The Singapore ICT market reached approximately USD 31.11 Billion in 2024. The market is projected to grow at a CAGR of 7.30% between 2025 and 2034, reaching a value of around USD 62.94 Billion by 2034.
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 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type:
Hardware_x000D_ _x000D_ Network Switches _x000D_ Routers and WLAN _x000D_ Servers and Storage _x000D_ Others _x000D_ _x000D_
Hardware_x000D_ _x000D_ Network Switches _x000D_ Routers and WLAN _x000D_ Servers and Storage _x000D_ Others _x000D_ _x000D_
Software
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 2025-2034. 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
Singapore ICT Market Report Snapshots
Singapore ICT Market Size
Singapore ICT Market Growth
Singapore ICT Market Share
Singapore ICT Companies
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific ICT Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific ICT Historical Market (2018-2024)
- 5.3 Asia Pacific ICT Market Forecast (2025-2034)
- 6 Singapore ICT Market Overview
- 6.1 Key Industry Highlights
- 6.2 Singapore ICT Historical Market (2018-2024)
- 6.3 Singapore ICT Market Forecast (2025-2034)
- 7 Singapore ICT Market by Type
- 7.1 Hardware
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.1.3 Breakup by Type
- 7.1.3.1 Network Switches
- 7.1.3.2 Routers and WLAN
- 7.1.3.3 Servers and Storage
- 7.1.3.4 Others
- 7.2 Software
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 IT and Infrastructure Services
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Telecommunication Services
- 7.4.1 Historical Trend (2018-2024)
- 7.4.2 Forecast Trend (2025-2034)
- 8 Singapore ICT Market by Enterprise Size
- 8.1 Small and Medium Enterprises
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Large Enterprises
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 9 Singapore ICT Market by Industry Vertical
- 9.1 BFSI
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 IT and Telecom
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Government
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 Retail and E-Commerce
- 9.4.1 Historical Trend (2018-2024)
- 9.4.2 Forecast Trend (2025-2034)
- 9.5 Manufacturing
- 9.5.1 Historical Trend (2018-2024)
- 9.5.2 Forecast Trend (2025-2034)
- 9.6 Energy and Utilities
- 9.6.1 Historical Trend (2018-2024)
- 9.6.2 Forecast Trend (2025-2034)
- 9.7 Others
- 10 Market Dynamics
- 10.1 SWOT Analysis
- 10.1.1 Strengths
- 10.1.2 Weaknesses
- 10.1.3 Opportunities
- 10.1.4 Threats
- 10.2 Porter’s Five Forces Analysis
- 10.2.1 Supplier’s Power
- 10.2.2 Buyer’s Power
- 10.2.3 Threat of New Entrants
- 10.2.4 Degree of Rivalry
- 10.2.5 Threat of Substitutes
- 10.3 Key Indicators for Demand
- 10.4 Key Indicators for Price
- 11 Competitive Landscape
- 11.1 Supplier Selection
- 11.2 Key Global Players
- 11.3 Key Regional Players
- 11.4 Key Player Strategies
- 11.5 Company Profiles
- 11.5.1 IBM Corp.
- 11.5.1.1 Company Overview
- 11.5.1.2 Product Portfolio
- 11.5.1.3 Demographic Reach and Achievements
- 11.5.1.4 Certifications
- 11.5.2 Microsoft Corp.
- 11.5.2.1 Company Overview
- 11.5.2.2 Product Portfolio
- 11.5.2.3 Demographic Reach and Achievements
- 11.5.2.4 Certifications
- 11.5.3 Google LLC
- 11.5.3.1 Company Overview
- 11.5.3.2 Product Portfolio
- 11.5.3.3 Demographic Reach and Achievements
- 11.5.3.4 Certifications
- 11.5.4 SAP SE
- 11.5.4.1 Company Overview
- 11.5.4.2 Product Portfolio
- 11.5.4.3 Demographic Reach and Achievements
- 11.5.4.4 Certifications
- 11.5.5 Oracle Corp.
- 11.5.5.1 Company Overview
- 11.5.5.2 Product Portfolio
- 11.5.5.3 Demographic Reach and Achievements
- 11.5.5.4 Certifications
- 11.5.6 Intel Corp.
- 11.5.6.1 Company Overview
- 11.5.6.2 Product Portfolio
- 11.5.6.3 Demographic Reach and Achievements
- 11.5.6.4 Certifications
- 11.5.7 HP Inc.
- 11.5.7.1 Company Overview
- 11.5.7.2 Product Portfolio
- 11.5.7.3 Demographic Reach and Achievements
- 11.5.7.4 Certifications
- 11.5.8 Singapore Telecommunications Ltd.
- 11.5.8.1 Company Overview
- 11.5.8.2 Product Portfolio
- 11.5.8.3 Demographic Reach and Achievements
- 11.5.8.4 Certifications
- 11.5.9 StarHub Ltd.
- 11.5.9.1 Company Overview
- 11.5.9.2 Product Portfolio
- 11.5.9.3 Demographic Reach and Achievements
- 11.5.9.4 Certifications
- 11.5.10 Cognizant Technology Solutions Corp.
- 11.5.10.1 Company Overview
- 11.5.10.2 Product Portfolio
- 11.5.10.3 Demographic Reach and Achievements
- 11.5.10.4 Certifications
- 11.5.11 Others
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