Top 7 Industries In Malaysia That Are In High Demand For Tech Talent
The tech industry in Malaysia continues to grow, with digital spaces expanding and influencing more and more aspects of our daily lives, coupled with the accelerating progress of new digital technologies. Consequently, industry demand for tech talent is rising as companies scramble to fill the tech talent shortage in their midst.
There currently is a gap between supply and demand for tech talent. While technologies are progressing right before our eyes, the available candidates for the rising number of tech jobs have yet to catch up. That is why it is important to find hidden talent as much as possible and to upskill or reskill employees within your organisation who are interested or willing to learn tech skills.
The challenges of hiring tech talent, however, are not limited to the tech industry. Because of the far-reaching effects of digital technology, the growing demand for tech talent has extended to other related industries. Here are the industries in Malaysia that currently have the highest demand for tech talent:
1. Banks and financial institutions
The fintech revolution of the past few years is one of the most widely-felt effects of developments in digital technology. Almost all banks in Malaysia now offer digital or online services. Additionally, e-wallets and digital payment services have become more popular and accepted over the years. In fact, long-established banks have embraced the innovations of the digital payment industry to improve their services.
All of these developments, along with the provision of digital banking licences to financial institutions, have exponentially increased the demand for tech talent for the entire financial industry. No longer is it seen as just an exclusive industry for accounting or finance experts. These days, tech professionals can also carve out fruitful careers in financial institutions.
Cybersecurity specialists, in particular, are in high demand in the finance industry. Their roles are crucial in safeguarding funds from hackers and scammers and building customer trust. Data analyst is another role that many financial institutions are trying to fill, as it is necessary in managing finances and improving the overall performance of digital banking or payment services.
2. Telecommunications
The telco industry is about to go through another milestone in 2023 as the highly anticipated rollout of 5G technology is set to improve internet speed and reliability all across Malaysia. This also means more industry demand for tech jobs. Malaysia’s technology outlook estimates around 39,000 new value-add jobs to be created by the eventual 5G implementation.
Among these new jobs would be 5G Network Engineers, who would help usher telco companies into their next phase of evolution. The increased network capacity will also lead to more innovations in the field of telecommunications, which would require more demand for Software Developers, Data Scientists, and Network Architects.
3. Computer and Information Technology
The IT industry will always be in high demand for tech talent. According to JobStreet’s report on What Tech Jobseekers Wish Employers Knew, over half of the tech talent in Asia are from the Technology and IT industries. The most remarkable change in the last few years, however, is the widespread adoption of tech in all aspects of business operations.
At first, it was a pivot necessitated by COVID-19. Then, it became a part of the new normal as people and businesses grew accustomed to the new digital space. This has resulted in the expansion and further development of IT roles in many companies.
Aside from traditional IT jobs, new roles now include App Developers for companies that have extended their products and services digitally. This has also increased the need for more IT Project Managers. More companies now are also embracing Artificial Intelligence, as developments in this field has accelerated over the past year, further increasing the demand for A.I. experts.
4. Industrial and Manufacturing Industry
Advancements in digital technology have also forever changed the industrial and manufacturing industry. We can see this from the increased tech talent within these industries in the past few years. In fact, industrial goods (5%) and consumer products (4%) are 3rd and 4th, respectively, in industries with the most tech talent in Asia after technology and IT (51%) and financial institutions (9%), according to the report.
New technologies have ushered in Industry 4.0, also known as the “fourth industrial revolution.” In the coming years, A.I. figures to kick the revolution into high gear, making manufacturing and distribution of products even more efficient and perhaps even opening up new possibilities in production. Right now, the industrial and manufacturing industry are already embracing automation, increasing demand for Automation Engineers and Field Application Engineers, among others.
5. Marketing and Advertising
New technologies have also revolutionised marketing and advertising, two industries that have maximised various online platforms to create more targeted and more efficient campaigns to reach customers. This has created a higher industry demand for tech talent.
New possibilities online paved the way for Digital Marketing, which has become so effective that many companies have refocused their marketing efforts on the digital space. This has created more demand for Digital Marketing jobs such as Social Media Specialists, Data Analysts, and UX Designers.
Many Digital Marketing jobs are not entirely technical in nature. Most Digital Marketing roles are still rooted in fundamental marketing and advertising principles. This means that these are jobs that can be filled through reskilling and upskilling talent that have already gained valuable experience in the industry and can still be valuable in the digital arena by just updating their knowledge and skills.
6. Retail Industry
The rise of e-commerce in Malaysia has made tech talent highly in demand within the retail industry. From physical stores, many retail businesses have transitioned into the new normal of online sales, leading to a 19.9% growth in the Malaysian e-commerce market in 2022. In fact, the industry is projected to grow by 16.1% annually until 2026.
With the continuous evolution of new digital technologies, the industry should expect even more demand for tech talent. Aside from E-commerce Executive, there will also be a need for more Web Designers, SEO Specialists, Data Analysts, and UX Designers.
7. Internet of Things, Cloud Computing, Cybersecurity, and other tech services
Perhaps the most significant technological development in recent years is the overall integration of all technologies. Everything is tied together, creating the Internet of Things, which allows for the synergy of different technologies. This has also given rise to cloud computing, which also increases the need for cybersecurity.
In the next five years, multinational corporations will be pouring in more than 2 billion US dollars in Malaysia-based data centres. This will greatly improve and expand cloud computing infrastructure in the country. Expect industry demand for tech talent to increase, especially for IoT Engineers, Cloud Engineers, and Cybersecurity Specialists.
It helps to have all the resources at your fingertips as you fill all your needs for tech talent. To get more relevant data and insights about the tech hiring market, download our report on What Tech Jobseekers Wish Employers Knew. Make sure that you always have access to the best tech talent available by registering to JobStreet. With our Talent Search, you can find your dream candidates for your tech jobs by exploring our database of over 5 million talents in Malaysia.