Digital transformation is nearing a tipping point across the region, with 42 percent of businesses in Singapore now deriving more than half their revenue from digital streams.
Singapore companies are looking to digital services to drive cost savings (63 percent) and to accelerate innovation (60 percent).
These are part of the findings from Pure Storage's 2017 Evolution study, which polled more than 9,000 businesses globally, of which 500 were from Singapore.
According to the study, businesses in the republic are unsure about the optimal IT strategy for migrating to digital.
More than half (59 percent) of them cited technical complexity as the biggest barrier to digital transformation.
Besides that, Singapore businesses run on average 38 percent of their applications on-premises, which is higher than public cloud (25 percent), software-as-a-service (24 percent), and private cloud (21 percent).
Nearly a third (32 percent) of the respondents have also moved some or all their workloads that were previously running on the public cloud back to on-premises. Security was cited as the biggest drawback of public cloud (67 percent), followed by cost savings (33 percent) and performance (27 percent).
The study also found that 71 percent of IT departments in the country said they are losing control of key technology decisions to other colleagues in the company.
"It's clear that digital transformation is no longer just a buzzword, it's actually happening. This transformation will affect all businesses in Singapore and across the region in the coming years, forcing them to reconsider how and when they collect and use data," said Chua Hock Leng, managing director for ASEAN and Taiwan, Pure Storage.
"The advantages once held by the public cloud are no longer its sole domain. As Singapore continues to pursue its Smart Nation vision, businesses need to understand how to use the entire data ecosystem - cloud and on-premises - in order to put their data to work and mine insights to deliver customer results."