2021 has been a mixed year for businesses. Many companies have been incorporated – some have seen tremendous growth while others have experienced great decline due to the nature of changing environments and consumers’ behaviours. Let’s take a look at the fastest growing industries and declining sectors in Singapore!
Singapore is widely known as an economic powerhouse in the region and a centralised hub for businesses tapping into the Asian market. Although the nation has been impacted by the pandemic, we’re excited for what’s to come – especially in the fastest growing industries, creating business opportunities accelerated by digitalisation.
FUN FACT: Did you know that according to Doing Business, Singapore is 2nd easiest place to do business and the 4th easiest destination to start a business? Find out why businesses and entrepreneurs are choosing Singapore to start their business here!
Growing Industries in Singapore
The pandemic has brought about the need for digitalisation and putting the focus on oneself. As such, the fastest growing industries in Singapore spark new business opportunities in these spaces.
With the advent of 5G, robotics will transform the way we do things or operate a business. Service robots are already being deployed across retail and F&B establishments to power business efficiency and productivity.
Artificial intelligence lauded as the next big thing, and right so as it is a key component in Deep Tech. Sectors who are leveraging on Deep Tech includes Med Tech, Autonomous Vehicles, Life Sciences, and many more.
TIP: There’s a strong market for Deep Tech innovations, with the Singapore government pushing hard to spur growth in this sector – it’s a great time to tap onto this wave!
The power of technology has driven the adoption of telehealth services, especially in the Covid-19 pandemic. Such services not only help to minimise direct contact between the patient and doctor, but also offer an alternative solution to those who seek medical attention.
TIP: Doctor Anywhere is fast becoming one of the most popular telehealth services in Singapore, offering video consultation from S$15!
Ever heard of keto diet? That’s one way of biohacking to improve your performance and health. The target audience for such an industry is for busy urban workers, who are time-starved but yet are looking at ways to enhance their physical and mental well-being.
Impossible burgers are now of one the more popular burgers in Singapore, and that is largely thanks to the trend of eating clean and to reduce our meat intake. These trends are predicted to stay for a long time, as people become more conscious of what they eat and the impact on the environment.
As we spent more time at home, more people are looking into ways for entertainment – eSports is one of them. This trend is set to grow in Singapore and the region, with more gamers expected to push the industry’s revenue in years to come.
FUN FACT: The world’s 1st ever governing body for e-sports, The Global Esports Federation, was founded in Singapore.
Getting a pet during the lockdown has been a common sight. People are becoming more interested in having pets, and pampering them. This is great for the pet wearables industry, as pets’ well-being is a top concern for pet owners.
Singapore’s manufacturing industry saw the biggest growth in 2020 with a growth rate of 7.3%. This tremendous growth in the industry is attributed to the development of biomedical manufacturing, electronics, and precision engineering clusters.
Finance & Insurance
The 2nd biggest growth by industry in Singapore in 2020 is the finance and insurance industry at 5%. When the pandemic hit the nation, the population started to put a stronger focus on getting themselves covered in terms of insurance and their monetary wealth, especially amidst the uncertainty and market downturn.
Healthy Junk Food
Eating healthy has been a growing trend for the past few years and individuals are craving for new innovations when it comes to healthy junk food. There is a strong market for low calorie snacks with health-conscious individuals leading the pack for such products.
Key Industries in Decline
While the pandemic has brought in new business opportunities for the growing industries above, some are victims of this situation. According to the Economic Survey of Singapore 2020 by the Ministry of Trade and Industry, the industries that are struggling include:
Transportation & Storage
Administrative & Support
Other Service Industries
Starting A Business in Singapore
Top business and entrepreneurial opportunities are still plentiful in Singapore despite the pandemic. Key industries that have strong business potential thanks to the changing habits of consumers are fruitful for entrepreneurs or businesses to tap into.
With the growing technology, there is an increase in demand for cleaning services in Singapore. The services are required in apartments, offices, and shops. Others include private tuition, events planner, and photography.
Which business opportunities exist in Singapore at this COVID era?Jeremy2020-10-01T17:17:56+08:00