Singapore Cybersecurity Market Size (2024 - 2029)

Singapore Cybersecurity 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).

According to the Cybersecurity Agency of Singapore, ransomware incidents, online scams, and Covid-19-related phishing activities dominated the cyber landscape of 2021. Moreover, the Cyber Security Agency stated that malicious cyber activities would continue to rise so long as COVID-19 remains a global healthcare crisis.

• After recognizing that the supply chain carries many cybersecurity risks, the Singapore government launched two initiatives to establish best practices to manage cybersecurity risks across the supply chain better. A total of 11 sectors were considered part of the critical information infrastructure responsible for delivering the country's essential services, such as government, energy, banking, and healthcare. For instance, in April 2022, the Cyber Security Agency of Singapore (CSA) launched new licensing rules for cybersecurity service providers to protect consumers' interests and solve the information asymmetry between consumers and providers.
• The CSA will provide licenses to two providers: penetration testing and managed security operations for center monitoring services. They include companies or individuals directly engaged in such services, third-party providers that support such companies, and resellers of the licensable cybersecurity services.
• Large enterprises (1,001+ employees) will account for the largest share of total IT security spending in Singapore over the forecast period, while micro, small and medium enterprises (1-1,000 employees) are expected to increase at a fast CAGR. A major driver of cybersecurity spending by SMEs is the SMEs Go Digital program launched by Singapore. This includes provisions for financial grants to SMEs to adopt pre-approved cybersecurity solutions.
• However, despite the rising cybersecurity market in the country, the country has been facing continuous cyber-attacks. According to a survey by CyberRisk Alliance, 73% of the cyber attacks led to breaches compared to 34%, which was the global average.
• Due to the ongoing COVID-19 outbreak, countries worldwide have implemented preventive measures. Moreover, the increase in remote connections augmented by work from home has increased the scope of cyber threats.

Singapore Cybersecurity 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 SIngapore 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), end-user industry (BFSI, healthcare, aerospace and defense, IT and telecommunication, government, retail, and manufacturing), and geography.