The survey of Singapore enterprises provides actionable insights on shifting business and technology priorities, and IT trends and spending, going into 202
Summary Singapore enterprises expecting a gradual U-shaped recovery. Given its open economy and strong links to China, Singapore was one of the earliest countries to be impacted by COVID-19. Despite its earlier success in containing the spread, Singapore entered a lockdown (or circuit breaker) in April 2020 in its attempt to arrest the spread of COVID-19. This brought about unprecedented challenges for a country that built its success on being an open economy. This had a severe impact on the economy, and correspondingly IT spending. Singapore’s preliminary 2Q GDP was -41.2% quarter-on-quarter (QoQ).
Omdia View During the lockdown, Omdia believes that most enterprises in Singapore slammed the brakes on discretionary IT spending, especially ones that involved large-scale capex. The majority of enterprises were focused on ensuring remote working in a secured manner. The end of the circuit
breaker in mid-June was not an immediate release from the brakes, but rather a gradual, controlled lifting of some restrictions, and resumption of some economic activity. Omdia believes that 2Q20 will mark the low point in economic activity and IT spending in Singapore, assuming there are no further lockdowns. Omdia also expects QoQ growth in IT spending to
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