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Singapore ICT Market Size, Share, Growth, Trends, Report: By Type: Hardware, Software, IT and Infrastructure Services, Telecommunication Services; By Enterprise Size: Small and Medium Enterprises, Large Enterprises; By Industry Vertical: BFSI, IT and Telecom, Government, Others; Market Dynamics: SWOT Analysis; Competitive Landscape; 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 Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 31.11 |
| Market Size 2032 | USD Billion | 58.65 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 7.3% |
| CAGR 2024-2032 - Market by Type | IT and Infrastructure Services | 8.0% |
| CAGR 2024-2032 - Market by Industry Vertical | Retail and E-Commerce | 8.2% |
| 2023 Market Share by Industry Vertical | BFSI | XX% |
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
| CAGR 2024-2032 - Market by | Type |
| IT and Infrastructure Services | 8.0% |
| Telecommunication Services | 7.6% |
| Hardware | XX% |
| Software | XX% |
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
| CAGR 2024-2032 - Market by | Industry Vertical |
| Retail and E-Commerce | 8.2% |
| IT and Telecom | 7.8% |
| BFSI | 7.5% |
| Government | XX% |
| Manufacturing | XX% |
| Energy and Utilities | XX% |
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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Enterprise Size |
|
| Breakup by Industry Vertical |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Singapore ICT Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific ICT Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific ICT Historical Market (2018-2023)
8.3 Asia Pacific ICT Market Forecast (2024-2032)
9 Singapore ICT Market Overview
9.1 Key Industry Highlights
9.2 Singapore ICT Historical Market (2018-2023)
9.3 Singapore ICT Market Forecast (2024-2032)
10 Singapore ICT Market by Type
10.1 Hardware
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.1.3 Breakup by Type
10.1.3.1 Network Switches
10.1.3.2 Routers and WLAN
10.1.3.3 Servers and Storage
10.1.3.4 Others
10.2 Software
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 IT and Infrastructure Services
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Telecommunication Services
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
11 Singapore ICT Market by Enterprise Size
11.1 Small and Medium Enterprises
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Large Enterprises
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Singapore ICT Market by Industry Vertical
12.1 BFSI
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 IT and Telecom
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Government
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Retail and E-Commerce
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Manufacturing
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Energy and Utilities
12.6.1 Historical Trend (2018-2023)
12.6.2 Forecast Trend (2024-2032)
12.7 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 IBM Corp.
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Microsoft Corp.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Google LLC
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 SAP SE
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Oracle Corp.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Intel Corp.
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 HP Inc.
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Singapore Telecommunications Ltd.
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 StarHub Ltd.
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Cognizant Technology Solutions Corp.
14.2.10.1 Company Overview
14.2.10.2 Product Portfolio
14.2.10.3 Demographic Reach and Achievements
14.2.10.4 Certifications
14.2.11 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific ICT Market: Key Industry Highlights, 2018 and 2032
2. Singapore ICT Market: Key Industry Highlights, 2018 and 2032
3. Singapore ICT Historical Market: Breakup by Type (USD Billion), 2018-2023
4. Singapore ICT Market Forecast: Breakup by Type (USD Billion), 2024-2032
5. Singapore ICT Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2023
6. Singapore ICT Market Forecast: Breakup by Enterprise Size (USD Billion), 2024-2032
7. Singapore ICT Historical Market: Breakup by Industry Vertical (USD Billion), 2018-2023
8. Singapore ICT Market Forecast: Breakup by Industry Vertical (USD Billion), 2024-2032
9. Singapore ICT Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 31.11 billion.
The market is estimated to grow at a CAGR of 7.3% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 58.65 billion by 2032.
The market is being driven by rapid urbanisation and swift digitalisation across the country.
The key trends aiding the ICT market in Singapore include the development of data centres and the rapid adoption of technologies like 5G across the region.
The different enterprise sizes considered in the market report include small and medium enterprises and large enterprises.
The major players in the market are IBM Corp., Microsoft Corp., Google LLC, SAP SE, Oracle Corp., Intel Corp., HP Inc., Singapore Telecommunications Ltd., StarHub Ltd., and Cognizant Technology Solutions Corp., among others.
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