Emerging technologies such as XR and VR could be key to bridging the skills gap in Singapore

Over the past few years, the Singapore government has been investing rapidly in emerging technologies such as extended reality (XR) and leveraging the popularity of augmented reality (AR) and virtual reality (VR) to make Singapore a booming smart nation.

For instance, XR has gained significant popularity and is anticipated to continue making waves in the coming years. According to Mordor Intelligence, the XR market presents promising opportunities for workers in the field, with a forecasted thirty-five per cent growth by 2029.

This, in turn, has allowed Alvin Yap, Chief Executive Officer and Co-founder of Alteredverse, to see vast potential in the local talent pool, especially with the government's Budget 2024 announcement to increase the prospects for Institute of Technical Education (ITE) graduates in driving the nation's digital transformation.

In addition, Alteredverse's current partnership with ITE aims to equip its engineering students with industry training programs to future-proof their professional capabilities and boost the development of Singapore's emerging tech sector.

Advancing Digital Transformation bridges the skills gap

In advancing digital transformation, Alvin believes that one of the biggest challenges faced by the tech industry today would be the widening skill gap, particularly in emerging technologies like extended reality (XR) and digital twins, whereby training opportunities have not kept pace, even as demand for tech talent continues to soar.

He firmly believes that the rapid evolution of technologies like XR can be daunting and requires technical expertise, a growth mindset, and a willingness to embrace other technical or domain-specific knowledge.

Nonetheless, his advice would be to focus on developing technical skills and a forward-thinking mindset in which tech talents can position themselves to take full advantage of the exciting opportunities that XR and other emerging technologies present.

"Looking ahead, I see AR and VR technologies becoming even more integral to our daily lives," said Mr Alvin Yap, Chief Executive Officer and Co-founder of Alteredverse. "Evolving from niche applications to essential tools for both personal and professional use."

Yap added that as consumers increasingly seek meaningful experiences rather than just products, emerging technologies will enhance these experiences that consumers are only beginning to explore. 

He believes that the convergence of technologies such as AR, VR, and XR would unlock new possibilities and create a future where the boundaries between the digital and physical worlds are beautifully blurred, offering richer, more connected experiences that resonate on a deeper level.

Smart Technologies on the rise

Smart technologies have been a growing trend over the past few years, with many more companies embracing the use of them as well as exploring up-and-coming technologies.

For instance, Singapore-based startup Wonder Technology has revolutionised mental health by using Voice Artificial Intelligence (AI) to identify depression through a person's voice.

In addition, Pelago, a travel experience platform by Singapore Airlines, partnered with Yellow.ai to develop a generative AI-powered travel assistant that allows customer assistance to be automated.

This would allow the platform to drive customer satisfaction and loyalty while simultaneously automating and creating a seamless, personalised customer experience.

Building on the momentum, Alteredverse's ultimate mission would be to create a platform that democratises metaverse creation, blending real-world and synthetic virtual assets in shaping the future of the digital world.