Singapore Data Center Market Report 2024

Below is our Singapore Data Center market update. To receive a PDF copy, complete the form above.

Singapore Data Center Market

The Singaporean data center market was estimated to be valued at $3.39bn (USD) in 2023 and is projected to grow at a CAGR of 8.35% to reach a value of $5.48bn (USD) by 2028. Singapore’s data center market is witnessing enormous investment, such as Google’s expansion of its data center and cloud infrastructure, and Princeton Digital Group (PDG) acquiring Yahoo’s data center, SG3 to name a couple of examples. The Singaporean Government has announced plans to increase power availability for the data center market. With continuous adoption and technology advancements in artificial intelligence, the need for more data centers is greater than ever before.

Globally, the data center market has experienced significant growth in recent years driven by the digital economy, encompassing the Internet of Things (IoT), a transition to cloud computing, and advancements in artificial intelligence (AI) and machine learning (ML). The global data center market is projected to grow at a compound annual growth rate (CAGR) of 6.56% from 2024 to 2028, culminating in a market value of $438.7bn (USD) by 2028.

CHALLENGES

As the data center market rapidly grows, so does the recruitment challenges being faced. This report highlights the key recruitment challenges and our advice to overcoming these challenges. First Point Group surveyed hiring managers and professionals working within the data center market asking their opinions about the recruitment challenges they are currently facing. As data centers grow in size, a key challenge for data center organisations will be the need to demonstrate their energy-efficient and sustainable solutions. This will continue to prompt a shift in data center design, site selection, investment approach, and ultimately have a knock-on effect on recruitment.

The main recruitment challenges being experienced.

• Shortage of Skilled Candidates
• High Salary Demands
• Technological Advancements
• Employee Retention

OVERCOMING RECRUITMENT CHALLENGES

Navigating the complexities of recruitment in the data center market can be challenging. However, overcoming these challenges can create growth opportunities. One effective strategy is to broaden the talent search to include candidates from aligned industries with similar levels of high regulation, such as pharmaceuticals and life sciences. These sectors often attract professionals with the skills and experience that can potentially be transferred to the data center environment. Organisations should be open to  relocating candidates from abroad who can deliver a fresh perspective, diverse experience and the relevant skills. Alternatively, it could mean hiring candidates into regional offices and allowing them to work remotely on a desired project in a different location. This flexibility can signifi cantly widen your talent pool and bring in individuals who might otherwise have been overlooked.

Consideration should be given to realigning annual budgets to accommodate higher salaries for critical roles. While this may require an upfront investment, the long-term benefits of attracting and retaining top talent in these key positions can far outweigh the initial costs. To discuss your recruitment challenges, contact our dedicated data center recruitment team.

IN-DEMAND DATA CENTRE JOBS IN SINGAPORE