Report Description

Singapore Internet of Things (IoT) market is driven by increasing adoption of the Industrial Internet of Things (IIoT), edge computing, 5G infrastructure, use of real-time analytics enabled by Artificial Intelligence (AI) and Machine Learning (ML) across the country in the forecast years. Technology has become the key enabler of excellence and businesses are gradually becoming mobile as digitalization emerges It boosts the singapore Internet of Things (IoT) market through the forecast period.

The Internet of Things (IoT) is a concept that refers to the collective network of connected devices and the technology that facilitates communication between devices and cloud amongst the devices. An Internet of Things (IoT) system consist of various web connected smart devices, sensors, processors, actuators, software, and network connectivity devices that facilitates these objects to exchange, collect, and process the data collected from their surrounding. These technologies are used across different applications such as manufacturing, media, healthcare, consumer applications, defences & aerospace, transportation, and others. Organizations across a wide range of businesses are gradually shifting to IoT technology to enhance organizational performance and better understand consumers to provide better customer services, enhanced decision-making, and commercial value. Platforms known as cloud computing, edge computing, machine learning, and IIoT platforms are used in the context of IoT and IoT-based solutions to connect the diverse devices, data sources, and users. Access to low-cost, low power sensor technology, high-connectivity with real-time data collection and better business opportunities are some of the prominent benefits enabling the growth of Singapore Internet of Things (IoT) Market.  

Growing adoption of cloud-based deployment models and low operating costs

One of the main drivers for small and medium-sized businesses is the demand for inexpensive data storage, backup, and data security (SMEs). The connected supply chain and smart manufacturing processes depend heavily on connected and smart items. The development of affordable connected devices has also made it possible for manufacturers to use IoT technology to reduce resource consumption and boost overall productivity. Additionally, as IoT applications have a low operational cost, many manufacturers seek to integrate them into their machinery to increase efficiency while lowering costs. For instance, in 2018 “Cloud First” strategy was announced by the government of Singapore with 55% system to be migrated on the government commercial cloud (GCC) and planning to reach 70% by 2023. Moreover, the government has set aside USD 1 Billion in procurement opportunities for application system on GCC that will be developed on the cloud.