IT firms, ranging from Bangalore to the US, are concentrating on restructuring their companies based on the growing role of artificial intelligence, cloud services, and profitability.

In the largest single downsizing this year, Intel announced slashing 24,000 jobs.

It made up 22 percent of the company's global workforce.

E-commerce giant Amazon has announced it is planning to cut 14,000 corporate jobs globally.

Microsoft, earlier this year, announced laying off 9,000 employees in multiple rounds.

According to reports, it roughly comprised 4% of its global workforce.