eServices

The eServices market in Singapore is expected to see a significant increase in revenue, reaching a projected amount of US$1.63bn in 2024.
This growth is predicted to continue with an annual growth rate (CAGR 2024-2029) of 6.32%, resulting in a projected market volume of US$2.22bn by 2029.
Looking specifically at the 0.0 market in Singapore, it is anticipated to experience a revenue growth of 0.0 in 2025.0.
Meanwhile, the 0.0 market is projected to have a market volume of 0.0 in 2024.
In comparison to other countries, China is expected to generate the highest revenue in the eServices market, with a projected amount of US$495.50bn in 2024.
Focusing on the 0.0 market, the average revenue per user (ARPU) is projected to be 0.0 in 2024.
Furthermore, the number of users in this market is estimated to reach 0.0 by 2029.
It is worth noting that user penetration in the 0.0 market is expected to be at 0.0 in 2024.
The eServices market in Singapore is thriving, with a strong emphasis on digital government services and seamless online transactions for its tech-savvy population.

Definition:

eServices refer to the delivery of services through electronic means, typically via the internet. eServices offer the convenience of conducting transactions and accessing information online and have become increasingly popular in recent years due to the growth of internet accessibility and the increasing use of digital devices. The eServices market continues to expand as consumers seek efficient and convenient ways to access and purchase various services.

The definition of eServices does not include media content acquired online (see: Digital Media) or the online sale of physical goods (see: eCommerce). Furthermore, no business-to-business segments are included, and neither are revenues from software downloads and services, or price/product comparison site commission fees.

Structure:

eServices includes the event ticketing market, which covers the sale of tickets for sporting events, music concerts, and cinema showings. The dating services market includes online dating platforms, matchmaking services, and casual dating sites. The online education market encompasses the provision of university education, online learning platforms, and professional certification programs. Lastly, the online gambling market which covers online sports betting, online casinos, and online lotteries.

Additional Information

Data includes revenue figures in Gross Merchandise Value (GMV), Users, average revenue per user (ARPU), and user penetration rate. User and revenue figures represent B2C services.

Online booked and digitally issued event tickets for sports events, music events, and cinemas such as Ticketmaster, StubHub, or CTS eventim
Online dating services, including matchmaking, online dating, and casual datings such as Tinder, Bumble, or Badoo
Online Education, including universities, platforms and professional certificates such as Udem, Coursera, or EdX

Offline booking by telephone or through agencies
Online ticket reservations without direct checkout process

The eServices market in Singapore has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Singaporean customers have shown a strong preference for eServices, with a growing number of individuals and businesses opting for digital solutions. This is due to the convenience and efficiency that eServices offer, allowing customers to access services anytime and anywhere. Additionally, the younger generation in Singapore, who are more tech-savvy, are increasingly relying on eServices for their daily needs.

Trends in the market: One of the key trends in the eServices market in Singapore is the rise of e-commerce. With the increasing popularity of online shopping, more businesses are setting up online stores to cater to the growing demand. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping as people are encouraged to stay at home. As a result, e-commerce platforms and logistics providers have experienced significant growth in Singapore. Another emerging trend in the eServices market is the adoption of digital payment solutions. Singaporeans are increasingly using mobile payment apps and digital wallets for their transactions, as these methods offer convenience and security. This trend has been further supported by the government's push for a cashless society, with initiatives such as the introduction of the SGQR code and the expansion of e-payment options.

Local special circumstances: Singapore's small size and high population density have contributed to the rapid growth of eServices. With limited physical space and resources, businesses in Singapore are turning to digital solutions to overcome these constraints. This has led to the development of innovative eServices, such as virtual marketplaces and online booking platforms, to optimize the use of available resources and provide better customer experiences.

Underlying macroeconomic factors: The strong government support and investment in technology infrastructure have played a crucial role in the development of the eServices market in Singapore. The government has implemented various initiatives and programs to promote digital transformation and innovation, including the Smart Nation initiative and the establishment of technology hubs. These efforts have created a favorable environment for eServices companies to thrive and attract both local and foreign investments. Furthermore, Singapore's strategic location and well-developed logistics network have made it an attractive hub for eServices companies. The country's connectivity to the rest of the world and its efficient transportation system have facilitated the seamless delivery of eServices across borders. This has allowed Singapore-based eServices companies to expand their reach and tap into global markets. In conclusion, the eServices market in Singapore is experiencing rapid growth due to changing customer preferences, emerging trends such as e-commerce and digital payments, local special circumstances, and strong government support. These factors have created a conducive environment for the development and adoption of eServices in Singapore, driving the market's growth and potential for further expansion.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Ecommerce market, in a PDF format.