2021 was both enriching and exacting for the tech industry in Singapore. The pandemic-triggered shift to digital created significant growth in areas such as software-as-a-service (SaaS), e-commerce, cybersecurity, cloud computing, and data analytics.
The rapid growth of the information technology industry is expected to continue well and we don't see a slowdown happening in 2022. “If we look at Singapore’s technology scene in 2021, we've definitely seen an increase in talent demand across every organisation's industry verticals,” explained Daljit Sall, Senior Director for Technology recruitment at Randstad Singapore. “And we don't see a slowdown happening in 2022.”
2022 technology trends in singapore
1. individual and organisational behaviours have changed
The resulting rapid digitalisation from the lockdowns has changed behaviour significantly at both the individual and the organisational levels. Online shopping has become a normal part of daily life and will continue to grow in demand. Many e-commerce and retail firms are responding to new consumer demands and have modified their business strategies and how they operate to keep up with the new trends.
2. cybersecurity will continue to be a priority
Online threats have grown in prominence as everything has moved online. Check Point Research found a 168% increase in the number of cyberattacks in Asia Pacific from 2020 to 2021. Between April and May 2021 alone, the region saw a 53% rise in cyberattacks.
Companies are now investing heavily to make sure their cybersecurity divisions are up to speed. It’s not just private enterprises that are reinforcing their defences. The government of Singapore is also stepping up its cybersecurity approach with the release of a refreshed Cybersecurity Strategy 2021. It aims to effectively adapt to a threat landscape that has evolved since the strategy was first introduced in 2016.
3. SPACs and industry 5.0 could drive demand for tech talent
The launch of the new Special Purpose Acquisition Company (SPAC) framework on the Singapore Exchange (SGX) could drive up talent demand in the IT space as well. “I think it will definitely help us attract more talent at an international level, both individual talent and organisations coming into Singapore,” Sall explained. “We’re letting not just regional markets in Asia but also global markets know that Singapore is positioning itself as a destination for capital raising.”
Industry 5.0—the era of human-machine partnerships, in contrast to Industry 4.0’s focus on automation and minimal human intervention—could also drive up demand and create new roles in artificial intelligence, natural language processing, computer vision and predictive analytics.
4. tech talent shortage in singapore
The world is facing an acute tech talent shortage and the scarcity of tech talent is well felt in Singapore. More than half (53%) of respondents to our 2021 Tech Talent Expectations Survey ranked cybersecurity as the top specialisation lacking in tech talent, followed by AI, automation and robotics (51%); and data science/analytics (46%).
Digitalisation is increasing the global demand for tech skills. The strict and ever-changing border control rules are shrinking the talent supply even further, limiting options for companies looking to recruit top tech talent both locally and from other countries.
To overcome this challenge, information and communications technology (ICT) organisations are challenging their traditional hiring practices by embracing local hires from industries outside of tech. More tech workers will also switch jobs if their current employers are unable to meet their career expectations.
most in-demand technology jobs
As organisations digitise, industries that will have the highest demand for tech talent include financial services, biotech, medtech and professional services. The public sector, too, will require more tech talent to support the government’s digital transformation programmes.
The advancement of technology and continued digital transformation across industries will spur greater demand for developers—mobile app developers, software engineers, full-stack or back-end developers and user experience/user interface (UX/UI) experts.
The expansion of infrastructure required to host digital tools and services, such as e-commerce and data analytics, will also drive further growth in cloud computing and create a strong demand for cloud architects.
Cyber-related professionals, data analysts and blockchain developers will also experience a spike in demand. Sall explains that more and more companies are looking at blockchain technology not just from a crypto point of view, but also from the benefits that they can gain from integrating it with their business.
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The 2022 Market Outlook and Salary Snapshot report features the latest industry trends, talent analysis and new post-pandemic salary benchmarks in the following high-growth industries:
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