IT jobs are going to take a dip by 20-25% in coming three years. The reason is obvious

With IT industry moving towards artificial intelligence (AI) and machine learning, the employee consumption is decreasing day by day. According to industry body Nasscom, while the industry grew at 8.6%, jobs grew only by 5% in the fiscal year 2016-17.

Nasscom, in its annual review, also said that there is going to be a 20-25% reduction in jobs over the next three years.

Industry experts also feel that the gap between the revenue growth and job growth will only increase given the commoditised nature of the IT services.

Malcolm Frank, chief strategy officer of Cognizant feel that Oxford University got everybody nervous when they said that 47% of all jobs will go away by 2025.

"In the next 10 years, we don't think there will not be a white-collar job that will not be touched by artificial intelligence. In our estimate, around 12% of the jobs will go away due to the bot and automation. But, it's going to be all okay. There will be 13% of nnew jobs which will emerge which we don't know about," said Frank.

Executives said that while the situation is being touted as all gloom and doom, there are a variety of new skills such as data scientists which are required and reskilling of people at all levels will be the key focus area in the coming years.

However, David Autor, an economist at the Massachusetts Institute of Technology says that despite the worrying trends, it has been noted in the past that technology has created more jobs than it destroys. That is because of the way automation works in practice.