The gross merchandise value of the digital economy in Singapore saw a decline of ** percent while emerging markets in Southeast Asia experienced moderate growth in 2020 compared to 2019. It was forecast that the digital economy in Southeast Asia will significantly grow in the coming years.

Abstract

The Global Findex 2025 reveals how mobile technology is equipping more adults around the world to own and use financial accounts to save formally, access credit, make and receive digital payments, and pursue opportunities. Including the inaugural Global Findex Digital Connectivity Tracker, this fifth edition of Global Findex presents new insights on the interactions among mobile phone ownership, internet use, and financial inclusion.

The Global Findex is the world’s most comprehensive database on digital and financial inclusion. It is also the only global source of comparable demand-side data, allowing cross-country analysis of how adults access and use mobile phones, the internet, and financial accounts to reach digital information and resources, save, borrow, make payments, and manage their financial health. Data for the Global Findex 2025 were collected from nationally representative surveys of about 145,000 adults in 141 economies. The latest edition follows the 2011, 2014, 2017, and 2021 editions and includes new series measuring mobile phone ownership and internet use, digital safety, and frequency of transactions using financial services.

The Global Findex 2025 is an indispensable resource for policy makers in the fields of digital connectivity and financial inclusion, as well as for practitioners, researchers, and development professionals.

Geographic coverage

National Coverage

Analysis unit

Individual

Kind of data

Observation data/ratings [obs]

Sampling procedure

In most low- and middle-income economies, Global Findex data were collected through face-to-face interviews. In these economies, an area frame design was used for interviewing. In most high-income economies, telephone surveys were used. In 2024, face-to-face interviews were again conducted in 22 economies after phone-based surveys had been employed in 2021 as a result of mobility restrictions related to COVID-19. In addition, an abridged form of the questionnaire was administered by phone to survey participants in Algeria, China, the Islamic Republic of Iran, Libya, Mauritius, and Ukraine because of economy-specific restrictions. In just one economy, Singapore, did the interviewing mode change from face to face in 2021 to phone based in 2024.

In economies in which face-to-face surveys were conducted, the first stage of sampling was the identification of primary sampling units. These units were then stratified by population size, geography, or both and clustered through one or more stages of sampling. Where population information was available, sample selection was based on probabilities proportional to population size; otherwise, simple random sampling was used. Random route procedures were used to select sampled households. Unless an outright refusal occurred, interviewers made up to three attempts to survey each sampled household. To increase the probability of contact and completion, attempts were made at different times of the day and, where possible, on different days. If an interview could not be completed at a household that was initially part of the sample, a simple substitution method was used to select a replacement household for inclusion.

Respondents were randomly selected within sampled households. Each eligible household member (that is, all those ages 15 or older) was listed, and a handheld survey device randomly selected the household member to be interviewed. For paper surveys, the Kish grid method was used to select the respondent. In economies in which cultural restrictions dictated gender matching, respondents were randomly selected from among all eligible adults of the interviewer’s gender.

In economies in which Global Findex surveys have traditionally been phone based, respondent selection followed the same procedure as in previous years, using random digit dialing or a nationally representative list of phone numbers. In most economies in which mobile phone and landline penetration is high, a dual sampling frame was used.

The same procedure for respondent selection was applied to economies in which phone-based interviews were being conducted for the first time. Dual-frame (landline and mobile phone) random digit dialing was used where landline presence and use are 20 percent or higher based on historical Gallup estimates. Mobile phone random digit dialing was used in economies with limited or no landline presence (less than 20 percent). For landline respondents in economies in which mobile phone or landline penetration is 80 percent or higher, respondents were selected randomly by using either the next-birthday method or the household enumeration method, which involves listing all eligible household members and randomly selecting one to participate. For mobile phone respondents in these economies or in economies in which mobile phone or landline penetration is less than 80 percent, no further selection was performed. At least three attempts were made to reach the randomly selected person in each household, spread over different days and times of day.

Research instrument

The English version of the questionnaire is provided for download.

Sampling error estimates

Estimates of standard errors (which account for sampling error) vary by country and indicator. For country-specific margins of error, please refer to the Methodology section and corresponding table in: Klapper, Leora, Dorothe Singer, Laura Starita, and Alexandra Norris. 2025. The Global Findex Database 2025: Connectivity and Financial Inclusion in the Digital Economy. Washington, DC: World Bank. https://doi.org/10.1596/978-1-4648-2204-9.

