Digital trust sector poised to grow to $4.8b in next five years

This is nearly three-fold its current value. 

Singapore’s digital trust sector could grow nearly three-fold to $4.8b in 2027 from the current $1.7b, the SGTech reported. 

“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,” SGTech Chair Wong Wai Meng said. 

“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.” 

Read more: Rise in digital trust will contribute US$17b to SG economy: study

According to SGTech, Singapore can bank on its reputation and the trust it built through the years to give it a competitive edge in the digital space. 

“With a sizeable global market-segment opportunity of S$385 billion and an expectation to double this to S$765 billion over the next five years, it is crucial for Singapore to maintain its edge by defining the current landscape, identifying the trends, overcoming the challenges, and making the most of the opportunities in the domain of Digital Trust,” SGTech also noted. 

SGTech projected the digital trust sector could employ up to 34,000 individuals by 2027, more than double the current 15,000.

This could further grow to 45,000, should the strong growth in Privacy Enhancing Technologies, Distributed Ledger Technologies and Digital Identity solution continues.