By Vanessa Low, Principal Consultant, Selby Jennings | 16 Jan 2024
Amid economic uncertainty and intermittent waves of retrenchment, tech growth in the region remains resilient, with 2023 revenue from Southeast Asia’s digital businesses set to cross $100 billion. From healthcare to supply chain to renewable energy, technology is now woven into the very fabric of the economy.
Singapore, where 80 of the world’s top 100 tech companies operate, is leading the charge of digitalisation, drawing top innovators from around the world.
In Startup Genome’s annual leaderboard of startup ecosystems, Singapore rose an impressive 10 notches to place at number 8, edging into the top 10 for the first time. Elsewhere, the city-state has been named the world’s 4th-best startup environment and 5th-most innovative economy.
The city is investing $18 billion in research and innovation, executing a sweeping Smart Nation strategy to digitalise all aspects of society, and has swiftly emerged as a cutting-edge fintech hub. In addition, career opportunities are backed by favourable immigration policies and work pass schemes for tech leaders and entrepreneurs.
Top 5 tech hot spots in 2024
Looking ahead to 2024, here are the top five tech hot spots to watch over the next 12 months, as well as tips on how candidates can prime themselves to ride these trends.
Evolution of AI technologies
With AI technologies rapidly maturing, organisations are aggressively seeking proficient candidates to facilitate their integration across numerous industries, be it e-commerce, finance or food tech.
In fact, Singapore is the fastest-growing market for AI talent in all of APAC and expects to triple its AI workforce to 15,000 within five years. While a significant skills gap remains to be bridged, LinkedIn’s Future of Work 2023 reports that Singapore’s professionals are the world’s fastest adopters of AI skills.
Besides generative AI, interest is growing in emerging fields such as quantum AI and AI ethics and policy, whereby institutions and governments need to address issues like bias, copyright, and transparency.
Candidates can explore courses offered by local universities such as the Singapore Institute of Technology and Nanyang Technological University, or consider international online courses provided by AWS and Google.
As hiring in this sector becomes more competitive, you may want to gain an edge by joining AI hackathons or pursue AI-related projects in your personal time.
Elevated focus on cybersecurity
One digital area already greatly transformed by AI is cybersecurity. Cyber threats show no signs of slowing down, costing the global economy an estimated $8 trillion in 2023.
In Singapore, cybersecurity personnel is projected to grow to 45,000 by 2027. Companies increasingly need to invest in security technology and hire qualified professionals to safeguard digital infrastructure and adapt to evolving regulations.
A wide range of courses are available to pursue, from fundamentals to analysis to management.
As cybersecurity becomes a high-level priority for governments, firms and institutions, sought-after skills will go beyond practical and technical areas and include softer aspects like communication and leadership. Being able to demonstrate both sets of skills will stand you in good stead.
Blockchain and crypto resurgence
Short of reaching the meteoric heights of 2022, the blockchain and crypto industry is experiencing a gradual resurgence. Along with other cryptocurrencies, the value of Bitcoin more than doubled in 2023. Companies are enlarging their teams in Southeast Asia, as firms like Coinbase and Sygnum obtain licences to operate in Singapore.
As with the wider fintech industry, roles include software developers, web designers and communications specialists. Both Nanyang Technological University and Singapore Management University offer introductory courses for new entrants.
Candidates should also participate in industry forums and conferences such as Blockchain Festival Asia 2024 to connect with potential employers and other industry players. When it comes to networking, don’t just think local, but look online to engage with global communities.
Pivotal role of cloud technologies
While not new, the ubiquitous demand for and integration of cloud technology must not be overlooked. Companies are on the lookout for individuals skilled in cloud architecture, management, and optimisation.
Generally, roles in cloud computing – including cloud architect, cloud administrator, and cloud security analyst – require a background in computer science. Perhaps the most coveted role is that of cloud engineer, one of the fastest-growing jobs in Singapore.
Yet there is good news for those without industry experience. In September 2023, AWS and SkillsFuture launched a cloud computing course for professionals hoping to switch to a career in software development.
Rising urgency of climate change
For the fifth year running, the climate crisis will drive rising demand for sustainability professionals. In Singapore, firms – including those in tech – are hiring for more green roles as the city develops as a regional carbon services and green finance hub.
In fact, climate tech is a remarkably bright spot in the hiring market in 2024. Power-guzzling technologies like cloud computing and data centres are striving for greener practices. Data and AI approaches are also being used to identify emission hotspots, find decarbonisation pathways, and automate sustainability reporting.
As carbon accounting becomes a norm and companies across industries are compelled to reduce their carbon footprint, the use of technology will be essential in crunching vast amounts of data and streamlining the tracking, analysing and reporting process.
Career switchers can consider executive courses in carbon accounting by National University of Singapore and Singapore Management University, or browse general online programmes in climate change and sustainability management.
Be sure to also keep up with latest developments in the news and follow experts and trending topics on social media.
Parting words
Whichever your area of interest, tech jobseekers in Southeast Asia should approach arising opportunities with a mindset of positivity and flexibility. Stay informed, make connections, and upgrade your skills.
A lack of direct industry experience does not necessarily put you out of play. As you explore possibilities in tech, look for a niche that best matches your abilities and inclinations. That said, foundational skills in programming or data science are always beneficial.
The future belongs to those who can contribute meaningfully to the coming era of technology and innovation. If you are seeking to advance your career in this space, I am happy to connect and share more insights with you.
Meet Vanessa
Vanessa Low is Principal Consultant in Data & Technology at Selby Jennings, with access to a global talent pool across Asia, Europe and the US. She covers 360 recruitment for roles such as Chief Technology Officer, Chief Data Officer, Quantitative Developer, Data Scientist and Data Analyst.
Connect with her here.
