Boston, MA -- (SBWIRE) -- 11/12/2013 -- While Singapore has a well-developed IT market with high penetration of products and services, we expect it to exhibit relatively robust growth rates over the medium term. We forecast the IT market to reach a value of SGD8.453bn in 2013, and expand at a compound annual growth rate of 5.2% over 2013-2017. As in most developed markets globally, the retail hardware market in Singapore will be driven by tablet and hybrid/convertible sales over the medium term. However, it is in emerging technologies that Singapore will stand out as the government positions the country to become a hub in the rapidly growing Asia Pacific region for cloud, big data and analytics services. These will benefit from the reach, affordability and quality of telecoms infrastructure and the favourable policy environment.

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Headline Expenditure Projections

Computer hardware sales forecast to increase from SGD3.784bn in 2013 to SGD4.453bn in 2017, equating to a compound annual growth rate (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. There is, however, downside risk from the price pressure exerted by the increasing range of available low-cost Android tablets.

Software sales forecast to increase from SGD1.196bn in 2013 to SGD1.478bn in 2017, representing a CAGR of 5.3% in local currency terms. We expect security software to become a larger part of the market over the medium term, while for enterprise software as a whole we expect small-and-medium enterprise spending to become increasingly important.

IT Services sales forecast to increase from SGD3.473bn in 2013 to SGD4.43bn in 2017, equating to a 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, big data and analytics services.

Key Trends & Developments

The government in Singapore is actively positioning the country as a hub for emerging IT technologies in the Asia Pacific region. In recent years it has been working to promote the city as a regional data centre hub, competing directly with Hong Kong, and has achieved significant success in doing so. In 2013, the Infocomm Development Authority of Singapore (IDA) has stepped up its efforts in promoting Singapore as a big data and analytics hub. In August the IDA partnered with Revolution Analytics, a commercial provider of software, services and support for the open-source 'R' project, to form a business analytics centre of excellence. The centre will operate as a channel through which local companies can reach the expertise of global organisations to develop new solutions.

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