M-Brain research shows data security concerns block cloud computing adoption in Singapore

Singapore, December 2015 - Information and communications technology experts interviewed by M-Brain, in a dipstick poll in October this year warned that data security concerns are holding back the adoption of cloud technology services in Singapore, over and above other key issues such as the lack of funding, awareness, standards or suppliers.

 

A significant two thirds of the total respondents (67%) interviewed said that data security is a “serious” or “very serious barrier” to cloud computing adoption. Furthermore, 43% of respondents said that the lack of in-house expertise represents a “serious” or “very serious” barrier to cloud computing adoption.

 

Barriers to adoption of cloud computing in Singapore
(Serious or very serious)
% of respondents
Concerned with security risks 65%
Lack of cloud expertise inhouse 42%
Lack of awareness of cloud benefits 16%
Suppliers do not match requirements 13%
Insufficient funding 10%
No set standards, cannot run across platforms 3%

 

Source: Dipstick poll of 31 information and communications technology sellers and buyers, M-Brain, October 2015

 

Furthermore, the M-Brain survey showed that the biggest demand for data security services are expected to be found in the government, healthcare and banking sectors.

 

Biggest buyers in Singapore

Verticals with “high” or “extremely high” demand for data technology services, such as big data analytics, security etc.

% of respondents
Government 77%
Healthcare 69%
Banking 61%
Consumer & Retail 54%
Transportation 52%
Manufacturing & Industrial 35%
Gaming 33%
Education 25%

 

Source: Dipstick poll of 31 information and communications technology sellers and buyers, M-Brain, October 2015

 

“Singapore has made significant progress in becoming a “Smart Nation”, putting in place the necessary infrastructure, policies, ecosystem and capabilities. With greater interconnectedness, the results show that efforts in reducing security risks that impact multiple inter-linked platforms will become more important than ever before. Unless security concerns are addressed, companies will still prefer to keep data on-premise where users may have more control over data,” said Kim Khoo, Vice President of Advisory Services at global media, business and market intelligence consultancy, M-Brain in Singapore.

 

As growing adoption of mobile, cloud, social and information technology drives demand for new security technology and services, various reports estimate that Singapore’s data security market could possibly grow to be worth billions of Singapore dollars over the next two to five years.

 

“There is a potential market opportunity for cloud computing services firms to emphasize data security and demonstrate to users that the data they store is in a highly secure environment. Having the right data security personnel in-house then also becomes key. Alternatively, potential partnerships can also be formed with firms specialising in technology information security,” commented Khoo.

 

The consultancy says other key success factors for cloud services and data security companies looking to enter or grow in the Asia Pacific region are accessibility to ASEAN markets, recruiting experienced talent, monitoring of local competition and regulations, as well as establishing partnerships with local, well-connected distributors. “From a business development standpoint, engaging and monitoring key decision-makers as well as the influencers for their decisions across an increasingly competitive region will be all the more important to achieve sustainable growth in a fast-changing and dynamic market place such as ASEAN,” added Khoo.

 

 

 

About M-Brain

M-Brain is an international company offering media, business and market intelligence solutions, strategic analysis and advisory services in 12 offices across the world. Find out more from https://www.m-brain.com/

 

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