Singapore Cybersecurity Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

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

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.