Singapore Cybersecurity Market Size Zooming 2.8X to Touch USD 5 Billion by 2029

Published | 04 August 2023

Singapore cybersecurity market is gaining traction because of the increasing number of cyber threats and rapid digital transformation across industries.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Singapore cybersecurity market size at USD 1.71 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Singapore cybersecurity market size to grow at a CAGR of 16.20% reaching a value of USD 4.86 billion by 2029. Strong cybersecurity legislation for better management of cyberattacks and the rising incidence of cyberattacks in the country are two significant growth factors for the Singapore cybersecurity market. It is projected that the market will witness profitable growth during the forecast period due to the growing acceptance of cybersecurity services among small and medium-sized businesses.

Singapore Cybersecurity Market – Overview

Security is the process of guarding against unwanted access to networks, systems, and applications, as well as online or digital threats. Numerous strategies can be used to combat cybercrime, including but not limited to critical infrastructure security, network security, application security, cloud security, disaster recovery/business continuity planning, storage security, and others. As organizations also gather, store, and use a lot of private data online, cybersecurity is a primary priority for corporations and military, financial, and healthcare organizations.

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Singapore Cybersecurity Market

Segmental Information

Singapore Cybersecurity Market – By Software

Based on software, the Singapore cybersecurity market is segmented into APT, threat intelligence platform, security & vulnerability management, network access control, antivirus/antimalware, firewall, secure web gateway, encryption, disaster recovery, risk & compliance management, and others. The network access control software segment holds the highest market share. Network access control is a method of preventing unwanted users and devices from connecting to a business or private network. This kind of traction is immensely gaining traction in the healthcare sector as it assists in boosting ransomware defense, improves healthcare security, and shields equipment and medical records from attackers.

Impact of COVID-19 on Singapore Cybersecurity Market

The unprecedented surge in cyberattacks across Singapore during the COVID-19 outbreak resulted in a significant demand for cybersecurity in the country. The rising adoption of remote working and the use of Wi-Fi networks posed serious security risks to the systems. According to research by the software giant VMware, almost eight out of ten public and private sector organizations in this country blamed such a working structure for an increase in cyberattacks generally. The research also revealed that the outdated security systems used by industries are to be blamed for the surge in cyberattacks during the pandemic.

Competitive Landscape

Major players operating in the Singapore cybersecurity market include Palo Alto Networks, Symantec Corporation, Check Point Software Technologies, FireEye, Trend Micro, RSA Security, Fortinet, CyberArk, F-Secure, Trustwave Holdings, NTT Security, Akamai Technologies, Cisco Systems, IBM Security, and McAfee. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Singapore Cybersecurity Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Singapore Cybersecurity Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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