Singapore Cybersecurity Market
Singapore Cybersecurity Market, By Component (Hardware, Software, Services); By Software (APT, Threat Intelligence Platform, Security & Vulnerability Management, Network Access Control, Antivirus/Antimalware, Firewall, Secure Web Gateway, Encryption, Disaster Recovery, Risk & Compliance Management, Others); By Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others); By Deployment Type (Cloud-based, On-Premises); By Organization Size (SMEs, Large Enterprises); By Application (IT & Telecom, Retail, BFSI, Healthcare, Aerospace & Defense, Manufacturing, Energy & Utilities, Others), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
- Published Date: August 2023
- Report ID: BWC23630
- Available Format: PDF
- Page: 200
Report Overview
Increasing incidences of cybercrimes and rapid digital transformation across industries are expected to boost the growth of Singapore cybersecurity market during the forecast period between 2023 and 2029.
Singapore Cybersecurity Market - Industry Trends & Forecast Report, 2029
Singapore cybersecurity market size was estimated to be worth USD 1.71 billion in 2022. During the forecast period between 2023 and 2029, the Singapore cybersecurity market size is projected to grow at a CAGR of 16.20%, reaching a value of USD 4.86 billion by 2029. Major growth factors for the Singapore cybersecurity market include the increasing prevalence of cyberattacks in the country and robust cybersecurity laws for better management of cyberattacks. The rising adoption of cybersecurity services among small and medium-sized companies is anticipated to offer lucrative growth opportunities for the market.
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. Additionally, since organizations gather, store, and use a lot of private data online, cybersecurity is a primary priority for corporations and military, financial, and healthcare organizations.
Singapore Cybersecurity Market
Growth Drivers
Stringent Compliance and Regulatory Requirements
Check Point Research (CPR) findings show that in 2021, there was a 145% year-over-year (YoY) rise in cyberattacks in Singapore due to the spike in remote working and online collaboration as well as rising use of cloud computing and Internet of Things (IoT). As a result, the Singapore government is laying out policies and framework to strengthen the cybersecurity ecosystem in the country. Cybersecurity Code of Practice (2022), Cybersecurity Strategy (2022), SG Cybersafe Program (2021), and Cybersecurity Act (2018) are few initiatives by the government to improve cybersecurity defenses of the country. These initiatives are projected to boost the Singapore cybersecurity market during the forecast period.
Restraints
High Implementation Cost
The high cost of installation and internet security solutions and services prevent SMEs from adopting cybersecurity solutions, which is expected to restrain the growth of the Singapore cybersecurity market.
Impact of COVID-19 on Singapore Cybersecurity Market
The unprecedented surge in cyberattacks in Singapore during the COVID-19 outbreak resulted in 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.
Singapore Cybersecurity Market
Segmental Coverage
Singapore Cybersecurity Market – By Component
Based on component, the Singapore cybersecurity market is divided into hardware, software, and services segments. The services segment accounts for the largest share of the Singapore cybersecurity market, due to the increased demand for maintenance and upgrade services, as well as consulting services, from small and medium-sized enterprises (SMEs). SMEs usually consult with other companies before deploying any cybersecurity solutions because of their small staff and limited resources.
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 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.
Singapore Cybersecurity Market – By Security Type
Based on security type, the Singapore cybersecurity market is segmented into network security, endpoint security, application security, cloud security, and others. Cloud security accounts for the largest share of the market. With cloud security, companies can better protect their digital assets and reduce the likelihood of human mistakes, reducing the possibility that significant losses may occur from breaches that might have been avoided. Network security, however, is also rapidly gaining traction in the industry to improve defense against malware and other attacks like distributed denial of service.
Singapore Cybersecurity Market – By Deployment Type
Based on deployment type, the Singapore cybersecurity market is segmented into cloud and on-premises. The on-premises deployment accounts for a higher share in the Singapore cybersecurity market. Local storage gives businesses total control over data and security. Another benefit of on-premises systems is that staff members may still access the information even if network problems prevent them from connecting to the Internet. However, due to the increased use of SaaS in the wake of the COVID-19 pandemic, cloud deployment is anticipated to see the fastest growth rate over the projection period.
Singapore Cybersecurity Market – By Organization Size
Based on organization size, the Singapore cybersecurity market is segmented into SMEs and large enterprises. The large enterprise segment holds the highest share of the market. The growth in cyberattacks, which expose large firms to unexpected losses in income and reputation, is an important factor driving market growth. However, SMEs are expected to register the highest growth rate during the forecast period. The growth of this segment is mainly attributed to favorable grants by the Singapore government, such as the SMEs Go Digital Program.
Singapore Cybersecurity Market – By Application
Based on application, the Singapore cybersecurity market is segmented into IT & telecom, retail, BFSI, healthcare, aerospace & defense, manufacturing, energy & utilities, and others. The BFSI dominates the Singapore cybersecurity market by application due to the significant danger of cyberattacks on financial institutions like banks. Customers and their data are now more vulnerable to possible ransomware attacks and other cybercrimes as Internet banking and online payment systems become more widely used. The healthcare sector is also gaining traction owing to the rising risk of theft of critical patient data.
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.