In 2022, the revenue for the Internet of Things (IoT) market in Singapore amounted to around **** billion U.S. dollars, an increase by more than one billion U.S. dollars compared to the previous year. Statista Digital Market Insight estimated that the revenue for the IoT industry in the country will continue to increase and reach more than ** billion U.S. dollars by 2028.

The Southeast Asia (SEA) digital transformation market is experiencing robust growth, fueled by increasing digital literacy, rising smartphone penetration, and government initiatives promoting digital economies. The market, valued at $53.96 million in 2025, is projected to witness a Compound Annual Growth Rate (CAGR) of 19.51% from 2025 to 2033. Key drivers include the burgeoning e-commerce sector, the adoption of cloud computing and big data analytics across various industries, and the growing need for enhanced cybersecurity measures. The manufacturing, oil & gas, and retail & e-commerce sectors are leading adopters, leveraging digital technologies to optimize operations, enhance customer experiences, and gain a competitive edge. Specific technologies like AI, IoT, and blockchain are rapidly gaining traction, enabling predictive maintenance, supply chain optimization, and improved fraud detection. While data privacy concerns and a skills gap in digital expertise pose challenges, the overall market outlook remains optimistic, with significant potential for further expansion across various segments. The rapid adoption of extended reality (XR) technologies for training and immersive experiences, coupled with the growth of industrial robotics in manufacturing and logistics, further contributes to market expansion. Cloud and edge computing solutions are becoming integral to digital transformation strategies, enabling scalability and real-time data processing. The increasing adoption of additive manufacturing (3D printing) across various industries is also contributing to market growth. Growth is geographically dispersed, with significant contributions from countries like Indonesia, Vietnam, Thailand, and Singapore, reflecting varying levels of digital maturity and government support. Major players like Accenture, Google, IBM, and Microsoft are actively competing in this dynamic market, offering a range of solutions and services to support the digital transformation journeys of businesses across SEA. Future growth will be shaped by the successful integration of emerging technologies and the continued investment in digital infrastructure. Recent developments include: July 2024: The Monetary Authority of Singapore (MAS) has pledged an extra SGD 100 million (USD 134.3 million) to bolster financial institutions' expertise in quantum and artificial intelligence (AI) technologies. This funding, part of the Financial Sector Technology and Innovation Grant Scheme (FTSI 3.0), will specifically cover both manpower expenses and technology solutions in these cutting-edge fields. MAS anticipates that this injection will enhance innovation in quantum and AI within the financial sector and accelerate their adoption., May 2024: Microsoft unveiled plans to inject a substantial USD 2.2 billion into Malaysia over the next four years, marking its most extensive commitment to the nation over its 32-year history. The investment encompasses several key initiatives: constructing cloud and AI infrastructure, providing AI training for 200,000 Malaysians, deepening collaborations with the Malaysian government to set up a national AI Center of Excellence, bolstering cybersecurity, and nurturing the local developer community.. Key drivers for this market are: Increase in the Adoption of Big Data Analytics and Other Technologies to Drive the Market, The Rapid Proliferation of Mobile Devices and Apps. Potential restraints include: Increase in the Adoption of Big Data Analytics and Other Technologies to Drive the Market, The Rapid Proliferation of Mobile Devices and Apps. Notable trends are: Increase in the Adoption of Big Data Analytics and Other Technologies to Drive the Market.

The Southeast Asia data center market is booming, projected to reach $9.78B in 2025, with a 6.8% CAGR. Discover key trends, drivers, and restraints shaping this dynamic market, including regional analysis and insights into leading companies. Explore the opportunities and challenges in Singapore, Malaysia, Thailand, and Indonesia's data center landscape.

As surveyed in 2021 to assess the use of digital platforms for investments in Singapore, **** percent of investors indicated that they preferred to use traditional online brokerage platforms. This was followed by online-only trading platforms used by **** percent of investors, and cryptocurrency exchanges by **** percent.

Discover the latest insights into Singapore's thriving data center rack market. This comprehensive analysis reveals a 2.70% CAGR, driven by cloud computing, big data, and government initiatives. Explore market size, segmentation, key players, and future trends. Learn how to capitalize on opportunities in this dynamic sector. Recent developments include: June 2024 - Singapore announced on May 30 that it would release more data center capacity to the tune of 300MW, a substantial figure and a new policy direction for the nation-state., November 2023 - OVHcloud the European cloud leader, announced the launch of its second data centre in Singapore. Simultaneously marking the deployment of its most sustainable data centre in the Asia-Pacific region to date, the launch comes as part of OVHcloud’s global strategic plan to establish 15 new sites by 2024.. Key drivers for this market are: The Rising Dominance of the 5G Network, Fiber Connectivity Network Expansion in the Country. Potential restraints include: The Rising Dominance of the 5G Network, Fiber Connectivity Network Expansion in the Country. Notable trends are: Media and Entertainment Expected to Hold the Major Share.

