Information and communications technology (ICT) market in Singapore
Industry highlights
1st in Asia Pacific
Ranking in the 2022 Network Readiness Index (NRI).
CAD $540.72 billion
Annual GDP in 2021.
8.2% CAGR
Expected Compound Annual Growth Rate of local ICT Market size over 2018 – 2028.
192,200
Total employment in the ICT sector as of 2020.
CAD $37.8 billion
Total ICT imports in 2021.
CAD $44.01 billion
Total ICT exports in 2021.
Singapore’s vision is to become a world-class, tech-driven city-state by harnessing technology to transform into a Smart Nation.
Through continued investments into its ICT infrastructure, training programs, R&D support, and modernizing its regulatory environment, Singapore ranks as a top network-ready country.
Its strategic geographical location provides Canadian companies a vantage point for meeting the needs of a rapidly developing Asia. Singapore's diverse cultural environment is a great attraction to people from around the globe and it provides a wealth of international knowledge.
Key opportunities for Canadian ICT companies in Singapore
- Matured market and early adopter of new technologies
- Strong consumer demand for better, higher bandwith
- Access to Southeast Asia markets due to strategic geographical location
Notable challenges for Canadian ICT companies in Singapore
- Relatively small domestic market
- Stiff competition from other international players with strong local presence
- Preference for established vendors by Government procurement groups
Singapore business landscape
The Government of Singapore has committed to transforming Singapore through technology with its Smart Nation initiative since 2014. This initiative is engineered by a few key policies and developments to enable the adoption of digital and smart technologies throughout the country.
These include 8 key Strategic National Projects, a National Artificial Intelligence Strategy, the Infocomm Media 2025 masterplan, and a multi-pronged approach to facilitate the development of 5G in Singapore.
In addition, the Southeast Asian city-state offers a strong IP regulatory framework, a highly skilled talent pool (with few cultural and language barriers from North America), and a rich ICT ecosystem that promotes innovation through partnerships and collaboration.
Summary
Singapore has built a globally competitive tech industry and continues to promote technological innovation. Given its physical and economic conditions, the ICT market in Singapore is ideal for Canadian companies looking to grow in Southeast Asia and the broader region.
For more information on ICT in the Singapore market, please contact: SPORETD@international.gc.ca.
