What tech skills companies recruited for in Q1 2024? AI, Gen AI, and 5G

IoT Analytics today released the results of their latest report titled: “State of Tech Employment”.

The report analyzes over one million U.S. job postings to determine which tech expertise and skills are in demand and assess the hiring intensity of 450+ companies across various sectors. The findings from Q1 2024 show that 1. AI-related job postings are on the rise, 2. 5G- and WiFi-related job postings are up, while most other connectivity technologies decline, and 3. Cloud-related job postings have notably fallen.

Key insights

Tech job openings decreased 2% in Q1 2024 in the US and are now down 47% since their peak in April 2022, according to the inaugural State of Tech Employment Spring 2024 report.
AI-related job postings increased in Q1 2024, driven by strong demand for generative AI expertise. The number of 5G-related job postings also increased, while demand for cloud-related expertise declined QoQ.
Hiring density in the industrial automation industry currently tops other industries, with the telecommunications industry at the tail end.

Key quotes

Knud Lasse Lueth, CEO at IoT Analytics, remarks: “Our new State of Tech Employment Spring 2024 report highlights a pivotal shift towards AI and expertise in the tech industry. Despite a 47% downturn in overall US tech job openings since April 2022, we’re witnessing a surge in demand for generative AI skills. February also marked the first month of increase in total job openings after seven quarters of decline. AI hiring is widespread, but AI providers such as OpenAI, Nvidia, and Anthropic are clearly leading the pack—each firm is currently at the forefront of the hiring intensity ranking.”

Philipp Wegner, Principal Analyst at IoT Analytics, adds:

“The jump of AI-related job postings in Q1 2024 indicates that companies have realized that the talk of AI needs people that actually work on AI projects.”

The big picture: US tech role openings are down overall, but AI roles are up

The number of tech job postings decreased by 2% in Q1 2024 compared to Q4 2023, according to IoT Analytics’ inaugural 85-page State of Tech Employment Spring 2024 report. With that, Q1 marks the 7th consecutive quarter of overall declines in tech job openings in the US. Total job openings are now down 47% since their post-COVID peak in April 2022. For comparison, the US Bureau of Labor Statistics reports a 27% drop in overall monthly job openings over the same period, showing that the tech industry has certainly taken a hit in the recent economic slowdown.

However, on the bright side, February 2024 saw the first month-to-month growth in tech job openings since the start of the slump, at 3% compared to January 2024. Helping to steer this upward trendline was a significant climb in AI and AI-related fields, which will be discussed further below.

The State of Tech Employment report analyzes over one million U.S. job postings to determine which tech expertise and skills are in demand and assess the hiring intensity of 450+ companies across various sectors. Below are three key findings from the report that reflect the state of tech employment going into Q2 2024.

Key finding 1: AI-related job postings are on the rise

As a whole, job postings seeking expertise in AI and AI-related fields are up 4% QoQ, with AI itself climbing 8% QoQ. Most impressively, job postings seeking Generative AI (GenAI) expertise were up 38% QoQ in Q1 2024, and this steep climb helped propel the 3% bump in tech job openings in February 2023.

For recent historical context, AI-related job postings have followed a similar path as other tech job postings, peaking around April 2022 and declining significantly since then. However, in January 2023—shortly after the public release of OpenAI’s ChatGPT—the rate of decline in AI-related job openings began to steady while other fields continued declining. By July 2023, the number of AI-related job postings began to rise, increasing 18% through February 2023.

This upward trend in AI-related job postings correlates with corporate executives’ rising interest in AI. Compared to Q4 2022, the number of quarterly earnings calls mentioning AI in Q1 2024 has risen 19 percentage points, from 13% of calls to 32% of calls.

Executives are concerned about a labor shortage and skill gap in this area, thus creating the need to upskill existing or future workforces. Companies appear worried about losing existing AI talent, exemplified by Google’s co-founder Sergey Brin personally calling an employee to convince them not to move to OpenAI. Other executives (e.g., from Cognizant and Accenture) highlight the need to develop the skills in-house.

