Singapore tech salaries for information scientists, cybersecurity jumped in 2023

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, in keeping with a new report.

The roles that noticed the very best wage will increase year-on-year have been information scientists (11.3%), techniques 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 totally different nations and firms of all sizes and industries.

Nodeflair stated {that a} surge in compensation for information scientists could be attributed to “a rising interest in generative AI.”

Final yr noticed an AI growth fueled by the launch of viral chatbot ChatGPT in November 2022.

“Data scientists are the only role experiencing a significant 11.3% increase in average salaries, indicating a deliberate investment by companies to attract and retain top talents,” the report stated.

It added that Singapore is according to this by launching an updated AI strategy final yr, outlining plans to broaden the usage of AI to spice up the economic system.

The report additionally stated salaries for cybersecurity engineers rose on account 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-Force Threat 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 stated.

According to a world tech funding downturn, startup funding in Asia last year 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 median of 0.99% in 2023, in comparison with an increase by an average of 7.61% 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 criminal charges,” the report stated.

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, in keeping with 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 industry grapples with talent challenges amidst the rise of generative AI and financial prudence,” stated Ethan Ang, CEO and co-founder of NodeFlair, within the report.