Singapore Cyber Security Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 2.28 Billion |
| Market Size (2029) | USD 4.82 Billion |
| CAGR (2024 - 2029) | 16.14 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Cyber Security Market Analysis
The Singapore Cybersecurity Market size is estimated at USD 2.28 billion in 2024, and is expected to reach USD 4.82 billion by 2029, growing at a CAGR of 16.14% during the forecast period (2024-2029).
- With increasing security and privacy concerns, the market for cyber safety is expected to keep expanding and diversifying with new threats coming upstream. More integrated solutions will also be required in order to respond to rising demand from all parts of the country.
- Cyber threats are those that exploit the Internet for damage, disrupt information systems, or steal vital information through spyware, malware, and phishing. For the protection of data confidentiality, cybersecurity solutions assist enterprises in monitoring, detecting, reporting, and dealing with cyber threats. With the increasing penetration of the Internet in developing and developed countries, there is a chance that the adoption of cybersecurity solutions will increase.
- The increasing number of connected devices is expected to increase the occurrence and emergence of new threats and attacks, thereby creating an increased demand for improved security on consumer electronics that are highly vulnerable to cyber attacks, which further reveals the vulnerabilities of IoT devices as endpoints.
- Large businesses are implementing more data-based AI solutions for security and sales. Cybersecurity experts have turned to geospatial data to shore up the lines of defense. By implementing geospatial data into pre-existing security systems, companies can strengthen emergency management, national intelligence, infrastructure protection, and national defense platforms.
- The lack of trained cybersecurity staff in all sectors is one of the major causes of increased cyber attacks. The demand for experienced cybersecurity professionals, particularly in Asia-Pacific, is not as great as that of security staff who are needed to tackle cyber threats related to finance institutions and governments or industrial enterprises.
- The COVID-19 pandemic and the increase in work-from-home were the primary causes of this increase, as individuals working at home do not have the same level of protection/deterrent measures from a working environment. Cyber-attackers saw the pandemic as an opportunity to exploit the employees working from home's vulnerability and exploit the public's strong interest in coronavirus news so they would step up their criminal activities.
Singapore Cyber Security Market Trends
Cloud Deployment Drives Market Growth
- The demand for cloud solutions is high, and the adoption of on-demand security services is growing as more and more companies in Singapore recognize the need to save money and resources by moving data into a cloud rather than creating or maintaining new information storage.
- Due to these advantages, large and small domestic companies are increasingly adopting cloud-based solutions. Over the next couple of years, cloud platforms and ecosystems are expected to serve as starting points for an explosive increase in the pace and scale of digital innovation.
- Within a short timeframe, enterprises that experience fluctuations in demand for network bandwidth must be able to increase or decrease their capacity. In order to cope with business needs, cloud technologies enable enterprises to increase or decrease network capacity. This approach can help businesses to stand out from the competition in terms of cost savings. In view of the country's small and medium-sized enterprises being based here, cloud deployment of cybersecurity services has tended to increase in recent years.
- With cloud technology, companies are free to choose how and when they want to boost or reduce their network capacity according to business needs. It can reduce the cost of doing business and give businesses an advantage over their competitors.
- Moreover, an MoU was signed between Singapore and Australia to battle scam and spam communications. With the government's focus on building cybersecurity strength and the companies implementing cloud deployments, the segment is forecasted to drive market growth.
BFSI Holds the Highest Market Share
- BFSI is a critical infrastructure segment that faces multiple data breaches and cyber attacks, owing to its huge customer base and the financial information that it holds. It is one of the country's significant financial services and insurance sectors.
- Being a highly lucrative operation model with phenomenal returns and the added upside of relatively low risk and detectability, cybercriminals are optimizing a plethora of diabolical cyberattacks to immobilize the financial sector. These attacks' threat landscape includes trojans, malware, ATM malware, ransomware, mobile banking malware, data breaches, institutional invasion, data thefts, and fiscal breaches.
- In order to immobilize the financial sector as a highly lucrative business model with phenomenal returns and an added advantage of relatively low risk and detection, cybercriminals optimize various diabolical cyberattacks.
- The Singaporean government stated that it would invest SGD 1 billion (0.74 USD billion) until 2023 in its cyber and data security systems, as various agencies are increasingly adopting technologies such as cloud, artificial intelligence (AI), and Internet of Things (IoT).
Singapore Cyber Security Industry Overview
The Singaporean cybersecurity market is semi-consolidated. Players in the market such as Horangi Cyber Security, Wizlynx Pte Ltd, Attila Cybertech Pte Ltd, Tech Security, and Tenable Singapore adopt cater to strategic initiatives such as mergers and acquisitions, partnerships, and new product offerings due to increasing awareness regarding mobility security among enterprises.
- March 2024: Tenable, an exposure management company, announced innovative enhancements in exposure AI, the generative AI capabilities and services within its Tenable One Exposure Management platform. The new features enable customers to quickly summarize relevant attack paths, ask questions of an AI assistant, and receive specific mitigation guidance to act on intelligence and reduce risk.
