20 Most Competitive Job Markets in the World

Ali Hassan
9 min read

In This Article:

In this article, we will look at the 20 most competitive job markets in the world. If you want to skip our in-depth analysis, head straight to the 5 Most Competitive Job Markets in the World.

The job market is evolving super fast and the dynamics of jobs around the world are changing. For employers, it is laborious to shortlist and hire a skilled employee today due to the large number of applicants. Similarly, for a job seeker, it is difficult to stand out in today’s saturated markets, especially for a new graduate. Therefore, it is important to understand your abilities, your interests, and your aims while hunting for a job.

According to a survey by TeamStage.io, almost 61% of hiring managers believe your employment chances increase with a customized resume. Nearly 63% of recruiters like to receive personalized resumes for the job position. About 88% of resumes are rejected due to the photo on the resume and 40% of recruiters say that job seekers lack the necessary soft skills for the job. 

Job Market Outlook

The outlook for the global job market seems optimistic. Cooling inflation, the chances of the Fed to avoid further interest rate hikes, and the positive outlook for the stock market, all these economic improvements can have positive implications for job seekers in 2024. Positive sentiment in the stock market can lead to increased business confidence and investment, opening gateways for job market expansion. 

According to WEC’s The Future of Jobs Report 2023, macrotrends and technology will drive a mixed outlook for job creation and destruction across industries from 2023 to 2027. Almost 69 million new jobs will be created and 83 million jobs will be destroyed in the next five years. This reflects a mean structural labor-market churn of almost 23% for surveyed companies across sectors and countries, over the next five years from 2023 to 2027.

The top jobs that will be in demand include data analysts, AI and machine learning specialists, digital transformation specialists, sustainability specialists, business intelligence analysts, and cybersecurity analysts. As per the report, the demand for AI and machine learning specialists is projected to grow by 40% and create 1 million jobs between 2023 and 2027. While, the demand for cybersecurity analysts would lead to the creation of almost 0.2 million additional jobs, a 31% increase over the next five years. Some of the highest paying jobs in the world include chief information officer and IT manager, which comprise skilled specialists from the fields of cybersecurity, AI, and machine learning, among others. Other top industries expecting more job opportunities include roles in financial services, retail and wholesale consumer markets, and supply and transportation. 

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