Top Ten High Demand Contemporary Tech Skills For Highest Paying Jobs in 2023 | Best Future Skills to Learn
The technological evolution is happening at a rapid rate. Every day, new technologies are being introduced that not only change the way we work, but also how we interact with other people & how we live. In this list I have tried to identify some of the top tech skills that are in demand across industries. United Nations has published an article on the top 10 tech skills in demand in the upcoming decade which is the list of almost all fields that a new graduate should learn. If you are looking for what skills needed for future job market or what skills to learn for future? You must consider this list before start of your Job Hunt Process or any New Business Venture.
The tech industry is booming far & beyond from our anticipation, and that means there are plenty of opportunities for professionals who are interested in learning new skills. Here are the top ten skills in demand today:
Machine learning is the process of acquiring knowledge (data) and applying it to make predictions about the future. It’s an important skill for any tech worker, as it allows for automated decision-making based on past experiences, which can lead to more efficient operations and saved time/money. Now a days we can see any repetitive task can be done through single machine, single app or single software, which is replacing human resource forces.
But Machine learning not just about a simple pre-determined task work, rather it is a subfield of artificial intelligence that allows computers to learn without being explicitly programmed. Machine learning applications can include data mining, text analysis and speech recognition. The biggest future tech application of machine learning will be IoT (Internet of Things), which will be more abrupt, more spontaneous, more organized, more independent & above all more self & independently managed.
Here’re some glaring facts & forecasts numbers on impact of machine learning in future technologies:
- The global machine learning market is expected to grow from $1.03 billion in 2016 to $8.81 billion in 2023, at a *CAGR of 44.1% during the forecast period (Source: Markets and Markets).
- The number of machine learning-related job postings in the U.S. has increased by 344% since 2013 (Source: Indeed).
- By 2025, it is estimated that 75% of commercial enterprise apps will use AI services, an increase from less than 20% in 2017 (Source: IDC).
- In 2020, the global deep learning market size was valued at around $7.5 billion and is forecasted to reach $169 billion by 2027, growing at a CAGR of 48.6% during the forecast period (Source: Markets and Markets).
- The global edge AI market size was valued at around $2.8 billion in 2020 and is expected to reach $26.6 billion by 2028, growing at a CAGR of 32.5% during the forecast period (Source: Markets and Markets).
- By 2023, the global AI-based drug discovery market is expected to reach $3.2 billion at a CAGR of 45.4% (Source: Markets and Markets).
- By 2022/3, it is estimated that the global self-driving car market will reach $126 billion (Source: Markets and Markets).
* CAGR= Compound annual growth rate
Mobile development is the application of computer programming to create mobile apps for cell phones and smartphones. Mobile development is a huge industry that drives growth in many industries from retail to finance to gaming. With billions of people accessing apps on their mobile devices each day, developers are in high demand for creating compelling user experiences across all platforms. There are more than 3 billions smartphones users in the world by 2023. Mobile apps are used for everything from texting friends, to taking photos with your phone or having quick access to maps when you need them most.
For your amusement, here’re given some facts, figures & global statistics on future of mobile development:
- Total revenue in the App market is projected to reach US$430.90bn in 2022. (Source: Statista)
- Total revenue is expected to show an annual growth rate (CAGR 2022-2026) of 7.77%, resulting in a projected market volume of US$614.40bn by 2026. (Source: Statista)
Search engine optimization (SEO) and search engine marketing (SEM) are two very different fields that focus on how search engines rank web pages and what information they display when people search online. Both have become increasingly competitive as more users switch over to mobile devices, where finding content becomes increasingly difficult due to limited screen real estate and less visibility into results than on desktop screens. Search engine optimization (SEO) is the process of making a website more easily findable in search engines like Google, Safari etc. SEM stands for Search Engine Marketing and refers to the use of paid advertising through search engines like Google AdWords or Yahoo! Bing Network to drive traffic back to your website so you can sell products or services online.
SEO and SEM are both important methods for driving traffic to a website, and can also have a significant impact on revenue. Here are some facts and numbers about the revenue generated by SEO and SEM, with references:
- According to a study, organic search was responsible for 53% of website traffic in 2020. (Source: Bright Edge)
- A study by Google found that businesses who invested in SEO and SEM saw an average of $8 for every $1 spent. (Source: Forbes)
- According to a study, businesses that invest in both SEO and SEM see a higher return on investment (ROI) than those that only invest in one or the other. (Source: Search Engine Land)
- Another study by Search Engine Land found that 85% of search engine users ignore paid ads and focus on organic search results.
