According to a report from Xpheno, open positions for technologists with Metaverse-related skills like Blockchain, AR/VR, as well as AI have seen an 8 to 18 percent growth in the past 3 months. There have been increases reaching even to 88%.
The creator of a metaverse company is currently looking for new employees companies began experimenting with the Metaverse in the last quarter. “But talent is scarce, and the cost of acquiring them, expensive,” the founder who is frustrated.
This founder is not the only one. Moneycontrol spoke with three other founders who are working in the Metaverse and looking to grow but struggle to locate the perfect people even as demand is soaring. Based on a study published by Xpheno there are active job openings for tech professionals who have Metaverse related skills like blockchain, AR/VR, as well as AI have seen an 8-18% growth in the last three months, with increases reaching as high as 80 percent.
It’s a time where large corporations such as banks and companies that sell consumer products to IT firms, are betting heavily on the emergence of this technology. According to experts, that demand for metaverse technology is expected to grow in the next months, as more companies jump on this metaverse wagon.
Metaverse is an 3D virtual world in which users can interact with their digital avatars during virtual concert, interview, or even meetings.
Why is there a sudden surge in demand?
Since social media giant Facebook changed its name to Meta in the month of October 2021 to highlight its focus on the metaverse, it has been more than a buzzword. Following Meta In the month of November in 2021 Microsoft made it clear that they will be focusing its efforts on the Metaverse by launching Microsoft Teams.
The announcement sparked investment in this area from companies, startups, and traditional businesses, which are keen to get on the business.
The month of February saw US bank giant JP Morgan Chase was the first institution to be a part of the Metaverse through the opening of an online lounge in Decentraland. Other US brands like Nike, Disney and McDonald’s are also constructing their retail stores and experiences within the virtual world, and are increasing the hiring process in these industries. This industry is projected to grow to $814 billion in 2028.
“In India, we are witnessing a similar surge of organisations stepping up their Metaverse divisions, and hiring talent to enable this move,” says Vijay Sivaram, CEO, Quess IT Staffing – Recruitment and Search.
Brands that cater to the consumer market, such as Tata Tea partnered with the startup Yug Metaverse to launch Holi celebrations on the other side of the. The Telangana government will announce its SpaceTech Framework for PartyNite Metaverse which was developed by the company Gamitronics.
An Quess IT Staffing report revealed that there was a rise in need for engineers with areas related to the metaverse. “A study of the numbers of associates employed in FY21 versus FY22 shows that the demand grew exponentially for those with expertise in Blockchain (2100 percent), Unity 3D (1600 percent) as well as Board Support Package (BSP) Engineering (550 percent). There were other Metaverse related skills like Android, Cloud, DevOps, Embedded Software, AR, VR, and Computer Vision have also seen a rise of demand.” The company stated.
The specialist staffing firm Xpheno reported that there are nearly 65,000 job openings in the industry at all levels of experience due to IT firms as well as startups. Over the past three months there’s been an increase of between 8 and 18 percent in job openings that are currently active in Metaverse related fields The report stated.
The skills that are in the market include programming languages like Python, C/C++ AR/VR abilities, Unity and Android/iOS app developers.
“An approximately 80+ companies operating in the Metaverse worldwide could generate demand for Indian capabilities. Take into account the 300plus gaming, AR, and VR businesses in India who are in the process of getting involved in the Metaverse. The demand funnel is positive with companies forming that cater to various sizes of production and markets,” Xpheno said in the report that was exclusively released to Moneycontrol.
With the demand for jobs on the rise as well as the wage scale growing. Based on experience and level of expertise the amount of money earned could range between Rs 8 lakh and may reach 55 lakh, which is an average increase of 50 to 70 percent.
Why are they so popular?
“When you create an ecosystem, it’s not only IT companies that are part of it. Companies such as Nike and many other large companies are also creating ecosystems and they want to take their journey to the next step,” Says Sunil C Director of specialized staffing, Teamlease Digital. “So, all these large consumer companies will also start giving projects to services companies, which would mean that they need to strengthen their practice in the metaverse.”
An example of this is the work IT firms are currently doing with their customers. In an interaction to Moneycontrol, Ravi Kumar S, Infosys’s President, claims Infosys has created over 100 applications to use Metaverse and is currently working together with customers on this. The company recently created Metaverse Foundry to help clients move to the latest technology.
Krishnan Ramanujam, President & Director of Business & Technology Services, TCS In an interview that TCS is investing heavily in this area and has issued deals to customers. Although deal sizes aren’t huge at present, he stated that they are anticipated to grow in the coming five years.
As demand continues to increase but the supply gap is likely to be a major issue.
What are companies doing to combat the shortage of talent
The pandemic is pushing up the need for IT professionals and the IT industry is confronting a major shortage of talent despite the fact that attrition rates have increased across IT companies. The gap between supply and demand will have an impact on the sector, according to experts.
Think about the Metaverse founder who founded the startup earlier. The company employs around 30 employees and plans to double the number of employees. “Right moment, the issue is not a lack of acceptance. We’re seeing sufficient enthusiasm. However, the most important obstacle for our growth is talent” the founder stated.
It’s not surprising that companies can afford to pay premiums for talent. The founder who was mentioned earlier has been able to tap into engineering talent in towns and cities in India and is employing them into projects. Some startups also work with local communities to tap into potential.
Teamlease’s Sunil stated that the company has partnered with Teamlease Edtech to provide training to students based on the need.
IT companies such as TCS have internal training programs for employees to fulfill these roles. According to TCS Ramanujam “We have the conviction that no technology’s too difficult for us to conquer.” He said that one of the essential qualities the company looks at when it hires employees is their desire to continuously develop to stay ahead of the curve. “So we are confident about generating the talent that we require to do this.”
Despite the difficulties, India will continue to remain a top hub for talent.
Says Kamal Karnth cofounder of Xpheno: “The availability of appropriate and transferable tech expertise will make India in the top ranks in the Western market to build the technology and its application instances. In spite of the rising costs for talent over the past one year India remains a major contender to keep its popularity as a top destination for talent in Metaverse companies.”