Recent Developments
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In June 2023 – Postika, a global cybersecurity and IT services provider, gained the new Managed SOC Monitoring Services License from CSA Singapore.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2022 |
Base Year – 2022 |
|
Estimated Year – 2023 |
|
Forecast Period – 2023–2029 |
|
Facts Covered |
Revenue in USD Billion |
Product/ Service Segmentation |
Component, Software, Security Type, Deployment Type, Organization Size, Application |
Key Players |
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, McAfee |
By Component
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Hardware
-
Software
-
Services
By Software
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APT
-
Threat Intelligence Platform
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Security & Vulnerability Management
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Network Access Control,
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Antivirus/Antimalware
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Firewall
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Secure Web Gateway
-
Encryption
-
Disaster Recovery
-
Risk & Compliance Management
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Others
By Security Type
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Network Security
-
Endpoint Security
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Application Security
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Cloud Security
-
Others
By Deployment Type
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Cloud-based
-
On-Premises
By Organization Size
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SMEs
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Large Enterprises
By Application
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IT & Telecom
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Retail
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BFSI
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Healthcare
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Aerospace & Defense
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Manufacturing
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Energy & Utilities
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Others
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Singapore Cybersecurity Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Increasing Number of Cyber Threats
- Rapid Digital Transformation Across Industries
- Stringent Compliance and Regulatory Requirements, Particularly in Sectors such as Banking, Finance, and Healthcare
- Restraints
- Shortage of Skilled Professionals
- Cost Constraints
- Opportunities
- Growing Demand for Managed Security Services
- Emphasis on Innovation And Research
- Challenges
- Adoption of Emerging Technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and Blockchain
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Singapore Cybersecurity Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Billion)
- Market Share & Forecast
- By Component
- Hardware
- Software
- Services
- By Software
- APT
- Threat Intelligence Platform
- Security & Vulnerability Management
- Network Access Control,
- Antivirus/Antimalware
- Firewall
- Secure Web Gateway
- Encryption
- Disaster Recovery
- Risk & Compliance Management
- Others
- By Security Type
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others
- By Deployment Type
- Cloud
- On-Premises
- By Organization Size
- SMEs
- Large Enterprises
- By Application
- IT & Telecom
- Retail
- BFSI
- Healthcare
- Aerospace & Defense
- Manufacturing
- Energy & Utilities
- Others
- By Component
- Market Size & Forecast, 2019–2029
- Competitive Landscape
- List of Key Players and Their Range
- Singapore Cybersecurity Company Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Merger, Acquisition, Partnership)
- Impact of Covid-19 on Singapore Cybersecurity Market Industry
- Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, SWOT Analysis)
- 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
- McAfee
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents
- Assumption & Limitation
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 Singapore Cybersecurity Segmentation
Figure 2 Singapore Cybersecurity Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 Singapore Cybersecurity Market Size, By Value (USD Billion), 2019–2029
Figure 5 Singapore Cybersecurity Market Share, By Component, By Value, 2019–2029
Figure 6 Singapore Cybersecurity Market Share, By Software, By Value, 2019–2029
Figure 7 Singapore Cybersecurity Market Share, By Security Type, By Value, 2019–2029
Figure 8 Singapore Cybersecurity Market Share, By Deployment Type, By Value, 2019–2029
Figure 9 Singapore Cybersecurity Market Share, By Organization Size, By Value, 2019–2029
Figure 10 Singapore Cybersecurity Market Share, By Application, By Value, 2019–2029
List of Tables
Table 1 Singapore Cybersecurity Market Size, By Component, By Value, 2019–2029
Table 2 Singapore Cybersecurity Market Size, By Software, By Value, 2019–2029
Table 3 Singapore Cybersecurity Market Size, By Security Type, By Value, 2019–2029
Table 4 Singapore Cybersecurity Market Size, By Deployment Type, By Value, 2019–2029
Table 5 Singapore Cybersecurity Market Size, By Organization Size, By Value, 2019–2029
Table 6 Singapore Cybersecurity Market Size, By Application, By Value, 2019–2029
Table 7 Palo Alto Networks Company Overview
Table 8 Palo Alto Networks Financial Overview
Table 9 Symantec Corporation Company Overview
Table 10 Symantec Corporation Financial Overview
Table 11 Check Point Software Technologies Company Overview
Table 12 Check Point Software Technologies Financial Overview
Table 13 FireEye Company Overview
Table 14 FireEye Financial Overview
Table 15 Trend Micro Company Overview
Table 16 Trend Micro Financial Overview
Table 17 RSA Security Company Overview
Table 18 RSA Security Financial Overview
Table 19 Fortinet Company Overview
Table 20 Fortinet Financial Overview
Table 21 CyberArk Company Overview
Table 22 CyberArk Financial Overview
Table 23 F-Secure Company Overview
Table 24 F-Secure Financial Overview
Table 25 Trustwave Holdings Company Overview
Table 26 Trustwave Holdings Financial Overview
Table 27 NTT Security Company Overview
Table 28 NTT Security Financial Overview
Table 29 Akamai Technologies Company Overview
Table 30 Akamai Technologies Financial Overview
Table 31 Cisco Systems Company Overview
Table 32 Cisco Systems Financial Overview
Table 33 IBM Security Company Overview
Table 34 IBM Security Financial Overview
Table 35 McAfee Company Overview
Table 36 McAfee Financial Overview
Market Segmentation
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