174 views
Photo from Envato Elements

COTD: SMEs lead tech investments in Singapore

SMEs allocate 3% more of their budgets to tech investments compared to large companies.

SMEs are investing more in digital initiatives, allocating 11% of their budgets, compared to large companies, which allocate only 8%, the Singapore Business Federation (SBF) reported.

According to SBF, businesses have prioritised cloud services, with 69% already having invested, followed by e-payments at 62% and cybersecurity at 60%.

In addition, Artificial Intelligence (46%), Data Analytics (38%), and Internet of Things (31%) are other technologies that they plan to adopt in the next 12 months.

Meanwhile, when adopting new technologies, businesses are most challenged by high costs (73%) followed by expensive intellectual property (IP) licensing fees (47%), upskilling staff (47%), and a lack of awareness of suitable technologies (45%).

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Singapore’s aged care homes fall short
Their services are routinary and not personalised mainly due to resource constraints.
Healthcare
ArrowBiome develops technology to kill specific bacteria in humans
The Singapore startup focuses on the personal care market but may expand to gut health soon.
Healthcare
Mediation drives legal hiring growth in Singapore
Corporate and commercial law is also set to boost hiring in 2025 amid M&As.
HR & Education