Data visualization is an important skill for anyone who works with data or wants to understand how certain trends are evolving over time. Data visualization is the process of creating graphical representations of data in order to better understand and interpret it. There are a wide variety of data visualization techniques and tools available, including bar charts, line graphs, scatter plots, and heat maps. It can be used by marketers and researchers alike who want insight into insights that offer new perspectives on their industry. Data visualization is a process of making data easier to understand by creating visual representations of it on the screen.
Data visualization tools help people connect with their data and make sense of it in ways they might not otherwise be able to do on their own. This can be done through interactive dashboards, graphs and charts that visualize how trends evolve over time, how big things get at different points in time, how many people are accessing different parts of your site as well. Here’s some research findings & forecasts on how big this going to be:
- According to a 2019 report by Markets and Markets, the global data visualization market was valued at $4.03 billion in 2018 and is projected to reach $9.86 billion by 2023, at a CAGR of 18.7% during the forecast period.
- In a 2020 survey by Dresner Advisory Services, it was found that organizations are increasingly using data visualization to improve decision making and business performance. The survey also found that the most popular types of data visualizations used were bar charts, line graphs, and pie charts.
- Another survey by Dresner Advisory Services in 2020, it was found that the top five use cases for data visualization are dashboards and scorecards, business intelligence and analytics, reporting, data discovery and exploration and data storytelling.
We are living in the age of data. Everything from our social media apps to search engines to system logs to internet based computing; everything is driven by data. Hence, data engineering is a critical skill set in demand right now because of the growing data volume and demand. Data engineers help to manage, secure, analyze and store large volumes of data for business applications, including data warehouses and analytical applications.
The growth in data engineering is driven by the increasing volume and complexity of data, the growing need for data-driven decision making, and the increasing adoption of big data technologies such as Hadoop and Spark. Data engineers are at the forefront of this movement, working with companies to ensure they’re using data in the most effective way possible. They’ll need to be able to understand how data is structured, what it means and how it can be used. They’ll also need a deep understanding of machine learning and AI so that they can apply these technologies to their work.
Inevitably, demand for data engineers will continue to grow over the next few years — especially as more businesses begin to realize just how much value they can derive from analyzing their customer base or other forms of customer data. Below are some glaring source facts on data engineering:
- According to a report by MarketsandMarkets, the global data engineering market size was valued at $9.95 billion in 2019 and is expected to reach $22.81 billion by 2024, growing at a CAGR of 18.2% during the forecast period.
- A report by Gartner states that data engineering is becoming an increasingly important role in organizations, as the volume and variety of data continue to grow.
- A report by Burning Glass Technologies states that the number of job postings for data engineers has grown by 15% in the past year, with a median salary of $92,000.
User interface (UI) and user experience (UX) design are key skills that companies are looking to hire for in order to create more efficient products that meet customer needs & experience. UI/UX designers help to create interactive interfaces with intuitive controls, clear feedback and effective navigation that are easy for customers to use. At first phase of internet revolution, UI & UX was the key factor of android success against any other mobile operating system. Every user now wants more customized experience, which is evident on social media & networking apps. The wall of every user of social media apps revolve around user interests & searches. UI & UX is not just a simple design tool now; it’s more elaborative, interactive & self sustainable AI based evolving process now.
- According to a 2019 report by Markets and Markets, the global UI/UX design market was valued at $15.81 billion in 2018 and is projected to reach $33.98 billion by 2023, at a CAGR of 17.2% during the forecast period.
- A survey by Clutch in 2020 found that the average cost of a basic UI/UX design project ranges from $5,000 to $10,000, while the average cost of a complex project ranges from $50,000 to $100,000.
Cyber security is a major growth area in the job market, with demand for cyber security professionals projected to increase by nearly 40% from 2016 to 2020. Cyber security professionals assist organizations with network security operations and management as well as incident response. They also work closely with other IT professionals such as software developers or system administrators to develop solutions for breaches or other threats on networks. A modern niche of cyber security is ethical hacking, which is simply a hacking for good.
- According to a 2019 report by MarketsandMarkets, the global cybersecurity market was valued at $137.85 billion in 2018 and is projected to reach $248.26 billion by 2023, at a CAGR of 12.4% during the forecast period.
- In a 2020 survey by PwC, it was found that the most common cyber threats faced by organizations are phishing and social engineering attacks, followed by malware and ransomware attacks.
