Core Insights - Singapore's digital economy is experiencing robust growth, projected to reach SGD 128.1 billion in 2024, accounting for 18.6% of GDP, up from 14.9% in 2019 [2] - The growth is driven by advancements in the information and communication sector and the digital transformation of traditional industries, particularly finance, trade, and manufacturing [2] Group 1: Digital Economy Growth - The digital economy's value is significantly contributed by the finance and insurance sector, which is reshaping its ecosystem through innovations like smart risk control and blockchain [2] - Wholesale trade and manufacturing are also leveraging IoT and big data analytics to enhance supply chain efficiency and production [2] Group 2: SME Digitalization - In 2024, 95.1% of SMEs in Singapore adopted at least one digital technology, an increase from 94.5% in 2023, with the average number of technologies used rising from 2 to 2.3 [3] - The government has supported over 90,000 SMEs in their digital transformation, resulting in an average cost reduction of 50% [3] Group 3: AI Adoption - AI usage among SMEs surged from 4.2% in 2023 to 14.5% in 2024, while non-SMEs increased from 44% to 62.5% [3] - 84% of enterprises are utilizing generative AI tools for content creation and customer service, with specific AI solutions in fields like medical imaging and intelligent customer service reaching a 52% application rate [3] Group 4: Workforce Impact - 73.8% of employees in Singapore use AI tools in their daily work, with some job efficiencies improving by over 30% [4] - The digital economy is expected to create 214,000 jobs in 2024, with significant growth in AI, data science, and cybersecurity roles [4] Group 5: Skills Demand - Demand for programming languages like Python and SQL in job postings increased by 25%, while traditional web development skills saw a 9% decline [5] - Educational institutions are adapting their curricula to include AI ethics and quantum computing, addressing the evolving skills gap [5] Group 6: Future Directions - Singapore plans to deepen its "Smart Nation 2.0" strategy, focusing on enhancing digital infrastructure resilience, expanding cross-border digital cooperation, and fostering an AI safety ecosystem [6] - The government aims to invest SGD 5 billion over the next five years to support research and innovation in strategic fields like quantum computing and biomedical engineering [6]