The Singapore data center power market is booming, projected to reach $2 billion+ by 2033, driven by cloud computing, 5G, and government initiatives. Explore market size, trends, key players (ABB, Schneider Electric, Vertiv), and growth opportunities in this comprehensive analysis. Recent developments include: January 2024: Caterpillar Inc. partnered with Microsoft and Ballard Power Systems to test the use of large-format hydrogen fuel cells as a reliable and eco-friendly backup power source for multi-megawatt data centers. Hydrogen fuel cells are seen as a possible low-carbon alternative to diesel backup generators, which is expected to drive the growth of DC generators., March 2024: Schneider Electric announced the expansion of its US manufacturing facilities at two locations to support critical infrastructure of data centers and other industries. At both locations, the company planned to manufacture electrical switchgear and medium-voltage power distribution products.. Key drivers for this market are: The Rising Adoption of Mega Data Centers and Cloud Computing, Increasing Demand to Reduce Operational Costs. Potential restraints include: The Rising Adoption of Mega Data Centers and Cloud Computing, Increasing Demand to Reduce Operational Costs. Notable trends are: The IT and Telecom Segment is Expected to Maintain a Significant Market Share.

In 2023, the compound annual growth (CAGR) of the digital economy in Singapore increased by ** percent. This was a slight decrease compared to the previous year.

The Asia-Pacific Digital Transformation Market report segments the industry into Type (Artificial Intelligence and Machine Learning, Extended Reality (VR and AR) for Industrial Applications, IoT, Industrial Robotics, Blockchain, Digital Twin, Additive Manufacturing, Industrial Cyber Security, and more) and Country (China, India, Japan, Indonesia, Philippines, Malaysia, Singapore).

The Southeast Asian IT spending market, valued at $72.40 billion in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 8.62% from 2025 to 2033. This expansion is fueled by several key drivers. Increasing digitalization across various sectors, including finance, healthcare, and e-commerce, is a primary catalyst. Governments in the region are actively promoting digital infrastructure development and initiatives like smart city projects, further stimulating IT investment. The rising adoption of cloud computing, big data analytics, and artificial intelligence (AI) solutions is also contributing significantly to market growth. Furthermore, the burgeoning startup ecosystem and the increasing demand for cybersecurity solutions are creating lucrative opportunities for IT vendors. Competitive landscape analysis reveals a mix of established multinational corporations like Accenture, IBM, and Microsoft, and rapidly growing regional players. These companies are employing diverse strategies, including mergers and acquisitions, strategic partnerships, and product innovation, to capture market share. However, challenges remain, including the digital skills gap, infrastructure limitations in certain regions, and data privacy concerns, which could potentially restrain market growth to some extent. The market segmentation reveals strong performance across hardware, software, and services. Hardware investments are driven by the demand for advanced computing infrastructure, while software adoption is fueled by the increasing need for enterprise resource planning (ERP) systems, customer relationship management (CRM) solutions, and other software-as-a-service (SaaS) offerings. Services, comprising consulting, integration, and managed services, are vital for successful implementation and ongoing support of IT solutions. Geographically, Malaysia, Singapore, Thailand, and Indonesia represent the most significant markets within Southeast Asia, each exhibiting unique growth patterns shaped by specific economic conditions and technological adoption rates. The "Rest of Southeast Asia" segment presents substantial untapped potential for future growth as digital transformation initiatives accelerate across the region. The forecast period (2025-2033) anticipates continued high growth, making the Southeast Asian IT spending market a lucrative and dynamic investment opportunity.