Key executive quotes on upskilling for AI

“In 2023, 90% of our global workforce spent time in learning with 270,000 of our employees acquiring at least one new skill proficiency. And 88,000 completing AI and generative AI courses.” – Ravi Kumar, CEO, Cognizant, February 06, 2024
“Invest more in the people than in the technology. […] There is no AI-ready workforce you can hire a year from now, or two years from now, or three years from now. You need to bring your workforce with you and develop them.” – Paul Daugherty, CTO, Accenture, 12 December 2023

A closer look at AI-related job postings shows that Python skills are very important for AI roles—52% of all AI-related job postings mention it, much more than other programming languages such as C++ (12%) or R (8%). Expertise related to TensorFlow (14%) and Pytorch (11%), both machine learning libraries, also play an important role. There is also a significant demand for cloud-related skills in AI job postings, with Azure (15%) topping AWS (10%) in terms of the skills mentioned.

The increasing demand for AI-related skills and expertise naturally influences the salary for skilled workers with desired skills. The platform Comprehensive.io indicates that the median salary of skilled employees in AI jobs is now $172,000 per year, 17% higher than that of a software engineer with a similar level of experience.

Key finding 2: 5G- and WiFi-related job postings are up, while most other connectivity technologies decline

Job postings seeking 5G expertise rose 13% QoQ in Q1 2024, the highest climb of connectivity-related job postings. This aligns with what IoT Analytics observed at the Mobile World Congress 2024 in Barcelona, Spain, where advancements in 5G technology to enhance quality and performance and enable private 5G connectivity were on full display.

WiFi-related job postings also rose in Q1 2024, though these only grew 2% QoQ. Meanwhile, in Q1 2024, job postings seeking 4G, cellular, Bluetooth, and LoRa expertise declined 3%, 6%, 9%, and 15% QoQ, respectively.

Key finding 3: Cloud-related job postings have notably fallen

According to the State of Tech Employment report, cloud-related job openings were down 3% QoQ in Q1 2024. Though this tech field has the highest number of job postings in absolute terms, the declining number of job postings is part of a continued downward trend since the peak of cloud-related job postings in April 2022. As discussed in the recent State of IoT Spring 2024, cloud revenue growth has reduced significantly in 2023 as cost optimization took center stage in many companies. That also impacted the cloud-related job postings. The job postings largely include companies that build products or services in the cloud and seek expertise in utilizing certain hyperscalers. Job postings that mentioned AWS dropped by 2% QoQ, Azure (-2% QoQ), and Google Cloud (-4% QoQ).

Other notable findings from the State of Tech Employment report

The State of Tech Employment covers more than just the changes in expertise and skills related to tech-related job postings. It also delves into the hiring intensity—the number of openings publicly displayed per 100 current employees—and layoff data of specific companies or industries.

Hiring intensity

Out of 7 tracked industries in the report (including the catchall “Other”), the industrial automation industry had the highest median hiring density in Q1 2024 at 3.1 open positions per 100 current employees. By comparison, the median hiring density across all industries tracked was 2.4.

Four industrial automation companies stood out in terms of hiring density:

Johnson Controls International plc had a hiring intensity of 6.2
Siemens had a hiring intensity of 4.8
Schneider Electric had a hiring intensity of 4.4
ABB Ltd. had a hiring intensity of 4.3

Companies in the telecommunications industry had the lowest median hiring intensity, with only 1 open position per 100 employees in Q1 2024. Some examples include:

AT&T had a hiring intensity of 1.05.
Verizon had a hiring intensity of 0.83.
Orange had a hiring intensity of 0.26.

Layoffs

Some tech companies continue to lay off staff, although at a much smaller scale than a year ago. In Q4 2023, approximately 24,000 tech-related layoffs were registered, compared to 167,000 in Q1 2023—a stark decline. The areas with the highest cuts were:

HR – Our tracker shows that US-based cloud computing and virtualization technology company VMware cut 44% of its HR personnel in 2023.
Marketing – Our tracker shows that US-based software company Informatica, for example, cut 16% of its marketing team in 2023.
Support – US-based technology giant Microsoft, for example, cut its support staff by 18% in 2023, according to our data.

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According to statistics, 9.2% of revenue is lost due to contract mismanagement and it’s even worse for big companies, who lose 15% due to this frequent problem.

Modern businesses recognize that effective contract management is crucial to streamlining operations and adhering to compliance measures, so contract management platforms have emerged as essential tools that help companies efficiently handle this aspect of doing business. They offer organizations greater control and visibility into their contractual agreements by centralizing creation, storage tracking, and analysis within one single solution.

