E-Commerce, BFSI and Hospitality Sectors to Drive Indian Job Market in 2024: Report

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E-commerce, BFSI (banking, financial services and insurance), and hospitality sectors saw increased demand for talent in the first four months of 2024, indicating an overall recovery labor market– the report said on Thursday.

Buoyed by economic recovery, the manpower requirement in BFSI has increased by a maximum of 21 per cent in the first four months of this calendar year. According to a report by professional networking platform Apna, the e-commerce sector grew by 17 percent, and the service and hospitality industries saw a growth of 13 percent.

The report was based on data from the Apna platform for 2023 and 2024.

It also found that the job market in the southern part of India recorded a growth of 23 per cent compared to 18 per cent last year, with cities such as Hyderabad, Bengaluru and Chennai leading the way in terms of total job vacancies.

The adoption of digitalization is becoming more visible in tier II and III cities such as Lucknow, Coimbatore and Gwalior, which are witnessing an increase in job opportunities.

“Cities like Hyderabad, Bengaluru and Chennai are at the forefront of developing the work landscape. This trend shows the strength of the labor market in South India and highlights the growing opportunities driven by digitalization.

“From vibrant metropolitan areas to emerging Tier II and III cities like Lucknow, Coimbatore and Gwalior, our platform reflects the dynamic landscape, offering promising prospects to job seekers across the country,” said apna.co CEO and Founder Nirmit Parikh.

During the reporting period, the platform saw a 21 percent year-over-year increase in job applications from first-year students and an 18 percent increase in job applications from female job seekers.

The total number of applications received during the period reached around 1.7 crore, an increase of 15 per cent over last year, the report added.