Singapore Software Development Market

There are various leading global companies in Singapore. For example, HP Enterprise Server, Storage and Networking (ESSN) uses Singapore as a global and regional manufacturing hub for Business Critical Systems (BCS), networking, and storage devices based on Singapore's supply chain management capabilities and global logistics infrastructure. Besides, the Singapore government is trying to create a safe and reliable information and communication environment by strengthening cybersecurity by establishing the Cyber Security Agency (CSA) as an affiliate of the Prime Minister's Office. Interpol also opened its first international cybercrime center, the Interpol Global Complex for Innovation, in Singapore in April 2015. Based on this infrastructure, leading companies such as Google, Microsoft, and Singtel opened a data center in Singapore. In July 2015, Alibaba also announced plans to open a data center in Singapore. The Singapore Software Development market is analyzed to be EUR 25,169 million in 2021 and is projected to reach EUR 34,413 million by 2027, growing at a CAGR of 5.30 % during the forecast period of 2022-2027.

Significant monetary support and initiatives by the Singapore government is one of the major factors driving the growth of the Singapore Software development Market. Singapore government set aside around SG$24 billion (US$18.1 billion) over the next 3 years to help local businesses innovate and build capabilities needed to take them through the next phase of transformation. The financial boost is to go towards various initiatives such as the Emerging Technology Program, which will see the government co-fund the cost of trials and adoption of emerging technologies including 5G, artificial intelligence (AI) and cybersecurity. Under the Startup SG Equity scheme, the Singapore government is co-investing with 11 private investment partners in startups that require significant capital expenditure and may take longer to be commercially viable. For startups that are improving existing technologies, the Singapore government will provide 70% of the funding in an initial investment round of S$250K. Thereafter, the Singapore government will invest S$1 for every S$1 invested by private investors up to a cap of S$2 million.

By language, the software market is further fragmented into Java, JavaScript, Python, C++, PHP, Scala, Ruby, LISA, Perl, SQL, Android, iOS, and others. Above all, the JavaScript segment accounted for the dominant market share in 2021 among other programming languages. In this region, Octal Info Solution provides MEAN Stack  a full stack JavaScript framework that stands for MongoDB, ExpressJS, AngularJS and Node.js, enabling rapid development of JavaScript while it also simplifies and accelerates web application development.

In terms of market demand, the market is segmented by In-House on Payroll, Hired from Secondment Providers, Hired Freelancers and Fully Outsourced. The inhouse on payroll segment accounted for the biggest revenue share in 2021 and is projected to hold its dominance for the next 5 years owing to the presence of major government bodies which support the in-house on payroll sector such as Inland Revenue Authority of Singapore. The presence of major act for the payroll scheme in Singapore may boost its market growth.

By deployment type, the Cloud segment had the majority of overall market share in 2021 owing to the wide usage of it by various business. As a part of this, in November 2021, Oracle is expanding its cloud business in Asia. Oracle’s investment in Singapore involves the opening of the Oracle Cloud Singapore Region, bringing the total of the firm’s cloud regions globally to 33. The new cloud region will be serving the broader Southeast Asian region where demand for enterprise cloud services has picked up. 

With regard to business size, the enterprise business segment held the highest market share in the Singapore Software development market in 2021 based on the various government supports to strengthen the sector. The government announced in February 2022 that it will invest $150 million in research and development (R&D) of space capabilities applicable to key industrial sectors for Singapore and daily life. The investment will be made by the Office for Space Technology and Industry — which oversees the country’s space industry — and the National Research Foundation.

By end-use industry, the market is poised with respect to the end-use industries to be processed including Banking and Financial Institution, Insurance Firms, Media and Entertainment, Government, Defense, Telecommunication, Automotive, Consumer Goods and Retail, Healthcare, Manufacturing, and others. The Banking and Financial Institution segment generated the largest market share in 2021. The presence of major banks in Singapore such as HSBC, Citibank, Standard Chartered, Maybank, ABN AMRO and BNP Paribas is also set to increase the demand for software services.

The base year of the study is 2021, with forecast done up to 2027. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. These provide the key market participants with the necessary business intelligence and help them understand the future of the Singapore Software Development Market. 

The report segments Singapore Software Development Market on the basis of language, market demand, deployment type, business size and end use industry as follows:

By Language: Java, JavaScript, Python, C++, PHP, Scala, Ruby, LISA, Perl, SQL, Android, iOS, and Others

By Market Demand: In House on Payroll, Hired from Secondment Providers, Hired Freelancers, Fully Outsourced

By Deployment Type: On-Premise, Cloud

By Business Size: Small and Medium Business, Enterprise, and Government

By End-use Industry: Banking and Financial Institution, Insurance Firms, Media and Entertainment, Government, Defence, Telecommunication, Automotive, Consumer Goods and Retail, Healthcare, Manufacturing and Others