Huge Expectations on Information Technology & Telecommunications in 2010
Despite the downturn in 2009, the Information Technology and Telecommunications industry in Singapore stood robust and was the only service producing sector to have expanded.
In our SDS E-newsletter vol.6 issued on 28 Jan 2010, we highlighted Hudson's survey reporting 60 per cent of their surveyed respondents expecting employment to increase in Q1 2010 for the IT&T sector, a growth of 36 per cent from the previous quarter's survey. Hudson's report also revealed that 12% of the surveyed were anticipating excellent IT&T business performance in year 2010, while 63% felt that business will be good. Business confidence in the IT&T industry has grown significantly as the corresponding figures felt in 2009 was 3% excellent, and 40% good. Consequently, employers felt the need to increase starting salaries in the IT&T sector. Nearly half the surveyed, 48%, expect to pay increments of 10%, while 8% felt they should increase salaries by 20%.
As worldwide 『IT&T spending is expected to grow 3.3 per cent this year to US$3.3 trillion, the forecast for this industry in Singapore is also expected to do well for year 2010. In Singapore, 70 per cent of IT&T related companies surveyed have plans to expand either locally or overseas. In addition, Singapore's Infocomm Development Authority's latest annual survey indicated that software development, digital media & animation, and research & development are the areas that showed strong potential for job growth.
Singapore's Acting Minister for Information, Communications and the Arts, Mr Lui Tuck Yew, cited that the Singapore Government will continue to ensure that Singapore remains a pro-ICT (information and communication technologies) and a pro-business enviroment. He pointed out, during an industry awards event on 5th March 2010, that successful technology start-ups, including Wikinvest and mig33, have based themselves in Singapore in the past two years. Wikinvest is the largest investment wiki in the world, while migi33 is a mobile community platform with 25 million users in 200 countries. He also highlighted that 81 percent of households in Singapore now have Internet access, compared to 76 per cent in 2008. Moving forward, he stressed that Singapore will focus on the need to maintain a talent pool of IT professionals, and to extend their skill sets in areas like business management.
With reference to its robust showing in 2009, the promising forecast on 2010 business performance provided by the surveys, and the strong government's support to build and maintain a world-class infrastructure in this industry, the Information Technology & Telecommunications sector is set to shine brightly in year 2010.