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Five Fastest Growing Industries In Singapore

Neha Gupta

Singapore is considered a financial hub in Southeast Asia, and it is home to various businesses. The country’s economy is dependent on trade, which therefore makes the level of innovations and entrepreneurship high. With enhanced technological innovations, the growth in the various industries varies from sector to sector.

If you are looking for a job, then you should be keen so that you can pick a job in an industry that is currently on-trend. With this, you can get to enjoy quick career progression and promotion in the future. Chances are that if you pick a wrong industry, you could soon be laid off or will be hopping from one job to another with no clear defined prospects.

Here is a guide on some of the fast-growing industries in Singapore to help you define the path you want to follow:

 

1. Fintech

Singapore is a financial hub which makes it vital to adapt and leveraged benefits of fintech disruptors. Technology is evolving fast, and it has given rise to segments such as online product management and digital marketing. This implies that the financial segment and technology are being used in tandem.

In the past few years, Singapore has witnessed mushrooming of several fintech startups, and the momentum doesn’t seem to decline. The growth of the fintech industry is driven by the growing demand for individuals with knowledge of financial markets and products.

Some of the startups leading the burgeoning fintech industry include TradeHero, Money smart, and Flywire. Over the years, these startups have grown in popularity in educating people on financial matters. They offer reviews of credit cards, loans, cost guides, and financial policies to all readers.

 

Most entrepreneurs in restaurants, banks, hotels, and even amusement parks have tailored their businesses in line with the innovative fintech ideas. These businesses are constantly seeking people who know about digital marketing and online product management as well as those who can develop apps. There are numerous opportunities in this fast-growing sector, and therefore if you want to work, then the fintech industry offers the best opportunity to grow your career.

 

2. Startups

Another industry that is fast-growing, offering numerous opportunities in the startup sector. Singapore has become a destination for most startups because of its economic policies, low tax regimes, and friendly regulations when it comes to setting up a business. If you choose the right business, then you can be sure that you are on the right career path.

Besides the numerous working opportunities that various startups offer you equally have a chance of owning part of the startup if you enter early or midway. You can be offered part of the company through shares, which implies that in future if the startup expands, you will be assured of earning more money besides your salary. The industry is growing fast because of extensive innovation in various areas as well as receiving substantial media coverage. Despite the startup being one of the fast-growing industries, it is yet to be crowded.

Startups are attracting more millennials because of the egalitarian, more casual, and flexible working setting. Some companies are also venturing into the industry through funding so that they can capture the ideal business opportunities. Startups do not necessarily have to be tech startups, but any new business plan fits the bill, although much publicity is on tech startups.

 

3. Health and fitness industry

Over the past decade, the fitness industry in Singapore has evolved exceptionally. People are moving from traditional gyms and are looking at different fitness options. Nowadays, people are inclined towards boutique fitness, which offers a lot of novelty in the sector. With tech startups growing in Singapore, it’s now easier to innovate and develop user-friendly fitness apps that enable people to try various workouts in different disciplines.

Boutique fitness is growing fast, and it is destined for success now than ever. For instance, pilates, Yoga, CrossFit, and MMA have grown in popularity with other fitness options such as Grapple Max, Bounce Studios, SURFSSET, and Barre2Barre, also hitting the space. The industry has grown rapidly because there is a growing number of people who want to keep fit and stay healthy, especially the wealthy class. With the industry expanding, there will be more opportunities for tech-savvy individuals, fitness instructors as well as nutritionists.

 

4. The cryptocurrency industry

The cryptocurrency industry is one of the fastest-growing industries in the world today. Singapore is becoming the home of crypto startups, which is a result of the fintech boom in the country. Some of the top cryptocurrency startups in the country include FundYourselfNow, which is a crypto crowdfunding platform, CoinGecko, which is responsible for publishing crypto data and charts and CryptoWallet, which is a platform that enables users to purchase goods in shopping malls using bitcoin.

The crypto and blockchain industry is relatively young, as it is starting to get mainstream attention, it means that there is room for growth with several opportunities. There is, therefore, room to learn and grow for forward-thinking individuals to build the right expertise in the industry.

 

5. Cybersecurity industry

Technological advancements have increased in the past few years, and the online space is continuously expanding. Most business and companies nowadays have online businesses or systems that need to be secured and protected. Therefore there is a massive opportunity and potential in the cyberspace, which is the reason for the growing need for cybersecurity experts. Most companies have invested heavily to safeguard the business and their systems from external threat. It is much easier and cheap to deal with the threats proactively instead of waiting to deal with a cyberattack.

In Singapore, the industry is expected to continue growing at the same momentum as other sectors such like fintech and startups as well as the crypto sector with technological advancement cybersecurity analysts are becoming vital in most businesses and companies. Since this is an industry that works with other industry, the demand for experts will continue to grow every minute.

(By Neha Gupta)

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