Digital transformation is imperative, and the opportunities in a digital economy await all types of companies. To unlock the opportunities that technology and digitalisation can bring, the Infocomm Media industry has to play its unique dual role in Singapore’s future economy, both in transforming its own sector and as a growth multiplier for other sectors in the economy.
As the Infocomm Media industry continues to grow, the industry will move towards a new era of massive digitalisation. Apart from digitalisation, companies will need to harness frontier technologies in the future economy. Singapore will need to build the following four key frontier tech capabilities:
- Cyber Security
- Immersive Media
- Artificial Intelligence & Data Science
As Singapore transitions to building a digital economy in a Smart Nation, Infocomm Media (ICM) will be a key driver in transforming the way we live, work, play and learn in Singapore. A key enabler for all industries, ICM will enhance Singapore’s competitiveness by raising productivity and transforming work processes through a highly-skilled and specialised workforce.
Exciting career prospects abound for individuals who are keen to forge a rewarding and fulfilling career in ICM.
- The number of infocomm media professionals employed in the sector was 194,000 in 2016
- By 2020, the Infocomm Media industry’s value-added is expected to grow at around 6% annually, almost twice as fast as the overall economy
- By 2020, the ICM sector is expected to employ more than 210,000 workers, and create more than 13,000 new Professional, Manager, Executive and Technician (PMET) jobs
- Revenue grew by compound annual growth rate (CAGR) of 13.2 per cent per annum from 2011 to 2016 to reach S$175.8 billion in 2016, largely due to re-exports of mobile and smart phones and storage devices.
- Export revenue grew from S$58.7 billion in 2011 to S$127.8 billion in 2016. Domestic revenue grew from S$35.8 billion in 2011 to S$48.0 billion in 2016.
- The hardware (74.3 percent), IT services (9.2 percent) and software (8.7 per cent) segments were the key contributors to infocomm industry revenue.
Singapore is home to more than 80 of the top 100 software and services companies, including Facebook, Google, Microsoft. It also serves as a base for well known media companies such as Lucas Film, Walt Disney and Ubisoft, which complement local players and talents for a growing and vibrant ICM industry.