Singapore’s enterprise ICT market is poised for substantial growth, with revenue expected to increase at a compound annual growth rate (CAGR) of 15.4% through 2029, according to GlobalData. This expansion is attributed to rising enterprise budgets and accelerated digitalisation in both public and private sectors, focusing on artificial intelligence (AI) and cloud technologies.
GlobalData’s report indicates that the ICT market size in Singapore will grow from US$66.7b in 2024 to US$140.7b in 2029. This growth aligns with the positive ICT investment sentiment among enterprises, as evidenced by a 95.5% increase in enterprise ICT budgets in 2026 compared to the previous year.
Bhushan Firke, a Technology Analyst at GlobalData, noted, “Cloud computing is reshaping Singapore’s ICT landscape as organisations transition from traditional, on-premises IT to more agile, scalable, and service-driven digital foundations.” In 2024, cloud computing services accounted for over 27.6% of Singapore’s total ICT services revenue.
The shift towards cloud adoption is supported by national digital priorities and infrastructure investments, including initiatives like Smart Nation and the Digital Connectivity Blueprint. These programmes have encouraged public-sector adoption of commercial cloud, which in turn has normalised cloud usage across enterprises.
Additionally, Singapore is investing S$1b over the next five years to enhance public-sector AI research under the Research Innovation and Enterprise 2030 programme. The country is also supporting enterprise AI and cloud adoption through targeted funding, such as the National Productivity Fund.
Key sectors driving ICT spending include energy, banking, financial services, and insurance, with significant adoption of AI, machine learning, and IoT technologies. Firke concluded that Singapore’s micro, small, and medium enterprises are accelerating ICT adoption, bolstered by government support aimed at enhancing productivity and cybersecurity.
