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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 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.*
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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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