- Another report by Cybersecurity Ventures, estimates that global spending on cybersecurity products and services will exceed $1 trillion from 2017 to 2021.
Cloud or Remote Computing
Cloud computing has quickly become one of the most important tools available today for businesses of all sizes across industries due to its ability to provide cost savings while offering improved flexibility and scalability over traditional on-premises IT systems. Cloud computing includes any type of shared resources accessed through internet. Cloud computing creating altogether a new job economy, which is freelance economy.
Now people are working remotely from thousands of miles away for a client whose data is on a server placing altogether in a different time zone. Top Ten jobs in cloud computing are; Cloud Architect, DevOps Cloud Engineer, Cloud Engineer, Cloud System Administrator, Cloud Service Developer, Full Stack Developer, Cloud Consultant, Cloud Security Architect & Data Science Engineer.
- According to a report by Gartner, the global cloud computing market is projected to grow 17.3% in 2021 to total $304.9 billion, up from $258.2 billion in 2020. The report also predicts that by 2024, 90% of all organizations will adopt at least one form of cloud computing service, with the majority of that being Infrastructure-as-a-Service (IaaS).
- In terms of specific cloud providers, Amazon Web Services (AWS) is currently the market leader, with a 33% share of the IaaS market. Microsoft Azure is second with a 20% share, followed by Google Cloud with a 10% share.
- The use of cloud computing is also increasing in various industries. For example, in the healthcare industry, it is projected that the cloud computing market will grow at a CAGR of 20.5% from 2020 to 2025. In the retail industry, it is expected that the cloud computing market will grow at a CAGR of 18.5% from 2020 to 2025.
The blockchain is the technology that underpins cryptocurrencies like bitcoin, ethereum etc . The blockchain is a global ledger for recording transactions in an immutable way without any central authority & regulation. It’s the reason why cryptocurrencies are so popular, as it allows people to transact with each other without the need for a third party (such as a bank or even Government). It’s also used by financial institutions to back loans, which can reduce their reliance on banks and make them more resilient in turbulent times.
The blockchain has been hailed as ‘the internet of value’ because it allows everyone to have an incorruptible record of who owns what, and when it was transferred from one person or entity to another. It will be used to record ownership of digital assets such as artworks, cars and houses; so-called property on paper. People are trading things against these crypto currencies, by creating virtual assets & properties. Like opensea is a NFT platform, which is selling unique art work against those crypto currencies. Similarly, meta has created metaverse, which is based on augmented reality, virtual reality, social media, gaming and cryptocurrencies. These crypto’s are official tender money for such virtual worlds & people are earning millions from them.
- According to a report by the World Economic Forum, it is estimated that by 2025, the blockchain technology market will reach $175 billion, and it will create around 300,000 jobs in the technology industry alone.
- A report by Glassdoor Economic Research found that as of late 2022, blockchain-related job openings in the US have grown by 300% since 2016. The report also found that the average base salary for a blockchain-related job is $84,884 per year in the US.
- In addition, a report by the International Data Corporation (IDC) forecasts that global spending on blockchain solutions will reach $11.7 billion in 2022, an increase of more than 100% from the $1.5 billion spent in 2018.
Internet of Things (IOT)
The internet of things (IOT) refers to the networked devices like home appliances, vehicles, machinery etc., that are connected to the internet on an everyday basis. Imagine a world where everything from your bathroom tub to fridge in kitchen to air conditioner in your lounge to your car climate control to engine health; everything will be connected to your mobile device. It will revolutionize our lives in many ways and help us make better decisions. Internet of things is the next generation of internet. IoT providing a combination of virtual & physical world. Any skill remotely or directly associated with these associated world, will be the skill of future tech.
- According to a report by the International Data Corporation (IDC), the global Internet of Things (IoT) market is expected to reach $1.29 trillion by 2023, with a CAGR of 14.6% from 2018 to 2023.
- A report by the World Economic Forum estimates that IoT could create around 11.1 million jobs globally by 2025, with the majority of these jobs being in the manufacturing, transportation, and utilities sectors.
- A report by Accenture estimates that IoT could add $14.2 trillion to the global economy by 2030. Additionally, the report estimates that IoT could generate 2.3 million jobs in the manufacturing sector alone by 2020.
- A study by Capgemini Research Institute found that nearly 60% of companies have already adopted IoT in some form, and by 2022, it is expected that 75% of companies will have adopted IoT technology.
Only way to survive in hyper changing tech based era, is to get hands on grip on any skill. This & upcoming era is not of generalization, rather we are living in the era of deep specialization.