Singapore Cyber Security Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2025-2034)

Singapore Cyber Security Market Growth

According to the Cyber Security Agency of Singapore, the nation reported 137 cases of ransomware in 2021, which was a noticeable increase from 89 reported cases in 2020. These attacks mostly affected small and medium-sized enterprises belonging to the IT industry and the manufacturing sector. Malicious internet users utilise the model of “Ransomware-as-a-Service” to make sophisticated strains of ransomware accessible to amateur cybercriminals who target SMEs to encrypt their important files and information. This is expected to accelerate the demand for robust cyber security solutions that protect enterprises from cyber threats and boost cyber resilience.

Singapore witnessed a year-on-year growth of 38% in the incidence of cybercrimes, from 16,117 cases in 2020 to 22,219 cases in 2021. Online scams accounted for a share of 81% in the category of cybercrimes, followed by offences under the Computer Misuse Act (17%), and cyber extortion (2%). The number of malicious control and command servers registered over a three-fold increase in Singapore, from 1,026 in 2020 to 3,300 in 2021. In 2021, the number of phishing URLs possessing a unique “.sg” domain increased to 55,000 from 47,000 in 2021. This indicates a substantial requirement for hosting data security training and further strengthening the cyber security landscape of the country.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Key Trends and Developments

Singapore Cyber Security Market Trends

The Singaporean government, in 2024, updated its Operational Technology Cyber Security Masterplan to provide a secure cyber environment for non-critical and critical infrastructure amid growing technological and geopolitical shifts. Some initiatives under the new plan include ensuring a competent cyber security workforce, strengthening situational awareness of cyberspace, enhancing information sharing and reporting, and supporting research into emerging cyber security technologies.

The focus on automating various cyber security tasks is significantly increasing as it allows for the rapid detection and response to potential threats, improves accuracy, scales security operations, and monitors systems and networks continuously.

Singapore Cyber Security Industry Segmentation

Singapore Cyber Security Market Share

Based on industry vertical, the market is segmented into BFSI, government, healthcare and life sciences, aerospace and defence, and manufacturing, among others. The healthcare and life sciences sector accounted for 12% of the overall market share in 2023. Over the forecast period of 2025-2034, the BFSI sector is estimated to grow at a CAGR of 8.1%, as the industry aims to achieve cyber resilience against the rising number of digital fraud and cyberattacks.

Leading Companies in the Singapore Cyber Security Market

The adoption of cyber risk quantification can lead to numerous soft gains in cyber risk awareness and business credibility. It can also result in cost savings and drive effective decision-making.

• IBM Corp.
• Oracle Corp.
• Intel Corp.
• Fortinet Inc.
• Dell Inc.
• Fujitsu Ltd.
• Palo Alto Networks Inc.
• wizlynx AG
• Attila Cybertech Pte. Ltd.
• Ensign InfoSecurity Pte. Ltd.
• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.