Software - Singapore

  • Singapore
  • In 2024, the projected revenue in the Software market in Singapore is estimated to reach US$2.15bn.
  • The dominant player in this market segment is Enterprise Software , which is expected to achieve a projected market volume of US$0.89bn in the same year.
  • Looking ahead, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.82%, resulting in a market volume of US$2.72bn by 2029.
  • It is worth noting that in a global perspective, United States is projected to generate the highest revenue, reaching US$363.40bn in 2024.
  • Singapore's thriving software market is fueled by its robust tech ecosystem and government support for innovation.

Key regions: United States, Canada, Germany, China, Japan

 
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Analyst Opinion

Singapore, a small island city-state located in Southeast Asia, has been experiencing significant growth in its software market in recent years.

Customer preferences:
One of the key drivers of this growth is the increasing demand for cloud-based software solutions. Many businesses in Singapore are looking to move away from traditional on-premise software and towards cloud-based solutions, which offer greater flexibility, scalability, and cost-effectiveness. Additionally, there is a growing trend towards mobile-first software solutions, as more and more consumers in Singapore are using their smartphones and tablets to access online services.

Trends in the market:
Another trend in the Singapore software market is the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. Many businesses are looking to leverage these technologies to automate routine tasks, improve decision-making, and gain competitive advantages. Additionally, there is a growing focus on cybersecurity, as businesses in Singapore seek to protect their data and systems from cyber threats.

Local special circumstances:
One of the unique aspects of the Singapore software market is its focus on innovation and entrepreneurship. The government of Singapore has been actively promoting entrepreneurship and innovation, and has launched a number of initiatives to support startups and encourage the development of new technologies. This has led to a vibrant startup ecosystem in Singapore, with many new companies emerging in the software space.

Underlying macroeconomic factors:
The growth of the software market in Singapore is also being driven by broader macroeconomic factors. Singapore has a highly developed economy and is strategically located at the crossroads of major trade routes between Asia, Europe, and the Americas. This has made it an attractive location for businesses looking to expand their operations in the region. Additionally, Singapore has a highly skilled workforce and a strong education system, which has helped to create a favorable environment for software development and innovation.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises, except for the Enterprise Software segment, in which consumer (B2C) spending is not considered. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, level of digitization, GDP sector composition, and observed level of software piracy. 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. 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
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