Public Cloud - Singapore

  • Singapore
  • In Singapore, revenue in the Public Cloud market is projected to reach US$7,481.00m in 2024.
  • Platform as a Service dominates the market in Singapore with a projected market volume of US$2,725.00m in 2024.
  • Revenue in Singapore is expected to show an annual growth rate (CAGR 2024-2029) of 18.13%, resulting in a market volume of US$17,210.00m by 2029.
  • In global comparison, most revenue will be generated the United States (US$388.50bn in 2024).
  • Singapore is witnessing a robust growth in the Public Cloud market, driven by increasing demand for digital transformation and enhanced data security solutions.

Key regions: United States, Germany, China, Japan, United Kingdom

 
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Analyst Opinion

The Public Cloud market in Singapore is experiencing rapid growth, driven by factors such as increasing adoption of digital technologies, growing awareness of the benefits of cloud services, and the convenience of online solutions. The market's considerable growth rate can be attributed to the various sub-markets, which are providing a wide range of services to businesses and individuals. These sub-markets are constantly evolving and offering innovative solutions, further fueling the growth of the overall market.

Customer preferences:
The rise of remote work and virtual collaboration has accelerated the adoption of public cloud services in Singapore, as businesses seek flexible and scalable solutions to support their operations. This trend is also reflected in the growing demand for data storage and management tools to support remote work and facilitate seamless collaboration between teams. Additionally, the growing availability of high-speed internet and increasing digital literacy among the younger population are contributing to the surge in public cloud usage.

Trends in the market:
In Singapore, the Public Cloud Market is experiencing a surge in demand for hybrid cloud solutions, as businesses seek to optimize their IT infrastructure and reduce costs. This trend is expected to continue as more companies adopt a cloud-first approach and prioritize digital transformation. Additionally, the rise of edge computing and the Internet of Things (IoT) is driving the need for scalable and secure cloud solutions. These trends have significant implications for industry stakeholders as they navigate the competitive landscape and capitalize on the growing demand for cloud services. As a result, we can expect to see increased partnerships and collaborations among cloud providers and a greater focus on innovation to meet the evolving needs of businesses in Singapore.

Local special circumstances:
In Singapore, the Public Cloud Market is thriving due to the country's strong digital infrastructure and government support for technology adoption. Additionally, its strategic location in Southeast Asia has made it a hub for multinational companies, driving the demand for cloud services. The country's strict data privacy laws and highly skilled workforce have also contributed to the growth of the market. Singapore's multicultural society and emphasis on efficiency have resulted in a highly competitive and innovative cloud market, with a focus on advanced technologies such as artificial intelligence and blockchain.

Underlying macroeconomic factors:
The Public Cloud Market in Singapore is heavily influenced by macroeconomic factors such as government policies, technological advancements, and investment in digital infrastructure. Singapore's strong economic growth and stable political climate have attracted significant investments in the public cloud sector, driving market expansion. Additionally, the increasing demand for cost-effective and flexible IT solutions, coupled with the country's high internet penetration rate, has led to a growing adoption of public cloud services. Furthermore, Singapore's strategic location and advanced telecommunications infrastructure make it an ideal hub for data centers, further fueling the growth of the public cloud market.

Methodology

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the money spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and reports from our primary research. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and level of telecommunications infrastructure. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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