Singapore Internet of Things (IoT) Market

Singapore IoT Market is project to add an incremental market revenues of over USD 4 billion between 2024 and 2031 driven by government Smart Nation initiatives, conducive infrastructure coupled with adoption of industry 4.0 in the Manufacturing and Logistics sector.

Introduction of the Singapore IoT Market Report

Internet of Things is the inter-networking of physical devices, buildings, and other items embedded with software, electronics, sensors, network connectivity, and actuators that allow these items to exchange and gather data. It is an ecosystem of several connected physical objects which are accessible through the internet or is referred to an ever-growing network of physical objects which features an IP address for the connectivity of internet and for the communication between these objects and other internet-enabled systems and devices. The objects and devices having built-in sensors are connected to the internet of things platform, which integrates the data from several dissimilar devices and then applies analytics for sharing the valuable information among the applications assembled to address the specific needs.

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Major Singapore Internet of Things Market Drivers

The Singapore Internet of Things (IoT) market is growing at a robust pace and several government initiatives for Smart Nation project is further propelling the IoT market in the region for coming years. The rising spending on Information and Communications Technology (ICT) by government to accelerate digital transformation is a significant factor driving the growth of the Internet of Things (IoT) market in Singapore. For instance, in 2021, the government of Singapore plans to spend S$3.8 billion on info-communications technology (ICT) procurement, an almost 10 per cent increase from FY20’s procurement value of S$3.5 billion, thereby raising the adoption of IoT projects in the country.

The rising demand for advanced logistics and supply chain in Singapore, as it has long been one of the world’s major logistics hubs, and digital transformation can help it remain so. The Singapore government has begun transforming logistics with the adoption of IoT as part of its $4.5 billion Industry Transformation Programme. It has goals to drive excellence in logistics operations and to be leaders in innovation, while also building a strong core of local logistics talent and making Singapore attractive to inward investment. This scheme is named the Logistics Industry Transformation Map (ITM). Internet of Things (IOT) solutions are helping logistics companies in Singapore make supply chains more efficient, enabling them to predict when parts need to be repaired or replaced, while sensors and data analytics tools let them keep more accurate inventory, thereby again reducing costs.

Restraint in the Singapore IoT Market

However, lack of technological unification and interoperability stands to be one of the restraining factors in the market. Currently, many IoT solutions run on various networks and different ecosystems, which can be both expensive and present logistical difficulties for providers. Furthermore, rising concerns for privacy and data security also acts a market restraint.

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Category – Segment Analysis

Based on category, the hardware segment is expected to grow at a fastest CAGR of during the forecast period. The hardware used in IoT systems comprises devices for a remote dashboard, devices for control, servers, routing or bridge device, and sensors. These devices operate key tasks and functions such as system activation, action specifications, security, communication, and detection to support specific goals and actions. The decreasing cost of sensors is further expected to augment market growth in the coming years.

Technology – Segment Analysis

Based on technology, the use of IoT in AI is expected to contribute to maximum revenues in the coming years. The combination of Artificial Intelligence and IoT offers superior benefits such as boosting operational efficiency, enhanced risk management, triggering new and improved products and services, enhancing the scalability of IoT, and eliminating the costly unplanned downtime in equipment breakdown. Some of the business models with AI-powered IoT are robots in manufacturing sectors, self-driving cars, retail analytics, and smart thermostat solution.

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End Use – Segment Analysis:

Based on end-use, the transportation and logistics segment stand as one of the leading segments and is projected to grow at highest CAGR till 2028. The factors proliferating the growth of the market in this segment includes the increasing adoption and implementation of smart logistics to deliver interoperability across supply chains, using IoT to improve decision-making for enterprises of all sizes. 

Key Developments:

• • In, 2021, StarHub and Software AG teamed up to offer end-to-end 5G ready IoT service for enterprises and accelerate IoT adoption in the country.
  • In 2021, Singtel launched its 5G Standalone (SA) network in the country. Owing to its greater bandwith and near-instant responses, 5G SA will help adoption of technologies such as IoT, self-driving cars, real time immersive entertainment among others.

Segments covered in the Report:

Singapore Internet of Things (IoT) Market has been segmented on the basis of category and end-use. Based on category, the market is segmented into device hardware, systems integration, software solutions and network connectivity. Based on end-use, the market is segmented into manufacturing, automotive, agriculture, retail, healthcare, transportation and logistics and others.

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Market Segmentation

Singapore IoT Market by Category

• • Device Hardware
  • Systems Integration
  • Software Solutions
  • Network Connectivity

Singapore IoT Market by End-Use

• • Manufacturing
  • Automotive
  • Agriculture
  • Retail
  • Healthcare
  • Transportation and Logistics
  • Others