Market Intelligence
Information and Communication Technology Singapore

Singapore Digital Economy

Singapore has emerged as a leading hub for technology and innovation in Southeast Asia, hosting many of the region’s unicorns and approximately 80 of the top 100 global tech firms. This success is attributed to Singapore’s exceptional digital infrastructure, which includes nationwide fiber broadband, 4G mobile networks, and an extensive 5G coverage of over 95%.

To further strengthen its connectivity infrastructure, Singapore is investing in the development of subsea cables and aims to achieve nationwide 5G deployment by 2025. The country unveiled the Digital Connectivity Blueprint in June 2023, which outlines ambitious plans for future technologies like 6G mobile networks and a 10Gbps home broadband network, further solidifying Singapore’s position as a digital leader. 

The information and communications (I&C) sector in Singapore has experienced rapid growth, with notable expansion of 13.4% in 2021 and 8.6% in 2022. Singapore’s Minister for Communications and Information highlighted that 93% of Singaporean firms have adopted at least one digital technology, demonstrating the country’s strong demand for tech talent across various industries. Despite the global wave of tech industry layoffs, Singapore remains steadfast in its investment in tech skills. Efforts in hiring and cultivating tech talents extends beyond tech sectors, encompassing both tech and non-tech sectors.

To support its burgeoning digital economy and address the growing reliance on digital technology, Singapore’s government has intensified its efforts to build a digitally secure economy and foster a skilled workforce in key technological areas. These efforts encompass several initiatives: 

  • Expanding existing tech reskilling programs for employers, focusing on areas such as software engineering, cloud and mobility, artificial intelligence (AI), cybersecurity, and analytics.
  • Collaborating with industry partners to train specialists in emerging deep tech fields, including 5G, AI, and cybersecurity.
  • Refreshing the Industrial Digital Plan (IDP) framework, initially launched in 2017, to cater to the needs of specific sectors such as retail, security, and the upcoming legal sector. The IDPs offer guidance to small and medium enterprises (SMEs) in identifying suitable digital solutions and training programs, enabling them to enhance their digital capabilities. Since its inception, 20 industry-specific IDPs have been launched, incorporating an updated Digital Training Roadmap to upskill workers and maximize the benefits of digital solutions adopted by companies.
  • Establishing the 5G & Telecom Academy, a public-private partnership formed in 2020. This academy aims to train professionals in 5G and emerging technologies like the Internet of Things (IoT), cloud engineering, and data analytics. Through this initiative, approximately 10,000 individuals have acquired skills in areas such as 5G network architecture and software development.
  • Introducing the Cybersecurity Health Plan, expected to launch in May 2023. This scheme addresses the challenges faced by SMEs in hiring dedicated cybersecurity personnel. The scheme allows cybersecurity consultants to assume the role of Chief Information Security Officer (CISO) for SMEs, working closely with them to develop customized cybersecurity health plans that mitigate digital risks. The scheme provides funding support by co-funding up to 70% of the cybersecurity consultant’s cost for the first year.

These comprehensive efforts undertaken by Singapore’s government signify a commitment to fostering a digitally advanced and secure ecosystem. 

For additional information on the digital transformation, contact our ICT Team in Singapore, Amelia Yeo and Mishell Arwan.
 

.