Navigating the Tech Talent: Insights into the Technology Job Market.

It’s no secret that the technology industry has undergone rapid change and transformation. Rewind 5 years and it wouldn’t be recognisable to the industry today. On the one hand the speed of change and acceleration of innovation should be applauded, but for those within the industry it presents real challenges.  

When tech is progressing faster than it can be taught, there becomes a tension between supply and demand with the void in between increasing every day.  

For recruitment agencies trying to source highly qualified candidates, trying to keep up with the complexities of the industry adds a whole other challenge. That’s why taking time to gain an insight into the tech job market right now will help with sourcing the right candidates.

Trends in the technology industry

As with any sizable industry it’s susceptible to trends, innovations and global developments. The UK ranks third in the world for its tech ecosystem, only behind the US and China. But that position means the UK is at the forefront of innovation within the industry. As such it’s a big part of the UK economy, adding over £150 billion every year and employing over 1.7 million people. The tech industry accounts for almost 10% of the UK’s GDP making it a critical component of the UK economy.

Integration of AI

Investment in AI has increased by 200% in the last 5 years in the UK, and is set to continue to grow. Making it undoubtedly an area of the tech industry to monitor in relation to its impact on tech talent.  

2023 was all abouts the basics as the world embraced AI technology like Chat GPT. With businesses incorporating AI into their standard practices, the technology has taken the next step into generative AI, which is the ability to respond naturally to human conversation.  

This next step of AI creates more possibilities and uses which filters into the roles required by businesses to fully harness and develop the tech further. The World Economic Forum has estimated that AI will replace 85 million job by 2025, and will directly impact millions more.

Growth in spatial computing

A relatively new concept in the technology world, spatial computing is used to power augmented reality and virtual reality. While the concepts have been around for a while, they’ve been in their infancy until now.  

The growth of spatial computing over the past year has been impressive. It’s estimated to grow by 17% between now and 2028, demonstrating the level of investment and interest in the area. 

For those in the tech industry gaining a baseline level of understanding of spatial computing and its wider uses is key to staying ahead. While spatial computing has primarily been used for gaming and other more entertainment focused activities, there’s a shift towards immersive training scenarios, robust prototype testing and modelling and wider business uses. 

While it’s likely to still remain a fairly niche area of technology, candidates skilled in spatial computing will quickly find themselves in high demand.  

Investment in quantum computing

The global computing marketing is set to reach a value of $8.2 billion by 2032, fuelled by rising investor growth. This is an area of tech that is set to accelerate in its growth and impact over the next few years.  

Quantum computing is key to leveraging AI for fraud detection, risk management, and global security. For companies that are serious about streamlining processes while protecting their high-value, high-risk information developments in quantum computing are necessary and will become a focal area for tech developments.  

Dr Steve Brierley, Founder of Riverlane stated that “quantum computers will be as significant as inventing computers.” This is definitely an area to watch. 

Cybersecurity threats

Cybercrime costs the UK economy around £27 billion every year, placing it firmly at the top of the tech agenda. But on average only 12% of IT budgets are spent on cybersecurity. That might be about to change.  

The rise in number and sophistication of cybersecurity attacks mean that any organisation that’s set on growth and increasing profits will need to invest in their cybersecurity, and that means having the right personnel in place.

With developments in AI and quantum computing, there are new methods and opportunities for businesses to exploit to help mitigate cybersecurity risks. That means we’ll start to see an increase in demand for cybersecurity experts who also have significant experience and knowledge of complementary technologies.

If you are qualified in cybersecurity, we are activley hiring for a number of positions across the UK, Europe and the USA. You can find cybersecurity jobs here.

New technologies driving demand 

With such an innovation drive it’s only natural that there will be a direct impact on the talent requirements and expectations within the tech industry. That can clearly be seen looking at the most in-demand tech careers right now in the light of recent developments within the industry. 

Most in-demand tech jobs

LinkedIn produces an annual Jobs on the Rise list, and of the 25 most in-demand roles 6 were in the technology industry.  

The focus on AI, cyber security and data protection will come as no surprise to most, as this echoes the technological developments seen across the industry. What does need to be considered is the extension of parts of these into traditionally non-technical roles.   

With the expansion of AI filtering into other sectors, more and more roles will need an awareness and the ability to use AI tools in their daily roles. Making the argument that in the future, all roles will have a strong element of tech within them.

If you're searching for candidates who can future proof your company, submit your vacany to us and let us find you the best fit.

The future of jobs in the technology industry  

There’s one thing that’s certain….tech has never been more in demand. There’s no doubt that AI will change the status quo and for more straightforward roles there's the possibility they will be eradicated. But it will also create a boom in other roles - cybersecurity, quantum computing, data roles, and those jobs that directly apply AI will all see an increase in demand.

For those in the industry and working with talent within the tech sector, what’s important is to stay relevant. To push for new qualifications, to learn new technologies and to ensure you’re constantly learning. In an industry like tech that’s experiencing a skill shortage, the winners in the job market will be those that strive to stay ahead.

If you're a skilled negotiator with the ability to represent tech talent, you could be just what we are looking for at Source Group International!
Apply for one of our open Tech Recruiter jobs today.