- August 2023: Bitdefender announced the acquisition of Horangi Cyber Security, enabling it to offer customers an expanded portfolio of cybersecurity solutions and services and provide an even greater level of service, innovation, and value to meet evolving needs.
Singapore Cyber Security Market Leaders
Horangi Cyber Security
wizlynx Pte Ltd
Attila Cybertech Pte Ltd
Tech Security
Tenable Singapore
*Disclaimer: Major Players sorted in no particular order
Singapore Cyber Security Market News
- February 2024: Tenable announced the launch of Tenable One for OT/IoT. It is the first and only exposure management platform that provides holistic visibility into assets across IT and operational technology (OT) environments. It helps extend visibility beyond IT to include OT and IoT and helps security leaders gain a clear picture of true exposure across their entire attack surface.
- October 2023: Ensign InfoSecurity (Ensign) announced that it was granted a patent for a system and method for detecting phishing domains in a set of domain names and DNS records. The patent represents an important contribution to addressing the critical problem of detecting phishing sites, a tool often used by cybercriminals for phishing attacks.
Singapore Cybersecurity Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Industry Guidelines and Policies
4.4 Assessment of Impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rapidly Increasing Cybersecurity Incidents and Regulations Requiring Their Reporting
5.1.2 Growing M2M/IoT Connections Demanding Strengthened Cybersecurity in Enterprises
5.2 Market Challenges
5.2.1 Lack of Cybersecurity Professionals
5.2.2 High Reliance on Traditional Authentication Methods and Low Preparedness
6. MARKET SEGMENTATION
6.1 By Product Type
6.1.1 Solutions
6.1.1.1 Application Security
6.1.1.2 Cloud Security
6.1.1.3 Consumer Security Software
6.1.1.4 Data Security
6.1.1.5 Identity Access Management
6.1.1.6 Infrastructure Protection
6.1.1.7 Integrated Risk Management
6.1.1.8 Network Security Equipment
6.1.1.9 Other Solution Types
6.1.2 Services
6.2 By Deployment
6.2.1 On-Cloud
6.2.2 On-Premise
6.3 By End-user Industry
6.3.1 Aerospace and Defense
6.3.2 Banking, Financial Services, and Insurance
6.3.3 Healthcare
6.3.4 Manufacturing
6.3.5 Retail
6.3.6 IT and Telecommunication
6.3.7 Other End-user Industries
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 Horangi Cyber Security
7.1.2 wizlynx Pte Ltd
7.1.3 Attila Cybertech Pte Ltd
7.1.4 Tech Security
7.1.5 Tenable Singapore
7.1.6 InsiderSecurity
7.1.7 Ensign InfoSecurity (Singapore) Pte Ltd
7.1.8 iCyberwise
7.1.9 A Very Normal Company
7.1.10 GROUP8
7.1.11 Blackpanda
7.1.12 MK Cybersecurity
7.1.13 WebOrion
7.1.14 i-Sprint Innovations
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDs
Singapore Cyber Security Industry Segmentation
Cybersecurity solutions help organizations detect, monitor, report, and counter cyber threats to maintain data confidentiality. The adoption of cybersecurity solutions is expected to grow in line with the rising internet penetration among developing and developed countries. The need for cybersecurity has increased as every system in today's world is connected to the Internet, making data more accessible to cybercriminals.
The Singaporean cybersecurity market is segmented by product type (solutions [application security, cloud security, consumer security software, data security, identity and access management, infrastructure protection, integrated risk management, network security equipment, and other solutions] and services [professional and managed]), deployment (on-premise and cloud), and end-user industry (aerospace and defense, BFSI, healthcare, manufacturing, retail, IT and telecommunication, and other end-user industries). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Product Type | |||||||||||
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| Services |
| By Deployment | |
| On-Cloud | |
| On-Premise |
| By End-user Industry | |
| Aerospace and Defense | |
| Banking, Financial Services, and Insurance | |
| Healthcare | |
| Manufacturing | |
| Retail | |
| IT and Telecommunication | |
| Other End-user Industries |
Singapore Cybersecurity Market Research FAQs
How big is the Singapore Cybersecurity Market?
The Singapore Cybersecurity Market size is expected to reach USD 2.28 billion in 2024 and grow at a CAGR of 16.14% to reach USD 4.82 billion by 2029.
What is the current Singapore Cybersecurity Market size?
In 2024, the Singapore Cybersecurity Market size is expected to reach USD 2.28 billion.
Who are the key players in Singapore Cybersecurity Market?
Horangi Cyber Security, wizlynx Pte Ltd, Attila Cybertech Pte Ltd, Tech Security and Tenable Singapore are the major companies operating in the Singapore Cybersecurity Market.
What years does this Singapore Cybersecurity Market cover, and what was the market size in 2023?
In 2023, the Singapore Cybersecurity Market size was estimated at USD 1.91 billion. The report covers the Singapore Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Singapore Cybersecurity Industry Report
Statistics for the 2024 Cybersecurity in Singapore market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cybersecurity in Singapore analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
