In a cooling market, one thing has remained hot: demand for candidates with hard-to-find skillsets. If you’re looking to put your best foot forward with employers this year, it may be time to upskill in one of these coveted competencies. Discover the top 5 in-demand tech skills for 2024 below:

1. Cybersecurity

With cyberattacks on the rise, the need for cybersecurity professionals who can shore up company systems is only growing – however, the availability of this talent is scarce. It’s estimated that there is a shortfall of 3.4 million cybersecurity candidates globally. Talent cybersecurity recruitment expert, Elliott Howard notes that “There have been supply and demand issues for cyber resources for a number of years, and the recent high-profile cyber incidents have further exacerbated this. Demand from our clients has definitely increased as they look to build up their existing cyber teams and defences.”

There are currently over two million cyberattacks recorded per year, and by 2025, these attacks are estimated to have a global cost of $10.5 trillion – a significant increase from the $3 trillion reported in 2015. With cyberattacks on the up, companies are recognising that now, more than ever, securing their systems needs to be a top priority. Talent Melbourne Managing Director, Simon Yeung, shares that “with the persistent threat of cyberattacks, businesses will invest heavily in robust cybersecurity measures to safeguard their data, systems, and customer information. This includes advanced threat detection, identity management, encryption technologies, and employee cybersecurity training.” All of this seeing the demand for cyber skillsets grow.

Uncover more about the latest in cybersecurity in our Cybersecurity Hiring Market Snapshot here.

2. Artificial Intelligence

As AI takes off, the need for talent who understand the ins and outs of this cutting-edge tech is higher than ever. Data reveals that the demand for AI skills has increased five-fold since 2015. As companies continue to adopt this technology and cybercriminals increasingly leverage AI tools to develop more sophisticated attacks, demand is only set to increase for those with competencies in machine learning, data science, natural language processing (NLP), and beyond. In fact, it’s predicted that by 2025, 97 million new AI-related roles will be created, however, the supply of talent simply isn’t there yet – in the US and UK, 51% of organisations note that they currently don’t have enough appropriately skilled employees in-house to execute their AI strategy, while 20% of this group expects it will be a challenge to recruit the right talent. Additionally, in Australia alone, it’s estimated that the country will need over 160,000 new AI professionals by 2030 to meet industry needs. Anthony Tockar, Data & AI Practice Lead at Talent’s project delivery company, Avec, notes “the convergence of GenAi and cybersecurity heralds a new era where automated attacks are not just relentless, but cunningly intelligent. As such, AI can craft threats that combine brute force with strategic acumen, demanding a proactive and sophisticated response from our cyber defences”. This response isn’t possible with the right people on board, driving significant demand for AI and cyber professionals.

Check out our More Than Money Salary Guide 2024 for more exclusive hiring market insights.

3. Data Analysis

Data is everything, so it’s no surprise that this makes the list of top skillsets for 2024. As companies increasingly leverage the power of big data to extract valuable insights about their customers alongside intel about business performance, professionals capable of analysing this information are needed more than ever – especially since it’s projected that the number of jobs requiring data science skills will grow by almost 28% by 2026.

According to Talent North America CEO, Colin Etheridge, “Cloud Security and Data Analytics opportunities have seen high demand over the past year, and are two of the most in-demand skills.” Talent Melbourne Managing Director, Simon Yeung, also notes that across 2024 “data-driven decision-making will remain a priority. Companies will invest in advanced analytics tools, big data management, and business intelligence platforms to derive actionable insights and drive strategic initiatives.” All of which meaning that opportunities for those with data skills is only on the up.

Insights from LinkedIn also reveal that the top industries seeking out and employing professionals with data skillsets are Information Technology & Services, Healthcare, Higher Education, and Financial Services. So, if you’re looking to develop your skills in this space, you can have your pick of the bunch when it comes to the sector you’re seeking to work in.

4. Cloud Computing

As companies continue to move their systems to the cloud – think the increased uptake of cloud-based systems in Higher Education to facilitate student management and digitised learning, or large Financial Services players migrating their systems to enhance the digital customer experience – the need for skilled cloud talent is on the up. Talent Sydney recruitment expert, Majella Sanders comments that “Many universities are assessing their enterprise systems including their ERP and cloud platforms, student systems and cybersecurity. As such, there is significant demand for data specialists, ERP specialists cloud platform specialists, and integration and migration specialists”.

Despite companies increasingly migrating their systems to the cloud, there’s a shortage of talent with the right skillsets – a recent survey revealed that globally, 95% of companies are facing a cloud and tech skills gap. 43% of those surveyed also cited that their company has faced challenges in remaining up to date with security and compliance due to the cloud skills shortage. If you possess cloud skills, you will continue be sought after over the next 12 months, particularly as investment in this tech only grows. Talent Melbourne Managing Director, Simon Yeung, foresees that “the migration to cloud-based services and infrastructure will continue to accelerate. Investments will focus on optimising cloud environments, enhancing scalability, and integrating multi-cloud strategies to improve flexibility and performance.”

5. Software Development

As new technologies enter the market, tech professionals skilled in back-end, front-end, and full stack development continue to be needed. In the US alone, it’s anticipated that the employment of software professionals will increase by 25% between 2022 and 2032. According to Talent Sydney recruitment expert, Alan Dowdall, “accomplished mid-level Software Engineering, Cyber, and DevOps professionals are highly sought after”, while Stefanie Mortimer, Talent Auckland recruitment expert observes that in 2024, “we’ve seen more requests for Developers, Testers and Infrastructure specialists.” As industries continue to digitise and increasingly leverage Artificial Intelligence, engage in cloud migration programs, and prioritise the security of their systems, the need for software developers with coding expertise and system know-how to execute the technical aspects of these projects is only set to grow.

So, if you’re looking to get ahead in the hiring market this year, honing your skills across these key areas will hold you in good stead.

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