Higher budgets drive enterprise ICT market toward $140.7b by 2029

The government sets aside $1b to strengthen public sector AI research.

Singapore’s enterprise ICT market is expected to grow 15.4% annually from $66.7b in 2024 to $140.7b in 2029, according to a GlobalData report.

The expansion is attributed to higher enterprise ICT budgets and increased adoption of cloud and artificial intelligence (AI).

The group’s survey found that almost all (95.5%) of key ICT decisions makers, reported an increase in their budgets compared with the previous year.

Meanwhile, the shift in cloud computing has been supported by national digital programmes such as Smart Nation, the Digital Connectivity Blueprint and the government’s Cloud First approach.

“Cloud computing services alone accounted for more than 27.6% of Singapore’s total ICT services revenue in 2024, reflecting the strong role of cloud-led transformation in services growth,” said Bhushan Firke, technology analyst at GlobalData.

Public-sector adoption of commercial cloud has also helped drive broader enterprise adoption.

GlobalData identified energy, banking, financial services and insurance, and information technology as key end-use sectors for enterprise ICT products and services.

It also cited increased use of AI and Internet of Things technologies for Smart Grid 2.0 deployments, real-time distribution, renewable energy intermittency management, monitoring and demand-side management in the energy sector.

The sector’s growth is further supported by Singapore’s $1b investment over the next five years to strengthen public-sector AI research capacity under the Research Innovation and Enterprise 2030 programme.

The five-year plan covers 2026 to 2030 and includes $37b for research and innovation across sectors such as semiconductors, AI, data and computing.

The government has also set aside up to $150m under the National Productivity Fund and Enterprise Compute Initiative to support domestic companies undertaking AI transformation projects.

Firke said smaller businesses are also increasing ICT adoption. “Largely on the back of strong government support focused on driving productivity gains, AI enablement, and stronger cybersecurity.”

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