Southeast Asia (SEA)'s internet economy is poised for significant growth, with Indonesia leading the charge. In 2024, Indonesia's internet economy was estimated to reach ** billion U.S. dollars in gross merchandise value (GMV), far surpassing other countries in the region. Singapore, despite its smaller size, generated GMV of approximately ** billion U.S. dollars. E-commerce: the largest segment of SEA’s internet economy Key segments of SEA’s internet economy include e-commerce, online travel, online ride-hailing and food delivery, and online media. Among these, e-commerce is the largest segment, with its GMV estimated to reach nearly *** billion USD in 2024. According to an online survey, more than **** of respondents in Southeast Asia preferred online shopping compared to ** percent favoring in-store shopping. Online marketplaces such as Shopee, Lazada, and Tokopedia are the most popular in the region. As of 2023, Shopee was SEA’s leading e-commerce platform by GMV. E-commerce market size by country Indonesia, the most populous country in SEA, evidently has the largest e-commerce market in the region. In 2024, its e-commerce GMV amounted to approximately ** billion U.S. dollars and is forecasted to reach *** billion U.S. dollars 2030, driven by a rapidly expanding e-commerce user base in Indonesia. Meanwhile, Thailand, Vietnam, the Philippines have relatively comparable e-commerce market sizes, with Malaysia’s and Singapore’s being smaller in comparison. These Southeast Asian e-commerce markets are expected to continue growing in the next few years; however, Indonesia, Thailand, Vietnam, and the Philippines are projected to grow at a much faster pace compared to Malaysia and Singapore.

Singapore Business Software And Services Market size was valued at USD 11.96 Billion in 2024 and is projected to reach USD 29.80 Billion by 2032, growing at a CAGR of 11.14% from 2025 to 2032.The Singapore Business Software And Services Market is a fast-growing, technology-driven sector that is helping the country move to a completely digital economy. Its offerings include corporate software, cloud solutions, IT consulting, system integration, and managed services. Singapore's strong digital infrastructure, skilled workforce, and government initiatives like Smart Nation and the SMEs Go Digital program are accelerating adoption in finance, healthcare, retail, and manufacturing. Companies are spending more in automation, cybersecurity, and AI-powered analytics to improve operational efficiency. Singapore acts as a vital hub for innovation in Southeast Asia, since it houses the regional headquarters of major digital companies.

Singapore E-Commerce Transactions: Value: Hobbies & Leisure: Models data was reported at 187.571 USD in 11 Nov 2024. This records an increase from the previous number of 155.134 USD for 23 Aug 2024. Singapore E-Commerce Transactions: Value: Hobbies & Leisure: Models data is updated daily, averaging 237.448 USD from Dec 2018 (Median) to 11 Nov 2024, with 626 observations. The data reached an all-time high of 2,371.010 USD in 24 Sep 2019 and a record low of 8.440 USD in 30 Dec 2019. Singapore E-Commerce Transactions: Value: Hobbies & Leisure: Models data remains active status in CEIC and is reported by Grips Intelligence Inc.. The data is categorized under Global Database’s Singapore – Table SG.GI.EC: E-Commerce Transactions: by Category.

Singapore Ecommerce Market size was valued at USD 8.9 Billion in 2024 and is projected to reach USD 29.57 Billion by 2032, growing at a CAGR of 16.2% from 2026 to 2032.

Key Market Drivers:

Increasing Internet Penetration and Mobile Usage: Singapore's high internet penetration and extensive mobile device usage have greatly aided the growth of e-commerce. Online retail sales via mobile devices were valued at USD 3.5 Billion in 2023, representing a 26.3% compound annual growth rate (CAGR) between 2018 and 2023.

Agriculture and food in Canada: Government Initiatives Promoting the Digital Economy: The Singaporean government's dedication to developing a digital economy has aided e-commerce growth. Programs focused at improving digital literacy and infrastructure have produced an environment that encourages internet enterprises to grow. This enabling ecosystem has allowed the e-commerce market to increase by 10.43% annually, reaching USD 18.1 Billion in 2024.

According to the national business survey conducted in Singapore in November 2020, ** percent of businesses and enterprises surveyed stated that they used collaborative technology and tools to increase their productivity during the COVID-19 pandemic. Collaborative technologies allow companies to organize remote workers into virtual teams to perform different tasks.

Singapore E-Commerce Transactions: Volume: Computers Electronics & Technology: Computers Electronics & Technology data was reported at 1.000 Unit in 22 Feb 2025. This stayed constant from the previous number of 1.000 Unit for 21 Feb 2025. Singapore E-Commerce Transactions: Volume: Computers Electronics & Technology: Computers Electronics & Technology data is updated daily, averaging 4.000 Unit from Dec 2018 (Median) to 22 Feb 2025, with 2135 observations. The data reached an all-time high of 30.000 Unit in 25 Oct 2022 and a record low of 1.000 Unit in 22 Feb 2025. Singapore E-Commerce Transactions: Volume: Computers Electronics & Technology: Computers Electronics & Technology data remains active status in CEIC and is reported by Grips Intelligence Inc.. The data is categorized under Global Database’s Singapore – Table SG.GI.EC: E-Commerce Transactions: by Category.

