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SINGAPORE – Salaries in Singapore’s tech sector mostly fell in 2023 amid the tech downturn, but some roles, including in data science and cybersecurity, saw pay rises, according to one company. new report.
The positions with the highest year-over-year salary increases are data scientists (11.3%), systems analysts (8.27%), network security engineers (8.24%), and quality assurance (8.01%).
The report, compiled by tech salary aggregator Nodeflair, takes into account more than 422,000 salary data points, including pay stubs, offer letters and job ads from companies of all sizes and industries in different countries.
Nodeflair said the surge in data scientist salaries can be attributed to “increasing interest in generative artificial intelligence.”
Last year saw a boom in artificial intelligence Launch of viral chatbot ChatGPT November 2022.
“Data scientists were the only position to see significant average salary increases of 11.3%, demonstrating companies’ deliberate investment in attracting and retaining top talent,” the report said.
It added that Singapore has also introduced a Updated Artificial Intelligence Strategy Last year, plans were outlined to expand the use of artificial intelligence to boost the economy.
The report also said that cyber security engineer salaries are rising as cyberattacks increase in the Asia-Pacific region and organizations “prioritize cybersecurity measures.”
According to IBM, Asia-Pacific is the third most targeted region in 2023, with malware and phishing the most serious incidents 2024 X-Force Threat Intelligence Index Released last month.
Nodeflair reports that at a broader industry level, most tech salaries will fall in 2023 as tech funding in Asia declines.
As global technology financing slumps, Startup funding in Asia fell 38% last year That number has fallen to its lowest level since 2015, according to data platform Crunchbase. Asian venture financing in 2023 will be only US$78.1 billion, down from the US$125.2 billion raised in 2022.
In 2023, the salary of software engineers in Singapore will decrease by 0.99% on average, while in 2022 it will increase by 7.61% on average. The salaries of solution engineers and game engineers also dropped by 5.69% and 6.66% respectively.
Blockchain engineer salaries fell by 5.41%, “reflecting the cryptocurrency winter triggered by the collapse of FTX and the resignation and guilty plea of Binance’s Changpeng Zhao,” the report said.
Global macro uncertainty has led to widespread layoffs, with 260,000 employees at nearly 1,200 technology companies losing their jobs last year, according to layoff trackers. Layoffs. For reference only.
By 2024, companies are expected to leverage cross-border and remote recruitment to save costs amid talent shortages.
Ethan Ang, CEO and co-founder of NodeFlair, said in the report: “As we enter 2024, the technology industry is facing talent challenges amidst the rise of generative artificial intelligence and financial prudence.”
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