expertise

Future Scenario:

Fueled by government policies and increasing economic activities, the Indian logistics industry is positioned for significant growth, with expectations to create 10 million jobs by 2027. The report mentioned that this growth is driven by recent industry reforms, such as the government's Production-Linked Incentive (PLI) scheme, along with strong production figures and evolving consumption patterns. Innovative business models like Third-Party Logistics (3PL) and rising rural demand further contribute to the industry's rapid expansion in the foreseeable future.

 

d. Tourism and Hospitality

As travel becomes more accessible, the tourism and hospitality industry is flourishing, offering diverse career opportunities from hotel management to event planning and tourism marketing. This sector promotes cultural exchange and economic growth, with roles including Hotel Managers, Chefs, Tour Guides, Event Planners, Marketing Executives, and Customer Service and Food and Beverage management positions.

 

Here are some of the key skills required for making a thriving career in tourism and hospitality:

  • Customer Service

  • Teamwork

  • Attention to Detail

  • Cultural Sensitivity

  • Sales and Marketing Skills

  • Language Skills

  • Leadership Skills

  • Knowledge of Destinations

  • Time Management

 

Future Scenario:

India's tourism sector is rapidly growing, with the government aiming to achieve $56 billion in forex earnings and create 140 million jobs by 2030. Key areas of focus include cruise tourism, ecotourism, and adventure tourism. The industry is among the fastest-growing economic sectors, significantly impacting employment and regional development. By 2028, revenue is projected to surpass $59 billion, with Foreign Tourist Arrivals (FTAs) expected to reach 30.5 million.

 

e. Retail

The Indian Retail Industry is dynamic, contributing over 10% to the country's GDP and around 8% to employment. It ranks fifth globally and 63rd in the World Bank’s Doing Business 2020 report. Despite the rise of online shopping, the retail industry remains robust, offering diverse roles in Merchandising, Sales, and Customer Experience. Retailers constantly adapt to changing consumer preferences, creating opportunities for innovation and career advancement.

 

Some of the key skills to possess include:

  • Customer Service

  • Sales Skills

  • Product Knowledge

  • Communication Skills

  • Adaptability

  • Time Management

  • Problem-solving

  • Attention to Detail

  • Teamwork

  • Visual Merchandising

  • Inventory Management

  • Cash Handling

 

Future Scenario:

A recent report revealed that the Indian retail industry is expected to create 25 million new jobs by 2030. The report further stated that the retail sector in India is expected to reach a whopping US$ 2 trillion in value by 2032.

 

Into the Future with TCS iON

As industries beyond IT continue to evolve and expand, students must be prepared for their diverse career opportunities. This readiness encompasses acquiring relevant skills, industry knowledge, and soft skills such as communication and problem-solving. To enable this transition, TCS iON offers Career Insight, which provides students with the necessary tools to explore, discover, and get guided on their career pathways. Partner with TCS iON, and gain exclusive access to the TCS Job Listing platform, which facilitates smooth connections between top employers and job seekers.