Singapore ICT Sector: An Overview and What Lies Ahead

How big is the Infocomm Technology (ICT) sector in Singapore?

Singapore is one of the world’s most wired countries and has one of the most technologically advanced Information and Communications Technology (ICT) markets. Ranked fifth in the world as a country with the highest digital quality of life, we offer world-class infrastructure, talent, and a vibrant ecosystem of partners.

In addition to serving as the region’s trading centre, Singapore is universally regarded as the top leading tech hub in the Indo-Pacific, a key reason why 5,400 U.S. entities are registered in Singapore. Singapore is home to more than 80 of the top 100 software and services companies, including Facebook, Google, and Microsoft, offering digital platforms and services that are key to the digital transformation of companies locally.

It also serves as a base for well-known media companies such as Lucasfilm, Walt Disney Company and Ubisoft, which complement local players and talents for a growing and vibrant technology and media industry.

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How important is the ICT sector in Singapore?

As Singapore continues to build its digital economy, technology and media will be key drivers in transforming the way we live, work, play and learn in Singapore. A key enabler for all industries, technology and media will enhance Singapore’s competitiveness by raising productivity and transforming work processes through a highly skilled and specialised workforce.

Singapore’s Smart Nation journey began in 2014, with the vision to create new opportunities and to better the lives of people. The smart nation drive is an effort by the government to harness innovative technologies and solutions to transform the city-state in healthcare, transportation, urban living, government services and businesses.

Since then, Singapore has embarked on various digital policies and implemented strategic national projects and initiatives. These efforts reduce friction between the government, businesses and citizens, improving productivity while paying attention to sustainability.

Singapore is also a key player in the 5G market. The government has invested heavily in rolling out 5G infrastructure and the city-state’s three major telco providers launched 5G services for consumers and businesses.

What is the outlook for the Singapore ICT sector?

In 2020, despite the challenges posed by the COVID-19 pandemic, the ICT sector in Singapore saw record growth. The sector’s output increased by 3.4% during the year, with the IT services and digital media sub-sectors seeing the strongest growth. This growth is expected to persist in the coming years, as more and more organisations look to digitalise their operations.

Another key factor driving the growth of Singapore’s ICT sector is the country’s focus on innovation. Singapore has a vibrant startup ecosystem, with a large number of incubators and accelerators providing support and resources to entrepreneurs.

To encourage innovation, the Government also introduced the Startup SG Founder scheme, which provides funding and mentorship to early-stage startups. This focus on innovation has led to the development of cutting-edge technologies and solutions in areas such as fintech, healthtech, and edtech.

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The Singapore ICT sector is actively hiring

The ICT sector in Singapore is still actively hiring, with a strong demand for skilled professionals in areas such as software development, data analytics, and cybersecurity.

One of the main drivers of this demand is the ongoing digitalisation of businesses and organisations in Singapore. As more companies move their operations online and adopt digital technologies, they are in need of professionals who can help them navigate the rapidly changing digital landscape.

5G technology is expected to provide a major boost to the ICT sector, with new opportunities arising in areas such as Industry 4.0, self-driving cars, and smart cities. As a result, companies in the sector are looking for professionals who have the skills and experience to take advantage of these opportunities.

Initiatives such as the Infocomm Media Development Authority’s (IMDA) National Talent Development Initiatives and the SkillsFuture initiative provide funding and resources to help individuals develop the skills they need to succeed in the ICT sector.

Keen on a career in the ICT sector? Try this quiz to find out if it’s for you!

So, if you’re keen on joining the ICT sector, there’s no better time than now to come on board or make the career switch! Here is some useful reading to help you learn more about the sector.