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SINGAPORE — Tech salaries in Singapore largely fell in 2023 amid a tech downturn, however sure roles — together with for information science and cybersecurity — noticed wages leap, in keeping with a brand new report.
The roles that noticed the best wage will increase year-on-year have been information scientists (11.3%), methods analysts (8.27%), cybersecurity engineers (8.24%) and high quality assurance (8.01%).
The report, compiled by tech salaries aggregator Nodeflair, took into consideration greater than 422,000 wage information factors together with pay slips, supply letters and job commercials from completely different nations and corporations of all sizes and industries.
Nodeflair stated {that a} surge in compensation for information scientists might be attributed to “a rising curiosity in generative AI.”
Final yr noticed an AI increase fueled by the launch of viral chatbot ChatGPT in November 2022.
“Information scientists are the one position experiencing a major 11.3% enhance in common salaries, indicating a deliberate funding by firms to draw and retain high abilities,” the report stated.
It added that Singapore is according to this by launching an up to date AI technique final yr, outlining plans to increase using AI to spice up the economic system.
The report additionally stated 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, in keeping with IBM’s 2024 X-Power Menace Intelligence Index launched final month.
Extra broadly on an trade degree, most tech salaries dropped in 2023 as tech funding in Asia fell, the Nodeflair report stated.
In keeping with a worldwide tech funding downturn, startup funding in Asia final yr fell 38% to its lowest since 2015, in keeping with information 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 recreation 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 felony costs,” the report stated.
International macro uncertainty resulted in widespread layoffs the place greater than 260,000 employees throughout practically 1,200 tech firms misplaced their jobs final yr, in keeping with 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,” stated Ethan Ang, CEO and co-founder of NodeFlair, within the report.
