Driven by the growing demand for endpoint security platforms, identity and access management software and managed security services, the total addressable market for IT security in Singapore, in terms of revenue opportunity, is poised to grow at a compound annual growth rate (CAGR) of 9.8% between 2020 and 2025, forecasts GlobalData, a leading data and analytics company.
Saurabh Daga, Technology Analyst at GlobalData, says: “A major shift in IT infrastructure needs among enterprises following the COVID-19 crisis, with the rising adoption of remote working, enterprise mobility, online service delivery and cloud services, and the potential security risks that come along with it, is driving enterprise IT security spending in the country, which will guide the market to reach US$2.3bn in 2025.”
The government led Cyber Security Agency of Singapore, which guides the overall digital security strategy and policies in the country, announced an updated cybersecurity strategy in October 2021, which focuses on securing digital infrastructure, devices and applications to safeguard country’s digital economy, enhancing international cybersecurity cooperation, developing a vibrant cybersecurity ecosystem through investments in cybersecurity R&D, products and capabilities within government agencies and enterprises, and training cybersecurity workforce.
In July 2021, Singapore announced a SG$50m (US$37.2m) program for research on artificial intelligence (AI) and cybersecurity. In 2020, Singapore had committed around SG$1bn (US$719m) to be spend over three years to enhance data and cybersecurity capability.
Among the IT security market segments in the country, comprising hardware, software and managed service propositions, IT security software represents the largest category, followed by security services and security hardware.
Daga concludes: “In the past year, Singapore witnessed ransomware attacks on some of its major businesses, including Tokyo Marine Insurance Singapore and Swire Pacific Offshore. Growing exposure to ransomware threats will therefore be a key driver for increased spending on IT security.”