In this article, we’ll take an in-depth look at how contract management platforms help businesses streamline their operations.

Enhanced Contract Creation and Collaboration

Contract management platforms play a central role in aiding contract creation through templates, standard processes, and innovative features such as drag-and-drop editors and pre-approved clauses, making drafting easier than ever for teams across businesses.

By taking advantage of such tools businesses can improve contract creation processes while decreasing errors and complying with company policies and regulatory requirements as well as speed up contract lifecycle management considerably.

Centralized Contract Storage and Accessibility

One of the primary advantages of a high-quality contract management platform lies in its exceptional capacity to centralize contract storage. Acting as secure repositories where contracts can be stored securely yet remain accessible only by those authorized according to their roles and permissions, these platforms offer significant time and resource savings by eliminating cumbersome manual filing systems as well as scattered document repositories altogether, leading to reduced time wasted searching for lost documents as well as less chance for lost or misplaced contracts.

Contract management platforms also boast advanced search functionalities to optimize accessibility and efficiency, providing users with quick access to specific contracts based on criteria like contract type, key terms, parties involved, or status. With such simple access to contract data, users can retrieve relevant contracts more efficiently while increasing productivity by eliminating the time-consuming manual searching of extensive document archives.

Automated Contract Tracking and Renewals

Contract management platforms play a pivotal role in automating contract tracking for milestones, key dates, and deadlines. Their sophisticated algorithms track contract timelines with alerts sent directly to users about approaching due dates via automated alerts or notifications to prevent missed deadlines which could otherwise lead to disruptions and financial losses for businesses. Taking swift action ensures timely action preventing contract lapses that might otherwise cause disruptions or financial losses for them.

Platforms like these often come equipped with robust features that enable businesses to take a proactive stance towards contract renewals by providing tools that make the negotiation of terms easier, optimize vendor relations, and ensure continuity in services or partnerships. Leveraging such functionality enables organizations to streamline renewal processes while mitigating risks and increasing value from contractual agreements.

Compliance Management and Risk Mitigation

Contract management must ensure compliance with contractual obligations and regulatory requirements to achieve optimal performance. Contract management platforms assist businesses in maintaining compliance by tracking regulatory changes, measuring contract performance against SLAs, and managing risk factors. These platforms feature compliance dashboards and reporting functionalities to provide insights into contract status, performance metrics, and potential risks.

By making use of such tools, organizations can make more informed decisions, pinpoint compliance gaps more quickly, and mitigate threats more proactively. Contract management platforms enable real-time tracking of regulatory updates to ensure contracts stay current with changing legal frameworks and comply with evolving compliance risks. Contract management platforms play an essential role in mitigating compliance risks while increasing performance optimization and operational efficiencies for businesses.

Data Analytics and Insights

Modern contract management platforms leverage advanced data analytics and reporting tools, providing actionable insight into contract performance, trends, and opportunities. Going beyond basic functionalities by producing highly customizable reports and dashboards, allowing stakeholders to dive deep into contract metrics, identify bottlenecks in processes, track financial impacts of agreements, and optimize contract terms/negotiations terms accordingly.

By taking advantage of data-driven insights, businesses can significantly enhance decision-making processes. They can make more informed choices based on real-time information, enhance contract management strategies, and drive operational excellence. Utilizing such platforms allows organizations to stay agile and responsive to market changes quickly while simultaneously capitalizing on emerging trends or new opportunities swiftly and effectively.

Bottom Line

Contract management platforms play a vital role in streamlining operations for businesses by enhancing contract creation and collaboration, centralizing contract storage and accessibility, automating contract tracking and renewals, ensuring compliance and risk mitigation, and providing valuable data analytics and insights. Adopting a robust contract management platform can transform contract management processes, improve efficiency, reduce costs, and drive overall business success in today’s competitive landscape.

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Quectel Wireless Solutions, a global IoT solutions provider, today announces the launch of the Quectel BG95-S5 3GPP non-terrestrial network (NTN) satellite communication module.

The module supports 3GPP Release 17 IoT-NTN in the S and L band frequencies for satellite communications. In addition, the multi-mode BG95-S5 supports LTE Cat M1, Cat NB2, eGPRS and integrated GNSS.

