Boston, MA -- (SBWire) -- 08/23/2013 --We expect Singapore's IT market to continue solid growth over the medium term as a supportive economic backdrop and growth drivers within the IT market combine to increase sales. The IT market is forecast to reach a value of SGD8.453bn in 2013, and we an increase of 5.2% from 2012. Growth is expected to be stronger in 2013 compared with 2012 as the economic environment improves, boosting the impact of trends within the IT market. We expect the retail hardware market will continue to grow, with particular opportunities for tablet and hybrid/convertible sales. Government IT spending will continue to be a major market driver through its iN2015 strategy over the medium term. Enterprise growth will centre on business analytics software and solutions and cloud computing - both of which will benefit from the reach, affordability and quality of telecoms infrastructure.
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Headline Expenditure Projections
Computer hardware sales: SGD3.784bn in 2013 to SGD4.453bn in 207, CAGR of +4.2% in local currency terms. Growth drivers include sales of tablets, hybrids and Ultrabooks, as well as sales of servers as Singapore continues to develop into a regional data centre hub.
Software sales: SGD1.196bn in 2013 to SGD1.478bn in 2017, CAGR of +5.3% in local currency terms. Sales of enterprises of SMEs will be a key source of growth, while we also expect security software to become a larger part of the market over the medium term.
IT Services sales: SGD3.473bn in 2013 to SGD4.43bn in 2017, CAGR of +6.3% in local currency terms. There will be opportunities in key IT spending verticals such as telecoms, government, healthcare and logistics - as well as through growth of cloud computing.
Risk/Reward Ratings: Singapore's score was declined to 71.3 out of 100.0 in Q3 2013 as Singapore was overtaken by South Korea at the top of the regional table.
Key Trends & Developments
Singapore is vying with Hong Kong to position itself as a regional data centre hub, and has achieved significant success in doing so. Both markets are pushing their credentials of strong telecoms infrastructure, proximity to large markets in Asia and pro-business policy environments. In the first half of 2013 there have been several announcements for investment in Singapore based data centre facilities including Lufthansa Systems and KVH, while Savvis also announced its intention to increase its data centre presence in Asia as it targets the high growth region.
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Just Released: "Singapore Information Technology Report Q3 2013"
New Computer Technology market report from Business Monitor International: "Singapore Information Technology Report Q3 2013"