Background

Digital transformation is imperative for companies to tap into the opportunities in a digital economy. To unlock the opportunities that technology and digitalisation can bring to all types of companies, the Infocomm Media (ICM) industry has to play a dual role. Not only must it transform itself, it must also play the role of a growth multiplier for other industries. 

As the ICM industry continues to grow and move towards a new era of massive digitalisation, companies will need to harness frontier technologies, apart from digitisation, to thrive in the future economy. 

The four key frontier technology capabilities that Singapore will be developing are:
  • Cyber Security
  • Internet-of-Things
  • Immersive Media
  • Artificial Intelligence and Data Science

Outlook

Infocomm Media (ICM) will be a key driver in transforming the way people live, work, play and learn, as Singapore strives to be a Smart Nation that supports a digital economy. 

A key enabler of growth for all industries, ICM enhances Singapore's competitiveness by transforming work processes and raising productivity through a highly skilled and specialised workforce. 

Individuals, who are keen to forge a rewarding and fulfilling career in ICM, can expect many exciting career prospects awaiting them. 

Facts and Figures

  • In 2016, 194,000 Infocomm Media (ICM) professionals were employed in the ICM industry.
  • By 2020, the ICM industry is expected to employ more than 210,000 workers, and create more than 13,000 new Professional, Manager, Executive and Technician (PMET) jobs.
  • By 2020, the ICM industry's value-added is expected to grow around 6 per cent annually, almost twice as fast as the overall economy.
  • Revenue grew by compound annual growth rate (CAGR) of 13.2 per cent per annum from 2011 to 2016 to reach $175.8 billion in 2016, largely due to re-exports of mobile and smart phones and storage devices.
  • Export revenue grew from $58.7 billion in 2011 to $127.8 billion in 2016. Domestic revenue grew from $35.8 billion in 2011 to $48.0 billion in 2016.
  • Key contributors to infocomm industry revenue: Hardware (74.3 per cent), IT services (9.2 per cent), software (8.7 per cent).