Singapore has kept on growing at an impeccable rate. It is known as the world leader when it comes to business creations and building of industries. The country’s unparalleled regional and global connection, outstanding productive workforce (that consists of indigenes and foreigners), and its business-friendly economy and environment has made Singapore one of the best destinations for business worldwide.
Despite being already advanced, the Information Technology (IT) sector in the country is still getting bigger than what it already is today. Singapore is generally known for its highly established IT sector; hence it still attracts the attention of crucial players globally. According to recent reports, twitter has officially opened their head office in Singapore and next following year, Netflix is speculated to open its regional hub for Asia in the country.
Also, the government is engaging in activities that involve using technology to enhance the citizens’ lives, and build more business opportunities. However, corporate firms now use cloud computing, a market that is expected to grow as the years go by. With all these developments, data analytics, design, cyber security and a host of other IT related services; Singapore will be a big deal in future.
Since Singapore is a gateway to Asia, it tends to be a fertile platform where new businesses into medical technology can grow, as well as extending their services to the rest of the region. There are quite a few of medical technology SMEs in the country, and the industry has been experiencing significant growth in output and manufacturing some years back.
The creative industry is another fast developing sector globally. In Singapore, it is a well-established knowledge-based economy, and recently the government is promoting a major shift to having a high-tech economy to creative sectors like lifestyle, design, animation, games, sports and industrial design.
When it comes to finance, Singapore has a very established financial sector, though new opportunities are coming up in the area of financial technology. The Monetary Authority of Singapore is said to have made huge financial commitments over the years to grow financial technology under an innovation scheme. The scheme has offered tons of aid financially to financial technology startups and has made it open to teams worldwide to apply.
Singapore is Asia’s number one shopping destination and has an ultra-competitive retail environment. However, regardless of the high amount of retail incorporation in Singapore, there are still ample opportunities for gradual growth, following a report by PwC. Hence about one-third of households in Singapore have increased making the demand for high-quality retail consumption experience gradual and steady growth in coming years.
Though Singapore is very much advanced; there are still highly anticipated new emerging industries that will add to the country’s mega economy in future. Hence most entrepreneurs are requested to seek the industries above for possible business opportunities in the future.