Singapore Internet of Things Market is Growing Due to Government Investments to Accelerate Digital Transformation by 2028.
The increasing demand of digital
transformation and growing adoption of cloud-based deployment models and low
operating costs is expected to drive the growth of the Singapore Internet of
Things (IoT) Market in the forecast period of 2024-2028.
According to
TechSci Research report, Singapore Internet of Things Market - Country
Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the Singapore
Internet of Things market is anticipated to register a robust growth during the
forecast period, 2024-2028. The Singapore Internet of Things Market is
rising owing to the increasing demand for digital transformation in industries,
rising penetration of internet, and growing mobile devices adoption. Moreover, the
growing popularity of smart city technologies has encouraged stakeholders to
increase their penetration into undeveloped regions. The demand for smart
houses and buildings will further increase the popularity of smart meters,
smart lighting, and sensors. It is important to note that Industry 4.0 has
generated a wave of innovation in both developed and developing countries. Digital
industrial platforms require emerging technologies like IoT that play a crucial
role in making digital transformation solutions useful and user friendly.
Meaningful customer experience, higher business efficiency, reduced operational
costs, improved employee productivity, scope for innovation is some of the
benefits of IoT enabling enterprise digital transformation solution. The
extensive use of IoT solutions in various sectors including private
organizations, government, retail, healthcare, BFSI, and others are anticipated
to act as a catalyst in the growth of the Singapore Internet of Things Market.
Moreover, adopting
the most recent technological developments like IIoT, AI, ML, and 5G
technologies to an industrial setting to enhance business operations is the
main goal of digital industrial platforms. Any industrial firm embarking on the
digital transformation must possess knowledge and proficiency in disciplines
including communication protocols, data storage, data processing, data
analytics, and application programming to name a few. The demand from
industries for the adoption of IIoT platforms from an end-user side and
better technology advances from a supplier side, both of which are driving market
growth, is being met by a modern, digital-native technical workforce that is
more skilled in these fields.
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The
Internet of Things Market is segmented into platform, component, application,
and region. By platform, it is categorized into network management, application
management and device management. The component market is bifurcated into
hardware, software, and services. In terms of hardware, the market is further
segmented into gateways and devices, whereas in terms of software, the market
is segmented into real time streaming analytics, security, data management,
remote monitoring, and network bandwidth management while for services the
market is segmented into professional services & managed services. The
application segment is further divided into consumer electronics, smart
mobility & transportation, building & home automation, connected logistics,
smart retail, and others.
By platform type the network management platform holds the largest
share in the market due to growing demand for remote monitoring systems and internet-enabled
devices in the business. The network management solutions are device independence
and offer a simple method to integrate hardware models and data structures from
different vendors into the workflow. Additionally, users must maintain firmware
and software upgrades, monitor device health, protect access to these devices,
and resolve problems remotely. These advantages are leading to growth in the network
management segment.
Based on component area, software segments hold the largest share in
the market. Software components enable business applications that enhance operational
efficiencies, develop new revenue generating opportunities and help enrich
customer experience. Software solutions offer a wide range of connecting IoT
devices technologies that assist businesses meet their objectives and maintain
a crucial competitive advantage. Moreover, software solutions offer excellent
visibility and control over assets from a remote location, thus allowing for
flexibility in decentralized locations.
Based on application, consumer electronics hold the largest share in
the market as cloud computing expansion and Industrial Internet of things
adoption will further automate the machinery as each device is connected to
sensors that gather the necessary data. For instance, home appliances being
powered by IoT may be helpful in lowering human efforts. The sensing,
actuation, preventive maintenance, product malfunction prediction capability
and enriching customer experience are enabling businesses to adopt IoT in
consumer electronic devices. Furthermore, the increasing use of smartphones
& tablets controlling IoT devices and advancement in IoT security drive the
consumer electronics application segment. Thus, enabling the demand for
internet of things in the market.
Key market
players in the Singapore internet of things (IoT) market:
- International Singapore Pte.
Ltd.
- Intel
Technology Asia Pte Ltd
- Cisco
Systems Inc. Singapore
- Singapore
Telecommunications Limited
- StarHub
Ltd
- Tata
Communications International Pte. Limited (TCIPL)
- General
Electric International, Inc. Singapore
- DXC
Technology Singapore Pte. Ltd.
- M1 Ltd
- UnaBiz Holdings Pte Ltd.
Recent
Development:
- On Nov
25, 2022: SAP SE and HCLTech announced the launch of virtual startup program
that focused on intelligence enterprise at SAP.io Foundry Singapore. These five
international startups were selected by a jury of experts from SAP and HCLTech
to join the program to build innovative solutions in Industry 4.0,
sustainability and the metaverse.
- On Jan
18, 2023: Singtel Inc, an IoT service provider firm made an announcement to launch
the latest enterprise communication solutions from Zoom Video Communications,
Inc. The company aims to enhance customer service delivery, operational
efficiency, and support overall digital transformation.
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“Ongoing advancements in
technology such as Cloud, Artificial Intelligence, big data, cloud computing,
mobility, and IIoT and many more approach that will lead to a breakdown barrier
between providers are boosting the Singapore Internet of Things Market in the
forecast years. Businesses are integrating IoT technology into high-speed
networks. In addition, consumer preference towards smart devices, and the use
of digitization in smart cities are anticipated to fuel market expansion is a
boosting factor for the market across Singapore. Moreover, supportive
government initiatives and policies for boosting services all over the region
with emerging technologies has also been positively influencing the market with
a continuous urge for launching new service plans and platform in the upcoming
years. Additionally, it is anticipated that the market for asset-centric
applications would rise as smart, secure, and connected technologies are
increasingly being adopted along with several countries’ collaboration to
secure IoT based devices throughout the region are further anticipated to fuel
market expansion in Singapore.” said, Mr. Karan Chechi, Research Director with
TechSci Research, a research-based Singapore management consulting firm.
“Singapore IoT Market Segmented By
Platform (Network Management, Application Management and Device Management), By
Component (Hardware (Device & Gateways), Software (Real Time Streaming
Analytics, Security, Data Management, Remote Monitoring, and Network Bandwidth
Management) and Services (Professional Services & Managed Services)), By
Application (Consumer Electronics, Smart Mobility & Transportation,
Building & Home Automation, Connected Logistics, Smart Retail, and Others) By
Region, Competition”
has
evaluated the future growth potential of Singapore Internet of Things market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Singapore Internet of Things (IoT) market.
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