Press Release

At an Expected CAGR of 16.2%, Singapore ICT Market to Hit USD128 Billion Mark by 2030

The Singapore ICT Market size was valued at around USD52 billion in 2024 and is projected to reach USD128 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 16.2% during the forecast period, i.e., 2025-30, cites MarkNtel Advisors in the recent research report. The main factor behind the growth of this market in Singapore is the good ICT ecosystem, due to which this region is referred to as the digital capital of Asia. Thus, this region is highly preferred by IT and mobile companies to establish their headquarters as they get easy access to a highly skilled workforce, high-class infrastructure, and a vibrant ecosystem.

Moreover, Singapore is home to various major global and regional companies of the world, such as Amazon, Google, Garena, etc. As a result, multiple companies can collaborate to develop and deliver advanced solutions to their consumers. Additionally, various companies have been using the well connectivity of Singapore to ensure customer satisfaction. For instance, cloud service providers such as Ali Cloud and Google Cloud invested in Singapore to access Southeast Asia markets. Therefore, Singapore has a highly supportive overall environment, including infrastructure, a 5G standalone network, connectivity with various regions, and much more. These factors play a major role in attracting numerous Mobile, Software, and IT companies, and this trend is expected to continue in the future as well.

Furthermore, the growth of the Singapore ICT market is highly driven by the support of its government. The government launched the Smart Nation Program in 2014, which aimed to integrate multiple operations with technology. After its success, Smart Nation 2.0 was introduced in 2024 to enhance the use of technology in those operations. Additionally, to ensure the smooth flow of this program, the government has also launched ICT&SS policy reform. Moreover, the government offers tax benefits to newly established companies and also offers funds and mentorships to them. All these factors show the government’s aim to enhance Singapore’s ICT environment. Therefore, Singapore has gained a vibrant ICT ecosystem in past years due to governmental support and highly developed infrastructure, thus attracting numerous ICT firms, and this trend is expected to continue in the forecast period as well, further states the research report, “Singapore ICT Market Analysis, 2025.”

Singapore ICT Market Segmentation Analysis

IT Services Hold a Major Market Share

Based on the type of ICT, the market is further bifurcated into Hardware, Software, IT Services, and Telecommunication services. Here, IT services are the most popular ones, with a market share of around 48%. The reason behind this is the rising traction in Cloud-based services in past years, which help companies reduce their expenses. Cloud-based services include Product-as-a-Service (PaaS), Software-as-a-Service (SaaS), and other cloud-based services. Moreover, due to the increasing number of cybercrimes, various companies have invested in cyber security-based services, thus increasing the use of this segment. Furthermore, some other commonly used IT services are network security, consulting, and analytics. Therefore, IT services have gained high popularity in past years, and this dominance is expected to remain in the future as well.

BFSI Sector is the Primary End-User of Singapore ICT Industry

Here, the BFSI segment dominates the market with a market share of around 36%. This is because there are a lot of banks and financial institutes in the market that have been using various technologies in their operations, such as ML, data analytics, cloud services, etc., to enhance their work and ensure customer satisfaction. Moreover, this trend is further fueled by the digitalization goals of Singapore that incline companies to use multiple hardware, software, and services in their operations. Therefore, there is a huge number of BFSI industries in this country that have been using multiple technologies in their operations, and this dominance is expected to remain in the future as well due to the expansion of e-commerce and financial transactions.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Amazon, IBM, Cognizant Technology Solutions, SAP SE, Wipro, Google, Intel, Razer, Grab, Garena, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & service adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from services been evolving during 2020-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?