To prepare Singapore for the new digital economy, the Infocomm Media Industry Transformation Map aims to grow the ICM industry’s value-add by 6% annually. It is also expected to employ over 210,000 workers and create over 13,000 new PMET jobs by 2020.
To cater to the growing bandwidth demand and mobile adoption rate, countries are intensifying investments in Information and Communication Technology (ICT), bringing about greater worldwide connectivity. This encourages firms in the ICT space to rethink business strategies, build new capabilities and develop competitive advantage by tapping on advancements in network connectivity, cloud computing and information security.
The infocomm industry in Singapore is expected to employ more than 210,000 workers and create more than 13,000 professional jobs by 2020.
Businesses are no longer constrained by traditional software and hardware licensing models and can enjoy lower upfront costs and greater scalability, among other benefits.
Enterprise Singapore helps firms forge collaborative, high-impact partnerships to extend existing capabilities and provide unique value to international businesses across three types of services: Infrastructure as a Service (IaaS) , Platform as a Service (PaaS), and Software as a Service (Saas). Services delivered through the cloud create new opportunities for cloud-ready data security and analytics solutions.
With cyber attacks increasingly becoming a threat, demand for cyber security solutions has shot up. World spending on information security is predicted to exceed US$ 1 trillion in cumulative spending from 2017 to 2021.
Cyber security firms can gain a competitive advantage by establishing good relations with critical clients and industry leaders to enhance their credibility. They should focus on solutions in high growth areas such as cloud computing and mobile devices. Firms can also provide innovative solutions in untapped regional markets in line with the industry’s best practices. Enterprise Singapore helps firms collaborate with industry leaders and reach out to a wider network of clients.
The increase in mobile devices and the advent of Internet of Things (IoT) resulted in global Internet traffic surging to unprecedented levels in recent years. Network infrastructure and services are growing to address this demand for bandwidth.
To compete, firms can diversify beyond their traditional offerings to introduce innovative IOT applications. This allows them to build new revenue streams while retaining existing clients. To widen their presence, firms can enter markets where there is less competition, or build alliance partnerships in more established regions with major overseas players across three fronts: satellite communications, land network connectivity and subsea communication cables.
With more than 50 billion connected devices estimated to be in service by 2020, smart cities, autonomous vehicles and artificial intelligence are quickly becoming realities. All these have led to the emergence of new business models built around smart devices, high-speed networks and cloud computing. It also causes disruption to traditional firms in the technology, media, and telecommunications (TMT) sectors. They are forced to innovate, deploy new technologies, and redevelop business models in order to maintain their competitive edge. These companies must reinvent themselves to adopt a digital strategy and leverage open platforms, cloud infrastructure and various Over-the-top (OTT) services to grow their business.
The Internet business sector covers companies that build their services on Internet technologies. These companies fall within the e-commerce ecosystem that includes E-market platforms, E-fulfilment and E-services. E-market platform refers to the platforms where online retail transactions take place and is expected to capture a value larger than S$16 billion by 2020 in Southeast Asia. E-fulfilment is the payments and delivery of products and services. Lastly, E-services relates to services such as social media marketing, cyber security and analytics that can be used to further enhance customer experiences.
Internet of Things (IoT) is one of the hottest trends with a predicted global market opportunity of US$7.1 trillion in 2020. Decreasing sensor costs, improving power efficiency, ubiquitous connectivity are just some of the trends driving the proliferation of IoT devices. IoT can bring change and innovation to many traditional industries.
Entertainment and media spending worldwide is expected to reach almost US$1.3 billion by 2020. This is fuelled by economic growth, the prevalence of smartphones and the shift toward screen culture. The media sector consists of several industries, including interactive digital media, gaming, animation, broadcast and production.
Telcos are increasingly under tremendous pressure to identify new sources of revenue. The global telecommunication industry is expected to grow at a moderate 2.1% by 2020, with an estimated revenue of US$2.4 trillion. This prompted the expansion of telcos into other niche verticals such as the Over the Top (OTT) applications and mobile payments services that are beyond the traditional voice and broadband services.