Singapore IT Services Market revenue is projected to grow at a CAGR of 10.8% during 2025-2031

Large Enterprises by Organization Size held the highest revenue share in Singapore IT Services Market -6Wresearch

In 2024, large enterprises held the largest revenue share in the Singapore IT Services Market, driven by substantial investments in IT infrastructure upgrades, cybersecurity enhancements, cloud migration, and AI-driven automation. These enterprises allocate significant budgets to digital transformation, making them the dominant contributors to IT services revenue.

Additionally, Singapore’s role as a regional hub for multinational corporations (MNCs) further amplifies this trend, as MNCs invest heavily in enterprise IT solutions, managed services, and cloud computing to support their Southeast Asian operations.

According to 6Wresearch, Singapore IT Services Market revenue is projected to grow at a CAGR of 10.8% during 2025-2031. The Singapore IT Services market has evolved significantly over the years, driven by digital transformation and government-led initiatives and programs such as the Smart Nation initiative, and digital economy policies have laid the foundation for rapid technological adoption. By 2023, the digital economy will have contributed USD 83.8 billion (SGD 113 billion), 17.7% of GDP, fueled by rising cloud adoption, cybersecurity investments, and AI-driven analytics. The demand for digital content and online engagement surged, with Singaporean consumers spending USD 1.1 billion on digital media subscriptions and downloads, while digital advertising revenue grew by 10.5% to USD 1.7 billion.

At present, digital adoption has accelerated further, leveraging digital solutions to streamline operations. Businesses are increasingly reliant on Google, Facebook, and e-commerce platforms such as Lazada, driving demand for cloud computing, cybersecurity, and IT infrastructure. The expansion of tech-enabled startups is playing a key role in economic growth, with the sector expected to contribute 4.1% to GDP by 2025. Additionally, the tech workforce is growing rapidly, with employment projected to rise, further increasing the need for automation, AI, and digital security solutions.

According to Vasudha, Senior Research Analyst, 6Wresearch, In 2024, Professional Services held the largest revenue share in the Singapore IT Services Market, driven by the growing reliance of companies across industries on IT consultants for digital transformation strategies, cybersecurity frameworks, and cloud migration plans. This increasing demand for professional services has been further supported by Singapore’s Smart Nation vision and various government grants for digitalization, such as IMDA's initiatives. These programs have particularly encouraged enterprises, especially SMEs, to seek IT consultancy, cloud integration, and compliance advisory services.

Singapore IT Services Market (2025-2031) report provides an in-depth analysis with 20 figures and 6 tables, covered in 68 pages. The report thoroughly covers market by Industry, Deployment Mode, Organization Size and Service Type. Singapore IT Services Market outlook report provides an unbiased and detailed analysis of the on-going Singapore IT Services Market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.