Singapore ICT Market Report and Forecast 2024-2032

Singapore ICT Market Size

The Singapore ICT market reached approximately USD 31.11 billion in 2023. The market is projected to grow at a CAGR of 7.3% between 2024 and 2032, reaching a value of around USD 58.65 billion by 2032.

Singapore ICT Market Outlook

• In 2021, Singapore's ICT sector secured the 2nd position in Digital Competitiveness in Asia, as per the "World Digital Competitiveness Rankings" by IMD Business School.

• Singapore achieved nationwide 5G SA coverage by the end of 2022, making it one of the world's first countries to do so.

• IMDA, a government organisation in Singapore, created the Green Data Centre Innovation Programme (GDCIP) in May 2024 to support important research, development, and demonstrations in improving data centre efficiency in the country.

Singapore ICT Market Growth

The Infocomm Media Development Authority (IMDA) in Singapore reported that in 2022, the digital economy in Singapore, which includes the information and technology (ICT) field and digitalisation in other sectors, contributed to 17% of the country's gross domestic product (GDP). The ICT sector specifically experienced a growth of 8.6% in 2022, surpassing the overall economy's growth rate of 3.6%. Looking ahead, the digital economy across Southeast Asia, including Singapore, is expected to expand significantly, reaching S$1 trillion by 2030. This growth is expected to be primarily fuelled by the increasing number of internet users and the expanding middle class in the region.

Singapore's strong economic expansion, the rise of innovative information technology startups, and advancements in artificial intelligence and automated machine learning are key factors driving the market. Automated machine learning is particularly significant as it allows for the automation of repetitive tasks like data cleansing, thereby easing the workload on technical teams within organisations.

Artificial intelligence and machine learning are being integrated into various ICT applications to enhance data analysis capabilities, optimise operations, and improve decision-making efficiency in diverse sectors. Moreover, artificial intelligence is set to revolutionise the ICT sector by enhancing the performance of communications, content, applications, and digital commerce through technologies like machine learning, deep learning, and natural language processing.

Singapore ICT Industry Segmentation

“Singapore ICT Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Hardware
  • Network Switches 
  • Routers and WLAN 
  • Servers and Storage 
  • Others 
• Software

• IT and Infrastructure Services

• Telecommunication Services

Market Breakup by Enterprise Size

• Small and Medium Enterprises

• Large Enterprises

Market Breakup by Industry Vertical

• BFSI

• IT and Telecom

• Government

• Retail and E-Commerce

• Manufacturing

• Energy and Utilities

• Others

Singapore ICT Market Share

Based on industry vertical, the market is divided into BFSI, IT and telecom, government, retail and e-commerce, manufacturing, and energy and utilities, among others. The retail and e-commerce sector is projected to grow at a CAGR of 8.2% during the forecast period of 2024-2032. With the growing demand for personalisation among customers, retailers and e-commerce providers are leveraging ICT technologies to improve customer experiences.

Leading Companies in the Singapore ICT Market

Major market players are investing heavily in technological upgradation to gain a competitive edge.

• IBM Corp.

• Microsoft Corp.

• Google LLC

• SAP SE

• Oracle Corp.

• Intel Corp.

• HP Inc.

• Singapore Telecommunications Ltd.

• StarHub Ltd.

• Cognizant Technology Solutions Corp.

• Others

Key Highlights of the Report

Singapore ICT Market Report Snapshots

Singapore ICT Market Size

Singapore ICT Market Growth

Singapore ICT Market Share

Singapore ICT Companies