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SINGAPORE — Tech salaries in Singapore principally fell in 2023 amid a tech downturn, however sure roles — together with for knowledge science and cybersecurity — noticed wages soar, based on a brand new report.
The roles that noticed the best wage will increase year-on-year had been knowledge scientists (11.3%), programs analysts (8.27%), cybersecurity engineers (8.24%) and high quality assurance (8.01%).
The report, compiled by tech salaries aggregator Nodeflair, took under consideration greater than 422,000 wage knowledge factors together with pay slips, provide letters and job ads from totally different international locations and corporations of all sizes and industries.
Nodeflair mentioned {that a} surge in compensation for knowledge scientists will be attributed to “a rising curiosity in generative AI.”
Final 12 months noticed an AI growth fueled by the launch of viral chatbot ChatGPT in November 2022.
“Information scientists are the one position experiencing a big 11.3% enhance in common salaries, indicating a deliberate funding by firms to draw and retain high abilities,” the report mentioned.
It added that Singapore is according to this by launching an up to date AI technique final 12 months, outlining plans to develop using AI to spice up the financial system.
The report additionally mentioned salaries for cybersecurity engineers rose because of extra cyber assaults in Asia-Pacific and organizations “prioritising cybersecurity measures.”
Asia-Pacific was the third-most focused area in 2023, with malware and phishing being the highest incidents, based on IBM’s 2024 X-Pressure Risk Intelligence Index launched final month.
Extra broadly on an trade stage, most tech salaries dropped in 2023 as tech funding in Asia fell, the Nodeflair report mentioned.
According to a worldwide tech funding downturn, startup funding in Asia final 12 months fell 38% to its lowest since 2015, based on knowledge platform Crunchbase. Enterprise funding in Asia was solely $78.1 billion in 2023, down from $125.2 billion raised in 2022.
Compensation for software program engineers in Singapore fell by a mean of 0.99% in 2023, in comparison with a rise by a mean of seven.61% in 2022. Options engineers and sport engineers additionally noticed wages drop 5.69% and 6.66% respectively.
Blockchain engineers’ salaries declined 5.41% “mirroring the crypto winter triggered by FTX’s collapse and Binance’s Changpeng Zhao resigning and pleading responsible to prison costs,” the report mentioned.
International macro uncertainty resulted in widespread layoffs the place greater than 260,000 employees throughout almost 1,200 tech firms misplaced their jobs final 12 months, based on layoffs tracker layoffs.fyi.
In 2024, firms are anticipated to leverage on cross-border and distant hiring amid a expertise crunch and to avoid wasting prices.
“As we step into 2024, the tech trade grapples with expertise challenges amidst the rise of generative AI and monetary prudence,” mentioned Ethan Ang, CEO and co-founder of NodeFlair, within the report.