Discover the booming Singapore neobanking market! Our analysis reveals a $14.84 billion market in 2025, growing at a CAGR exceeding 6% through 2033. Explore key drivers, trends, and top players like TransferWise, Revolut, and DBS DigiBank. Learn more about this dynamic sector. Key drivers for this market are: Increasing Digital Adoption among Consumers. Potential restraints include: Increasing Digital Adoption among Consumers. Notable trends are: Increasing Number of Partnership Banks.

Pay.UK New Payments Architecture Market Outlook

According to our latest research, the Global Pay.UK New Payments Architecture market size was valued at $5.8 billion in 2024 and is projected to reach $18.6 billion by 2033, expanding at a robust CAGR of 13.7% during 2024–2033. One of the major factors propelling the growth of this market globally is the increasing demand for real-time, secure, and interoperable payment solutions driven by digital transformation initiatives across the financial sector. The ongoing modernization of payment infrastructures, supported by regulatory mandates and technological advancements, is enabling seamless integration of diverse payment channels, thereby fostering innovation and enhancing end-user experiences. As financial institutions, corporates, and governments strive to streamline payment processes, reduce operational costs, and mitigate fraud risks, the adoption of advanced payment architectures such as Pay.UK’s New Payments Architecture is accelerating rapidly worldwide.

Regional Outlook

Europe currently commands the largest share of the Pay.UK New Payments Architecture market, accounting for over 38% of global revenue in 2024. This dominance is attributed to the region’s mature banking ecosystem, proactive regulatory stance, and early adoption of open banking standards. The United Kingdom, in particular, has been at the forefront of payment modernization, with initiatives like Pay.UK driving interoperability, efficiency, and security in payments processing. The region’s robust technological infrastructure, widespread digital literacy, and strong collaboration between regulators and market participants have fostered a highly conducive environment for the deployment of next-generation payment solutions. Furthermore, the European Union’s PSD2 directive and ongoing efforts to harmonize cross-border payments continue to stimulate market growth and innovation across the continent.

The Asia Pacific region is expected to register the fastest growth in the Pay.UK New Payments Architecture market, with a projected CAGR of 16.2% from 2025 to 2033. This rapid expansion is fueled by rising smartphone penetration, a burgeoning digital economy, and significant investments in fintech infrastructure. Countries such as China, India, and Singapore are leading the charge, leveraging government-backed initiatives and public-private partnerships to modernize payment systems and promote financial inclusion. The region’s youthful demographic, increasing e-commerce activity, and the proliferation of real-time payment platforms are driving demand for scalable, secure, and interoperable payment architectures. As local and regional players intensify their focus on innovation and customer-centric solutions, Asia Pacific is poised to emerge as a critical growth engine for the global market.

Emerging economies in Latin America, the Middle East, and Africa present unique opportunities and challenges for the Pay.UK New Payments Architecture market. While these regions are witnessing a steady increase in digital payment adoption, infrastructure limitations, fragmented regulatory frameworks, and limited access to banking services remain significant hurdles. However, governments and central banks are increasingly recognizing the importance of modern payment systems in fostering economic growth, reducing cash dependency, and enhancing financial inclusion. Targeted policy interventions, public awareness campaigns, and investments in digital infrastructure are gradually paving the way for the adoption of advanced payment architectures. As these markets continue to evolve, localized solutions tailored to specific regulatory, cultural, and economic contexts will be critical to unlocking their full growth potential.

Report Scope

Singapore E-Commerce Transactions: Volume: Computers Electronics & Technology data was reported at 15.000 Unit in 03 May 2025. This records a decrease from the previous number of 16.000 Unit for 02 May 2025. Singapore E-Commerce Transactions: Volume: Computers Electronics & Technology data is updated daily, averaging 67.000 Unit from Dec 2018 (Median) to 03 May 2025, with 2317 observations. The data reached an all-time high of 420.000 Unit in 02 Jun 2020 and a record low of 5.000 Unit in 14 Nov 2024. Singapore E-Commerce Transactions: Volume: Computers Electronics & Technology data remains active status in CEIC and is reported by Grips Intelligence Inc.. The data is categorized under Global Database’s Singapore – Table SG.GI.EC: E-Commerce Transactions: by Category.