IT Spending Among Singapore's Manufacturers to Grow Moderately

by CFO Innovation Asia Staff, 03 July 2012

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Business Intelligence Technology

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business intelligence IDC Manufacturing Insights IT spending manufacturing sector mobility

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IT spending in Singapore's manufacturing sector is expected to grow moderately from US$1,014 million in 2012 to US$ 1,274 million in 2016, representing a compound annual growth rate (CAGR) of 4.6% during this period, reports IDC.

The Singapore economy is forecasted to expand at a moderate pace in the next five years.

Among the range of sectors within the manufacturing industry in Singapore, high-tech is expected to continue spending the most on IT in 2012, followed by the chemical sector.

These two sectors account for 65% of the total manufacturing IT spending in the nation, and they have been identified by Manufacturing Insights as having the highest growth potential in the next five years.

"In the face of increasing costs and uncertainty in the world economy, manufacturers across the region are increasingly focusing their efforts on productivity and efficiency," says Dr. Christopher Holmes, Head -- International, IDC Manufacturing Insights.

From a technology perspective, companies will be focusing on driving out cost and becoming even more productive in 2012 and beyond, and they are seeking, more than ever, to establish a link between technology and efficiency.

"Companies today want to leverage technology to deliver value to their enterprise and they will be looking beyond enterprise resource planning. Going forward, there will be more focus on specific applications to support manufacturing operations, supply chain management and product lifecycle management," says Holmes.

IDC Manufacturing Insights also see interest in up-and-coming technologies such as business intelligence and mobility within the manufacturing space as companies seek to leverage these tools to enhance productivity.

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