Report Overview

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

• 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

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Singapore Cybersecurity Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing Number of Cyber Threats
         2. Rapid Digital Transformation Across Industries
         3. Stringent Compliance and Regulatory Requirements, Particularly in Sectors such as Banking, Finance, and Healthcare
      2. Restraints
         1. Shortage of Skilled Professionals
         2. Cost Constraints
      3. Opportunities
         1. Growing Demand for Managed Security Services
         2. Emphasis on Innovation And Research
      4. Challenges
         1. Adoption of Emerging Technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and Blockchain
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Singapore Cybersecurity Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Component
         1. Hardware
         2. Software
         3. Services
      2. By Software
         1. APT
         2. Threat Intelligence Platform
         3. Security & Vulnerability Management
         4. Network Access Control,
         5. Antivirus/Antimalware
         6. Firewall
         7. Secure Web Gateway
         8. Encryption
         9. Disaster Recovery
         10. Risk & Compliance Management
         11. Others
      3. By Security Type
         1. Network Security
         2. Endpoint Security
         3. Application Security
         4. Cloud Security
         5. Others
      4. By Deployment Type
         1. Cloud
         2. On-Premises
      5. By Organization Size
         1. SMEs
         2. Large Enterprises
      6. By Application
         1. IT & Telecom
         2. Retail
         3. BFSI
         4. Healthcare
         5. Aerospace & Defense
         6. Manufacturing
         7. Energy & Utilities
         8. Others
5. Competitive Landscape
   1. List of Key Players and Their Range
   2. Singapore Cybersecurity Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership)
6. Impact of Covid-19 on Singapore Cybersecurity Market Industry
7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, SWOT Analysis)
   1. Palo Alto Networks
   2. Symantec Corporation
   3. Check Point Software Technologies
   4. FireEye
   5. Trend Micro
   6. RSA Security
   7. Fortinet
   8. CyberArk
   9. F-Secure
   10. Trustwave Holdings
   11. NTT Security
   12. Akamai Technologies
   13. Cisco Systems
   14. IBM Security
   15. McAfee
   16. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents
   5. Assumption & Limitation

*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