Data analytics and cyber security are two leading edge technologies that will boost Singapore's position as a leading information technology hub, said Deputy Prime Minister Teo Chee Hean on Wednesday.
Tapping these two technologies will create business opportunities for local companies as well as help them improve productivity, he said at the opening of IBM's tech conference Interconnect at the Marina Bay Sands.
IBM, NEC, Rakuten and other tech companies are setting up research and development facilities to look into areas like retail and supply chain management.
The National University of Singapore for example is offering a one-year Masters of Science in Business Analytics in collaboration with IBM.
"If data analytics is the key to unlocking new business value, cybersecurity will help ensure the safety of data. Having robust cybersecurity capabilities will allow businesses and consumers to safely adopt next generation technologies such as mobile and cloud computing," Mr Teo said.
Singapore will gain more expertise when Interpol, the international police organisation, opens its global complex for innovation here next year. The centre will facilitate cyber research as one way to combat key emerging criminal activities.
The local cyber security market is substantial. In 2011 it was estimated to be worth $63.7 billion and this is expected to grow to about $120 billion by 2017, he added.
IBM chairman and chief executive Virginia Rometty also identified data as a key component technology emerging in the future era of computing of information technology "systems that learn".
About 2,500 attendees are expected at IBM Interconnect which is the company's largest tech conference for developing countries.