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Reasons Why Demand for Tech Talent Go Up in the Next 5 Years

71% of business leaders believe that their organisation would become more dependent on tech as a result of the pandemic. Many businesses had to adapt to remote working quickly paving the road for  them to rely on cloud-based technologies, video communication and remote software. 

Many traditional businesses were also made to bring their businesses online in order to survive. 

According to Microsoft, by 2025 there will be 149 million new technology-oriented jobs globally across privacy and trust, cybersecurity, data analytics, and cloud and software development to cater to growing demands in the sector. 

In Singapore alone, demand for Tech Talent is coming mostly from the Small and Medium enterprises who are still in the process of developing technical expertise, industry exposure and experience post pandemic. 

The top five most in-demand skills were reported as:

  • Cybersecurity – 35%
  • Change management – 26%
  • Enterprise architecture – 22%
  • Technical architecture – 22%
  • Advanced analytics – 22%

Leading the pack is cybersecurity.

Cyberattacks are so commonplace that hackers attack a computer in every 39 seconds. The long-reaching consequences of Cyberattacks include large monetary damage to businesses and loss of jobs. 

At Yahoo, the web giant suffered a breach affecting all its 3 billion users in 2017 and monetary losses amounting to around USD 350 million. Hackers had access to names, email addresses, telephone numbers, encrypted or unencrypted security questions and answers, dates of birth and hashed passwords.

Even large organizations with access to the best tech talents are not spared from Cyberattacks. 

Without proper cybersecurity measures in place, user information and important business resources would be subject to threats and attacks, causing irreparable damage to businesses. As a result, experts recommend that businesses spend 10% to 15% of their IT budget on cybersecurity and protecting against data breaches. 

The latest surge in demand in tech talents is not merely accidental. It only shows us that adopters of digital technologies have realised they can’t afford to delay any longer and are now investing heavily to catch-up, in response to continuing external threats.

While businesses are struggling to find people with the right tech skills to support their digital maturity roadmap it is also left to the companies to realize the need to undergo digital transformation in order to survive and thrive in today’s demanding business landscape. 

To find out how your business can transform, optimise and scale leveraging digital transformation, click here to find out more about our workshop. 

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