With a cost-effective SMT form factor measuring 23.6 mm × 19.9 mm × 2.2 mm, the BG95-S5 is ideal for space constrained use cases that need to be able to access multiple types of network technology. With NTN satellite communication growing in popularity as constellations are built, having the capability to connect via NTN, cellular and GNSS offers significant flexibility for designers. It ensures devices will be able to find connections regardless of their deployment location or whether NTNs are available at the moment of communication.

Norbert Muhrer, President and CSO, Quectel Wireless Solutions says:

“This versatile module enables use cases that rely on ubiquitous connectivity to utilize NTNs or LTE Cat M1, Cat NB2, eGPRS or GNSS depending on availability in the deployment location.”

“The small size and low power consumption offer designers maximized options and we expect to see the BG95-S5 deployed in devices from wireless point of sale equipment to asset management, heavy industry, and wearable devices.”

A further benefit is the module’s low power consumption and extended temperature range of -40 °C to +85 °C. For developers and designers, Quectel supports accelerated time-to-market with reference designs, evaluation tools and technical support all available to assist development efforts. Certification procedures are underway for Skylo’s NTN, North American cellular carriers and regulatory certification in Europe, North America, Canada, Australia and New Zealand.

The module shares identical pin assignments with other variants in the BG95 series, facilitating seamless migration for device manufacturers to NTN networks. A comprehensive array of Internet protocols, industry-standard interfaces, and diverse functionalities greatly enhance the module’s versatility, enabling its integration into various M2M applications.

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Fibocom, a global leading provider of IoT (Internet of Things) wireless solutions and wireless communication modules, is proud of winning the Embedded Computing Design’s Best in Show award during Embedded World 2024 with groundbreaking empowerment and excellent performance of its 5G premium smart module SC171 in the 5G mining industry.

Based on the Qualcomm QCM6490 chipset, the module delivers up to 12 TOPS computing capabilities and supports mainstream 5G frequency bands for high-speed, reliable connectivity. Notably, the module now has been deployed in the 5G mining scenario to ensure an intelligent and robust wireless connection.

Designed for high-end AIoT applications, Fibocom SC171 was selected by Sany (customer) to develop their 5G AR helmet for digital transformation in the mining industry. Embedded with SC171, the 5G AR helmet is capable of collecting HD video in the operational site underground in the form of 3D dimensional to the remote management center in real-time, this revolution can enhance remote collaboration efficiency, and help experts prevent equipment failures and provide professional support even in thousands of miles away. Moreover, by setting up the 5G AR helmet for each worker, it can build a two-way channel for remote experts to assist in the mining operation and troubleshooting.

Fibocom SC171 is an industry-piloting 5G smart module powered by the Qualcomm QCM6490 with a powerful CPU and a GPU to support rich AI algorithm integration, and up to 12 TOPS computing capabilities. Leveraging the 5G speed of up to 4×4 MIMO on the downlink and Wi-Fi 6E wireless experience, the module is capable of processing smooth 4K@60fps video encoding and decoding, supporting up to 5channels multi-camera working simultaneously. The module is positioned to provide premium wireless solutions to high-end AIoT terminal devices in the global market, additionally, it is compatible with the three mainstream operating systems: Android, Linux, and Windows.

“These are the best-in-class embedded systems and products on the market right now,” said Rich Nass, EVP of Open Systems Media. “We are delighted to honor Fibocom for the exemplary work and technical innovation they’ve displayed this year.”

“The Embedded Computing Design’s Best in Show is a professional platform to recognize the latest accomplishments in embedded, IoT, and electronics engineering in the global market, and Fibocom is proud of its win out of an incredible number of entries this year,” said Ralph Zhao, VP of MC BU at Fibocom.

“The industry recognition of Fibocom’s enablement for the intelligent transformation of traditional industry has proved the value of a series of products and industry solutions that Fibocom offers, and we have the confidence to fuel intelligence to more applications shortly.”

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Quectel Wireless Solutions, a global IoT solutions provider, is pleased to be showcasing some its industry leading IoT connectivity solutions and technologies, catering to various industries and applications at Embedded World 2024 in Nürnberg.

During the event, visitors can explore Quectel’s extensive portfolio of IoT modules and solutions designed to meet the diverse needs of the IoT ecosystem. From 5G and LTE-M/NB-IoT modules to GNSS positioning modules, Quectel offers a comprehensive range of products that empower businesses to build reliable, scalable, and future-proof IoT solutions.

