SINGAPORE – 29 OCT 2024
The Infocomm Media Development Authority (IMDA) has launched the Annual Report 2023/2024 and the second edition of Singapore Digital Economy Report (SGDE 2024). These reports highlight IMDA’s sustained efforts to drive Singapore’s Digital Economy while embracing emerging technologies and fostering a Smart Nation for all.
Annual Report 2023/2024
The Annual Report 2023/2024 focuses on IMDA’s critical role in Singapore’s digital transformation. Framed around Smart Nation 2.0, it highlights the early moves and investments in digitalisation and frontier tech areas (such as AI) that have helped unlock innovations and new opportunities for enterprises and talent to drive Singapore’s Digital Economy. It also showcases progress and initiatives over the past year that aim to build a trusted, vibrant, and inclusive digital future for all Singaporeans.
Highlights:
- Strong growth in SMEs and Tech talent:
- More SMEs are digitalising and reaping business benefits, while digitally mature enterprises continue to deepen their investments in digital technologies.
- Tech talent remains in high demand, in spite of a more cautious hiring outlook in the tech sector.
- Special focus on AI:
- SMEs: AI adoption has tripled among non-SMEs since 2018, with improvements also seen among SMEs. IMDA is introducing GenAI to enterprises across different levels of digital maturity through initiatives such as a GenAI sandbox, solutions with tech partners, increased training investments, and guidance on the safe and responsible use of AI.
- Tech Talent trained in AI: IMDA will triple the number of AI practitioners in Singapore to 15,000 over 5 years from 2024. We will also be offering 100 AI-related SG Digital Scholarships over 3 years from 2024
- Next Phase: Singapore will continue investing in GenAI, Quantum Communications and Computing, and Green Computing. IMDA will introduce new programmes and support measures later this year.
Singapore Digital Economy Report (SGDE) 2024
The Singapore Digital Economy Report (SGDE) 2024 presents a detailed analysis of Singapore’s Digital Economy (DE) in 2023. This second edition builds on the inaugural 2023 report and includes new insights on digital innovation, trends in tech adoption, and the digitalisation efforts of the workforce.
Highlights:
- In 2023, the DE contributed a substantial S$113 billion to the nation’s Gross Domestic Product (GDP). Maintaining a 17.7% share of the GDP, the digital economy now accounts for approximately S$1 out of every S$6 in the economy. It's growing at a compound annual growth rate of 11.2% from 2018 to 2023, nearly double the nominal GDP growth rate.
- The impact of digitalisation is prevalent not only within the I&C sector but across non-I&C sectors, underscoring the broad-based influence of digital technologies.
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