Singapore Enterprise ICT Market Analysis and Future Outlook by Segments (Hardware, Software and IT Services)

Singapore Enterprise ICT Market Analysis and Future Outlook by Segments (Hardware, Software and IT Services)
Summary

The Singapore Enterprise ICT Country Intelligence Report, a new Country Intelligence Report by GlobalData, summarizes key findings from GlobalData’s ICT Customer Insight Survey carried out in H1-2023 and GlobalData’s Market Opportunity Forecasts to 2027: Singapore. It reveals an executive-level overview of how the overall ICT budgets and their allocations towards various segments have changed for enterprises in the country in 2023 compared to 2022 and ICT revenue opportunity with detailed forecasts of key indicators up to 2027. The report provides detailed analysis of the overall Singapore’s enterprise ICT market trends and growth drivers based on GlobalData’s ICT Customer Insight Survey and GlobalData’s Market Opportunity Forecasts. The report also discusses about the market growth inhibitors impacting Singapore’s overall ICT market. Its sheds focus on enterprise ICT budget allocations and ICT revenue opportunity covering 18 solution areas, segmental analysis, vertical analysis, as well as review of key macroeconomic and regulatory trends, and government initiatives. The report also includes a brief profile on some of the key ICT vendors within the country.

The country intelligence provides information and insights into ICT budget allocations and ICT revenue opportunity by enterprises in SingaporeOverall enterprise ICT revenue opportunity and ICT budget allocations for SingaporeMacroeconomic and regulatory context and government inititiavesInsights on Singapore's enterprise ICT growth drivers and market trends, basis GlobalData's ICT Customer Insight Survey and Market Oppotunity Forecasts to 2027Insights on market growth inhibitors impacting Singapore's overall ICT marketBreakdown of enterprise ICT revenue opportunity by solution areas, end-use verticals and enterprise size bandSegmental analysis of Singapore's enterprise ICT budget allocations and ICT revenue opportunity - hardware, software and servicesInsights on ICT technology spending priorities of enterprises on key solution areas in SingaporeCompany snapshotScopeICT market growth in Singapore will be primarily driven by its robust digital infrastructure, strong 5G standalone coverage, digitally active population, strong affinity for technology and data consumption, and continued government initiatives for transforming into a digital economy.Singapore’s overall ICT market was pegged at $58.1 billion in 2022 and is expected to grow at a CAGR of 18.7% during 2022-2027 to reach $137 billion in 2027, due to its robust ICT infrastructure, enterprises reshaping and accelerating their digital transformation strategy, and thriving tech partnerships complemented by significant government initiatives like the Smart Nation Programme and the Digital Economy Framework.GlobalData’s ICT decision makers survey reveals a positive outlook for enterprise ICT spending in Singapore, with a majority of respondents, about 87.1% from the country, claiming that there has been an increase in the enterprise ICT budget in 2023 compared to 2022.Cloud computing can be regarded as the most attractive market in Singapore driven by enterprises increasingly leveraging cloud to achieve operational efficiency while ensuring security and agility, and government actively promoting cloud adoption as a part of its nationwide digital initiative. The revenue opportunity for cloud computing in Singapore was pegged at $9.1 billion in 2022 and is estimated to grow at a CAGR of 26.7% between 2022-2027.The BFSI sector is the largest independent end-use vertical segment for the ICT market in Singapore in terms of revenue contribution, and it will remain so over the forecast period. ICT revenue from the BFSI sector reached $8 billion in 2022 and is set to grow up to $18.1 billion in 2027 at a CAGR of 17.8%.Reasons to BuyThis Country Intelligence Report is based on GlobalData’s IT Customer Insight Survey carried out annually covering key ICT decision makers from enterprises across various industry verticals in Singapore and GlobalData’s Market Opportunity Forecasts to 2027, to offer a thorough, forward-looking analysis of Singapore’s enterprise ICT investment priorities and ICT revenue opportunity market.Accompanying GlobalData’s IT Customer Insight Survey and Market Opportunity Forecasts to 2027, the report examines the assumptions and drivers behind ongoing and upcoming trends in Singapore’s enterprise ICT market.The report offers a thorough analysis of enterprise ICT investment trends and how it has changed this year compared to previous year.The report also presents an analysis of enterprise ICT budget allocations by various spending areas, business functions and product/service categories and how they have changed this year compared to previous years.The report also presents an analysis of enterprise ICT revenue opportunity by various solution areas, enterprise size band, end-use verticals, and segment over the forecast period 2022-2027.With more than 50 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.The report provides insights in a concise format to help executives build proactive and profitable growth strategies.The report provides an easily digestible market assessment for decision-makers built around research gathered from the local IT decision makers, which enables executives to quickly get up to speed with the current and emerging trends in enterprise ICT investment priorities.