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.

Key Trends and Developments

Rapid digitalisation; rising demand for AI-based cyber security tools; increasing innovations by key players and government; and surging adoption of automation are aiding the Singapore cyber security market expansion

July 2024

The National University of Singapore (NUS), in partnership with CSA, opened CyberSG Talent, Innovation, and Growth Collaboration Centre to innovate and grow the country’s cyber talent pool and combat evolving and sophisticated cyber threats.

October 2023

Microsoft Singapore deepened its multi-year collaboration with the Cyber Security Agency of Singapore (CSA) to protect the country’s cyberspace, strengthen cyber security foundations, address incidents related to critical information infrastructure systems, and build a robust database of vulnerabilities and threats.

August 2023

Singapore-based OneSecure, a managed security service provider, announced its decision to offer CyberArk Identity Security Platform to organisations across Singapore and ASEAN to provide specialised cyber security solutions and services accessibly and protect customers from identity-based attacks.

October 2022

Singapore homegrown security leader, Ensign InfoSecurity, launched Ensign Helios, its proprietary cyber analytics platform for advanced threat detection at GovWare 2022. Solutions included in Ensign Helios include data exfiltration detection and anti-phishing capabilities that use advanced technologies and behavioural analytics to defend against emerging threats.

Rapid Digitalisation in the Country

Rapid digitalisation in Singapore and the increasing creation of connected networks of operational and information technology are surging incidences of cyber crimes and attacks in the country.

Rising Demand for AI-Integrated Cyber Security Tools

Cyber security tools leveraging artificial intelligence are increasingly gaining popularity in the country to improve the cyber readiness of both small and large organisations by analysing large amounts of data and automating defence processes.

Increasing Innovations by the Government and Key Players

With increasing reliance on online services and the importance of cyber security for national security, key players and the Singaporean government are increasingly investing in local cyber talent pools.

Growing Adoption of Automation

There is a rising adoption of technologies such as machine learning and artificial intelligence to automate the scanning and monitoring of networks and the process of responding to security incidents.

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 Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Offering

• Solutions
  • Identity and Access Management
  • Antivirus/Antimalware
  • Encryption and Tokenisation
  • Compliance and Policy Management
  • Firewall
  • Others
• Services

Market Breakup by Deployment Mode

• On-Premises
• Cloud

Market Breakup by Organisation Size

• Large Enterprises
• Small and Medium Enterprise (SMEs)

Market Breakup by Security

• Network Security
• Cloud Security
• End Point and IOT Security
• Application Security

Market Breakup by Industry Vertical

• BFSI
• Government
• Healthcare and Life Sciences
• Aerospace and Defence
• Manufacturing
• Others

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 2024-2032, 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.