Singapore’s digital economy contributed nearly 20% to the country’s gross domestic product (GDP), equivalent to about 128 billion Singapore dollars (99.07 billion USD), and created 214,000 technology jobs in 2024, according to a report by the Infocomm Media Development Authority (IMDA).

The IMDA said Singapore’s digital growth was driven not only by technology companies but also by widespread digitalisation across all industries. Despite a more cautious hiring outlook in the domestic and global technology sectors, the number of tech professionals in Singapore continued to grow, rising from 208,300 in 2023 to 214,000 in 2024.

Job roles related to artificial intelligence (AI), data, and cybersecurity recorded the fastest growth. IMDA noted that increased AI adoption among businesses has significantly boosted demand for professionals with AI-related skills. The share of tech job postings requiring AI skills rose from 11% in 2019 to 14% in 2024.

Notably, the rise in tech professionals mainly came from sectors outside the information and communications industry, which saw a 3.9% increase—far outpacing the 1.1% growth within the information and communications sector. Overall, tech professionals accounted for 5.3% of total employment in 2024, up from 5.2% the previous year, driven by stronger demand in the information and communications, finance and insurance, manufacturing, and professional services sectors.

Median salaries for tech workers also continued to rise over the past year. According to IMDA, the median monthly salary of resident tech professionals reached 7,950 SGD in 2024, compared to 4,860 SGD for general resident workers. In 2023, these figures were 7,000 SGD and 4,550 SGD, respectively. This represents a 13.6% year-on-year increase in tech median salaries, nearly double the 6.8% growth recorded for the overall workforce.

AI adoption surged across all sectors in 2024. Among small and medium-sized enterprises (SMEs), AI adoption more than tripled - from 4.2% in 2023 to 14.5% in 2024 - mainly as micro and small enterprises increasingly leveraged readily available generative AI tools such as ChatGPT, Gemini, Midjourney, and Copilot. Larger enterprises also saw a notable rise in AI adoption, from 44% to 62.5%.

According to IMDA, businesses adopting AI have achieved significant cost savings. SMEs implementing AI solutions through the Productivity Solutions Grant reported an average cost reduction of 52%, while those adopting AI-powered cybersecurity tools saved up to 71%. The grant programme aims to support Singaporean enterprises in improving productivity and automating processes through technological solutions.

IMDA forecast that salaries for tech professionals in Singapore will continue to rise in 2025 as the digital economy expands and businesses accelerate the adoption of AI and emerging digital technologies. The growing use of artificial intelligence is seen as a key driver for Singapore to strengthen its position as a leading regional technology hub and sustain the long-term growth momentum of its digital economy.

Source: Compiled by the Multilateral Trade Policy Department, Ministry of Industry and Trade of Viet Nam