Singapore’s enterprise ICT market is set for considerable expansion, driven by notable increase in enterprise budgets and accelerated pace of digitalization in both public and private sector organizations with strong focus on AI and cloud adoption. As a result, the country’s enterprise ICT revenue is forecast to register 15.4% compound annual growth rate (CAGR) through 2029, according to GlobalData, a leading intelligence and productivity platform.
GlobalData’s Singapore Enterprise ICT Country Intelligence Report reveals that the ICT market size in Singapore will grow from $66.7 billion in 2024 to $140.7 billion in 2029, in line with the positive ICT investment sentiment seen among enterprises.
This is in line with findings from GlobalData’s 2026 ICT Customer Insight Survey*, which reveals that a majority 95.5% of respondents (who are the key ICT decision makers in their respective enterprises) confirmed that there has been an increase in their enterprise ICT budgets in 2026 compared to the previous year.
Bhushan Firke, Technology Analyst at GlobalData, comments: “Cloud computing is reshaping Singapore’s ICT landscape as organizations transition from traditional, on‑premises IT to more agile, scalable, and service-driven digital foundations. 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.”
The shift has been accelerated by strong national digital priorities and sustained infrastructure investment, with programmes such as Smart Nation, the Digital Connectivity Blueprint, and “Cloud First” providing guidance and confidence for cloud migration. Public-sector adoption of commercial cloud has also helped normalize cloud as secure and mainstream—encouraging enterprise follow-through. As cloud adoption expands, it is also driving demand for consulting, integration, and managed services making ICT services the leading segment of the market and supporting its projected growth through 2029.
In addition, ICT growth is supported by the country’s investment in research and workforce development, with SGD1 billion ($764.2 million) over the next five years to strengthen public-sector AI research capacity under the Research Innovation and Enterprise (RIE) 2030 program, which is a five-year (2026-2030) master plan with SGD$37 billion ($28.3 billion) dedicated to research and innovation across key economic sectors such as semiconductors and capabilities in AI, data, and computing.
Additionally, Singapore is accelerating enterprise AI and cloud adoption through targeted funding, including the National Productivity Fund and the Enterprise Compute Initiative, which set aside up to SGD150 million ($114.6 million) (Budget 2025) to support domestic companies undertaking AI transformation projects.
GlobalData forecasts reveals that energy, BFSI and information technology (IT) are some of the prominent end-use verticals for enterprise ICT products and services in the country. Acceleration in digital transformation in these sections with widespread adoption of AI, machine learning, cloud and IoT will continue to drive enterprise ICT spending over the next few years.
In energy sector, for instance, there has been a massive increase in AI and IoT adoption for Smart Grid 2.0 deployments and to optimize real-time distribution, handle renewable intermittency, and improve monitoring and demand-side management.
Firke concludes: “Singapore’s MSMEs are accelerating ICT adoption, largely on the back of strong government support focused on driving productivity gains, AI enablement, and stronger cybersecurity. The country’s digitalization support framework along with IMDA and partner agencies facilitating access to funding, guidance and pre-approved digital solution further aim at improving the competitiveness of SMEs by driving more advanced digital transformation with adoption of GenAI capabilities and stronger cybersecurity.”
*GlobalData’s ICT Customer Insight Survey carried out during H1 2026 highlights survey responses from 3,069 executives globally, related to ICT investment priorities and budget allocations by enterprises in Singapore.
