Business Trends You Can Pursue in Singapore
Posted by cherylcocolee on June 9th, 2020
Singapore has cemented its status as the global hub for trade and commerce. Numerous business opportunities are emerging in one of Asia’s strongest technology-enabled economies, with a whole new realm of opportunities opening up for hi-tech companies in this region. If you are keen on pursuing the latest business trends and want to establish a scalable business of your own, check out these seven business sectors that are growing exponentially.
Education and Training
Education is a fast-growing business sector in Singapore and SMEs have more opportunities than ever in the field. There are demands for pre-school education for children, training for working professionals and vocational training for youngsters at diploma, degree, and post-graduate levels. You can capitalise on the growth in the education market by becoming a franchisee of a larger business that is into educating children or adults. The Singapore government’s SkillsFuture Initiative provides citizens with 0 worth of credit which can be used for continued professional training. The government has also invested billion into continuing education training until 2020. The demand for learning centres is very high – if you are a business innovator, cater to this niche and you might just find yourself serving the larger society while earning good money.
In its quest to become a Smart Nation, Singapore is eager to enhance its cybersecurity. A National Cybersecurity Strategy has been put forth to enhance its position as a global digital hub. The Nanyang Technological University of Singapore (NTU) has a S$ 2.5 million collaboration with BAE systems, a defence, aerospace and security solutions, to develop advanced cybersecurity solutions. They are also focussed on equipping specialists in the field. There is also the Cyber Security Associates and Technologists (CSAT) programme to equip ICT professionals to change their sector.
It is becoming increasingly important to secure both information and operational technology systems as everything is digitised and uber-connected. Cybersecurity is the only way to ensure that power grids, healthcare systems, military information and transport systems are safe as infiltration and attacks move online. But there is also a need to provide cyber security products for the masses and it is a niche that is yet to be tapped into.
To get into the field basic knowledge in computing, algorithms, coding, and technology is important. If you have the IT skills and foresight in fighting cybercrime, this might be the area for you to invest in a business.
Augmented Reality/ Virtual Reality (VR)
Augmented Reality is the next big thing in digital technology, set to revolutionise the way we work and play. Microsoft Hololens and Google Glass are some of the forerunners in VR. Singapore is taking the lead in VR entertainment with big plans to become one of Asia’s key hubs in the area. Both VR and AR are increasingly used in different sectors, especially by media giants. Local firms are achieving stunning results by using VR technology and if you are a pro in the field, you can get in on this digital revolution. It opens up a whole new realm of opportunities in marketing as well, with numerous brands relying on AR to create new experiences for their customers. Some other fields that will benefit from VR include interior design, construction, education and flight simulation. Hi-tech companies should get in on this exciting digital niche and avoid falling behind.
The Infocomm Media Development Authority (IMDA) is encouraging entrepreneurs by facilitating more collaborations and supporting growth and development of skills in the field. Whether it is for training or as a marketing tool, VR technology is making a lot of inroads. The travel industry can make use of it by introducing products, places, and experiences through 360-degree videos. Even hotels and properties can use the same technology to take their product to the audience.
VR involves use of audio and video to create a life-like 3D environment and a VR headset costs less than S0 a pair. Hence, it is easier than ever to introduce it into your business or to set up a startup that offers such technology to other businesses.
Check out the rest of the business ideas at Singapore Company Incorporation.Also See: Business Trends, Whole New, Vr Technology, Tech Companies, Vr, Business, Technology
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