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  • Kyle Chua

SGTech’s White Paper Forecasts Singapore’s Digital Trust Sector Could Grow To S$4.8B By 2027

SGTech, the leading trade association for Singapore’s tech industry, has launched a comprehensive government report detailing how the country’s Digital Trust sector could grow in the next five years.

Credit: Wix

The white paper, titled Digital Trust: Unlocking the Next Wave of Growth in the Digital Economy, defines Digital Trust as “the confidence participants have in the digital ecosystem to interact securely, in a transparent, accountable, and frictionless manner”.


By this definition, it’s forecasted that Digital Trust in Singapore can grow by nearly three-fold by 2027 – from the current S$1.7 billion to S$4.8 billion. And this estimate doesn’t include the additional multiplier effects that that growth could have on other sectors within the digital economy.


Additionally, the white paper expects the Digital Trust sector to employ up to 34,000 people by 2027, which is more than double of today’s 15,000. The study suggests that if the strong growth in Privacy Enhancing Technologies (PETs), Distributed Ledger Technologies (DLTs) and Digital Identity solutions continues, employment demand could grow even further, reaching 45,000 in the same period.


These forecasts, however, assume Singapore maintains certain leadership positions in the digital economy, for which the white paper has recommendations of how they can be attained.


The paper also highlights Digital Trust’s importance to Singapore and the world. It includes surveys on the latest global trends, namely misinformation and its ill-effects on the people, the responsible use of data and the rise of cyber-crimes in Asia Pacific, among others. It also recommends opportunities for individuals, SMEs, the government and other digital economy stakeholders to capitalise upon.

SGTech Chair Wong Wai Meng. Credit: SGTech

“The promise of the global digital economy hinges on whether there is trust among economies, companies and individuals to transact with one another,” said SGTech Chair Wong Wai Meng. “We at SGTech believe that Digital Trust is key to surmounting challenges in this space.”


“Singapore has a unique opportunity to position itself as a global digital and data node built on trust, further strengthening our hub status for global businesses. Hence our focus on this important topic of Digital Trust and this early study is to chart the landscape, size the market and map the path for Singapore.”


SGTech also announced it would be hosting a global forum on Digital Trust at Resorts World Sentosa Convention Centre, Singapore, on Friday, 28 October.

 
  • SGTech, the leading trade association for Singapore’s tech industry, has launched a comprehensive government report detailing how the country’s Digital Trust sector could grow in the next five years.

  • It's forecasted that Digital Trust in Singapore can grow by nearly three-fold by 2027 – from the current S$1.7 billion to S$4.8 billion.

  • The white paper expects the Digital Trust sector to employ up to 34,000 by 2027, which is more than double of today’s 15,000.


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