04 Feb 2020
Data and AI talents the latest to profit from Ireland’s tech success
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A year after Brexit’s unsettling effect was first felt, a lively tech industry is driving strong demand for talent requiring global recruitment efforts.
While the coming years will tell their own unfolding story, the current snapshot of the tech sector in Ireland defies predictions of any negative effects. The picture is of a lively industry with an optimistic outlook for 2020.
Ireland’s Silicon Docks, where you’ll find the European HQs of Google, Facebook, Twitter and Linkedin, continues to gain momentum. This now well-established hub has created a culture in which many technology entrepreneurs are hungry to succeed and it’s attracted the attention of international investors.
Tech Ireland’s H1 Funding Review 2019 records investment of €437 million in Irish start-ups and scale-up businesses, a 10% increase on the same period last year.
Nineteen companies raised between €5 million and €50 million, up from nine in H1 2018. The distribution of funding seems to reflect companies’ levels of growth and proven success, rather than dizzying potential. 40% went to well-established tech firms, while just 10% was invested in companies under four years old.
FinTech and payment solutions continue to flourish
The Irish tech sector bustled with new appointments during 2018, particularly in the area of FinTech and payments.
Though already successfully disrupting the landscape of financial services, these areas are still showing huge potential. 50% of the world’s population now transact online and this is steadily growing. The global digital payments transaction value was US$3.6 trillion in 2018 and is expected to reach US$6.7 trillion by 2023. Europe has been a less eager adopter of new platforms compared to China and the US.
Global talent reach
Both already-scaled, amply-funded companies and those in the process of scaling are investing in new talent. The well-known multinational players in the technology sector have similarly been expanding their talent pools to answer steady growth. Securing the bright sparks to fill these positions has been a challenge.
Ireland has a strong talent pool, but in such a competitive landscape, we continually cast our nets far and wide to fill positions.
The Odgers Berndtson Global Technology Practice is kept on its toes in an environment where suitable candidates have a choice of attractive moves at their fingertips.
Modern companies vs traditional businesses
Counter-offers are particularly challenging for traditional businesses in trying to engage new hires. Ambitious and experienced tech talent is drawn to a new model of company where exciting, innovative technology and new marketing models offer the cutting edge they want to line up with.
Technical roles like Chief Product Officer, Head of Engineering and Chief Technical Officer have been much in demand, along with CFOs, commercial technology directors and supporting roles in HR and Marketing.
Big data getting bigger
Ireland is undoubtedly still an attractive location for those in the tech sector. The number of companies, investors and candidates that continue to give it serious consideration is growing, despite the impending Brexit. Or, perhaps, because of it.
Looking to 2020, big data is set to get bigger, so big that cloud storage was predicted to equal device storage by 2019.
Traditional storage solutions will no longer be capable of handling the endless and burgeoning stream of data, strengthening the growth of blockchain technology and dependence on cloud storage. (Between 2017 and 2018, investment in blockchain start-ups grew by almost 300%.)
Used intelligently, advanced data-processing systems can generate output that helps strategy, innovation and the navigation of a competitive environment through specialisation and customisation.
We’re anticipating significant interest in the coming year in data scientists, data officers and those with advanced knowledge in AI. For them, and others in tech, Ireland continues to be the place to grow a business and a career.