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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 bounce, based on a brand new report.
The roles that noticed the very best wage will increase year-on-year had 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 under consideration greater than 422,000 wage information factors together with pay slips, provide letters and job ads from completely different international locations and corporations of all sizes and industries.
Nodeflair mentioned {that a} surge in compensation for information scientists will 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.
“Knowledge scientists are the one function experiencing a big 11.3% enhance in common salaries, indicating a deliberate funding by corporations to draw and retain high skills,” the report mentioned.
It added that Singapore is according to this by launching an up to date AI technique final yr, outlining plans to develop the usage of 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 degree, most tech salaries dropped in 2023 as tech funding in Asia fell, the Nodeflair report mentioned.
According to a world tech funding downturn, startup funding in Asia final yr fell 38% to its lowest since 2015, based on 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 median of 0.99% in 2023, in comparison with a rise by a median 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 expenses,” the report mentioned.
World macro uncertainty resulted in widespread layoffs the place greater than 260,000 employees throughout almost 1,200 tech corporations misplaced their jobs final yr, based on layoffs tracker layoffs.fyi.
In 2024, corporations are anticipated to leverage on cross-border and distant hiring amid a expertise crunch and to save lots of 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.
