With the high number of students pursuing software engineering, is there going to be sustainable employment in this field?

Yes, I believe that it will be a sustainable field.  That is not to say that there will not be some "corrections" in the market from time-to-time.

I assume that you are wondering if you should get a software engineer or computer science degree?  If so, I would say yes and go ahead and pursue it.

Employment for graduates with a CS degree should have on average better opportunities than some other degrees.

Areas of demand right now are Big Data, Internet of Things (IOT) advanced algorithms, etc.

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