In addition, Zeljko Maric, Product Development Manager at Quectel, will be participating in a panel session centered on IoT Modem Reference Design or IoT SoC Modules Modem for Embedded Designers. The session is scheduled to take place in the exhibitor forum, Hall 3, on Wednesday, April 10th, at 3:30 PM.

“We are excited to participate in Embedded World 2024 and showcase our latest innovations in IoT connectivity,” said Norbert Muhrer, President and CSO, Quectel Wireless Solutions. “As a leading provider of IoT modules, Quectel is dedicated to empowering businesses worldwide with reliable, secure and innovative connectivity solutions. We look forward to engaging with industry peers, customers, and partners at the event.”

Quectel is also highlighting some of its customers’ innovations during the show:

Broadcast Sports International: 5G MT-UHD, an advanced 5G-enabled broadcasting tool that opens new horizons for live sports and events coverage.
Consenz Head-up Display – equipped with the Quectel SC680A module, this cost-effective retrofit Head-Up Display (HUD) solution from Consenz enhances driving safety.
Speed Tech Corporation / Luxshare-ict Precision 5G MiFi unit alongside their 5G Indoor CPE and 5G Outdoor CPE units.
Microamp Solutions’ CellBox Air 5G mmWave Radio Unit is a system that connects to the Distributed Unit (DU) through the O-RAN 7.2x interface and features an integrated Massive MIMO antenna array.
MikroTik’s Chateau 5G Router is a device that epitomizes the fusion of sophisticated design and powerful 5G connectivity, designed to cater to the growing demand for faster and more reliable home and office internet solutions.
Monitair MonAir-CO2, a unique environmental sensor is equipped with the advanced Quectel EG915U LTE Cat1bis module and YC0002AA antenna, making it a one-of-a-kind 4G battery-operated device capable of meticulously tracking CO2, temperature, humidity, COV, NOX, and noise levels.
Particle‘s M-SoM M404 M.2 system-on-module embeds multi-radio connectivity in IoT devices features LTE-M + 2G fallback + dual-band Wi-Fi and includes a high-end modern microcontroller with Arm TrustZone, secure boot, and capable of running Edge ML models, combined with a best-in-class Quectel connectivity module.
PayEye eyePOS 3 – The world’s only terminal to support iris and facial biometrics fusion and all types of cashless payments – card, contactless (NFC) and mobile, featuring the QUECTEL SC668S-EM.
Sixfab will be showcasing a number of devices on the Quectel stand including the Jumpstart 5G, a fully certified, all-inclusive, ready-to-connect IoT computer for high-speed applications, a 4G/LTE Cellular Modem Kit for Raspberry Pi, a versatile 4G/LTE connectivity solution for Raspberry Pi and the Pico LTE, a comprehensive platform for global cellular connectivity & low-power IoT, pre-integrated with AWS IoT, Azure IoT & more.
Ricon will be presenting the S9980DSL-LTEv2 High-Speed Fiber Optical xDSL Fixed/Wireless Router with Integrated 4.5G Cellular Interface and S9955OUT-5G Industrial Outdoor Router
Roltek will be demonstrating their Edge Pro LTE8421 4G IOT Gateway, designed using the Quectel EG915 module to provide seamless and reliable connectivity even in challenging conditions
ZCS Lawn Mower Robot: The ZCS autonomous lawn mower robot, powered by the Quectel LG69T Series module, an automotive grade dual-band multi-constellation GNSS module integrating DR/RTK, demonstrates the future of smart, connected landscaping.

As part of the Quectel stand, Ikotek, a leading IoT original design manufacturer (ODM), will be there to showcase its capabilities in IoT device design, manufacturing and certification delivering high quality products and services to reduce complexity, speed up time to market, eliminate risk and reduce costs.

Finally, Acceleronix, a global IoT solutions and services enablement provider primarily focused on serving OEMs and enterprises, will have a presence on the Quectel stand. Delivering edge-device management software, Connectivity-as-a-Service, specialized vertical software, and mobile applications, Acceleronix offers comprehensive solutions tailored to empower every facet of IoT product lifecycle, spanning from development to data management and visualization.

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