Which sectors will drive the labor market in 2024? Read on to find out

The e-commerce, BFSI (banking, financial services and insurance) and hospitality sectors recorded increased demand for talent in the first four months of 2024. This is according to the report prepared by PTI.

It also points to recovery across the labor market, as stated in the report today, Thursday, May 30.

Due to the economic revival, the manpower requirement in BFSI has increased the most by 21% 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%, while the service and hospitality industries saw a growth of 13%. The report uses data from 2023 and 2024.

“Cities like Hyderabad, Bengaluru and Chennai are at the forefront of developing the work landscape. This trend demonstrates the strength of the South Indian labor market and highlights the growing opportunities driven by digitalization,” said Apna CEO and Founder Nirmit Parikh.

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

The report also shows that the job market in southern India has seen 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 openings.