Are there specific areas within the IT industry that continue to show growth and demand despite the layoffs?

Cybersecurity and data science are a few 

cyber of course but folks are removing duplicate vendors and doubling down.  AI will get its turn and some are seeing cloud as an answer to in centre storage removing items like vmware if not critical to have a secure on prem solution. 

Cybersecurity: As cyberattacks multiply, there is a growing need for trained experts, along with experience with cloud-based applications. 

Data Scientists - Because of the growing value of data-driven decision making tools, predictive analytics and automation.

Cloud adoption, AI based solutions are some of the area where we will see growth for next 5 years at least.

Engineering, it could be that most layoffs are from that area, but companies require to still build business applications and what surrounds it.