Enterprise Software - Singapore

  • Singapore
  • In 2024, the projected revenue in the Enterprise Software market in Singapore is expected to reach US$890.30m.
  • Among the various software categories, Customer Relationship Management Software dominates the market with a projected market volume of US$263.20m in 2024.
  • Looking ahead, the market is anticipated to grow at an annual rate of 6.05% (CAGR 2024-2029), resulting in a market volume of US$1,194.00m by 2029.
  • Furthermore, the average Spend per Employee in the Enterprise Software market is projected to reach US$240.70 in 2024.
  • It is worth noting that in comparison to other countries, United States is expected to generate the highest revenue, amounting to US$150.50bn in 2024.
  • Singapore is experiencing a surge in demand for cloud-based enterprise software solutions, driving digital transformation across industries.

Key regions: France, United Kingdom, Australia, Canada, South Korea

 
Market
 
Region
 
Region comparison
 
Currency
 

Analyst Opinion

Singapore, known for its advanced technology and innovation, has seen a significant growth in the Enterprise Software market.

Customer preferences:
Enterprises in Singapore are increasingly adopting cloud-based software solutions due to their scalability, flexibility, and cost-effectiveness. Additionally, there is a growing demand for software that can integrate with existing systems, enhance productivity, and provide real-time data analytics.

Trends in the market:
One of the key trends in the Enterprise Software market in Singapore is the rise of Artificial Intelligence (AI) and Machine Learning (ML) technologies. These technologies are being used to develop software solutions that can automate tasks, improve decision-making processes, and enhance customer experience. Another trend is the increasing popularity of Software-as-a-Service (SaaS) solutions, which offer a subscription-based model and can be accessed from anywhere with an internet connection. Furthermore, there is a growing demand for Industry-specific software solutions, such as those tailored to the healthcare or finance sector.

Local special circumstances:
Singapore's government has been actively promoting the adoption of technology and innovation in various industries. The government's initiatives, such as the Smart Nation program, have encouraged enterprises to digitize their operations and embrace new technologies. Additionally, Singapore's strategic location and business-friendly environment have made it an attractive destination for multinational corporations to set up their regional headquarters.

Underlying macroeconomic factors:
Singapore's strong economic growth and stable political environment have contributed to the development of the Enterprise Software market. The country's highly skilled workforce and advanced infrastructure have also made it an ideal location for technology companies to invest and expand their operations. Furthermore, Singapore's position as a gateway to the Asia-Pacific region has made it a strategic location for businesses looking to expand their presence in the region.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
Please wait

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)

Mon - Fri, 9am - 5pm (SGT)

Contact Ayana Mizuno
Ayana Mizuno
Junior Business Development Manager– Contact (Asia)

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)