- Singapore government unveiled a plan to transform 20 of its major sectors to boost its economy through innovation, technology, skill development and better infrastructure.
- Logistics has been vital to the growth of every sector and the magnitude of how it can help businesses to streamline their operations further and act on potential needs of the market will be quite clear in future.
Over the forecast period, Singapore logistics industry will prepare itself to meet the future demand expected from substantial investment proposed in various sectors. Singapore government from the start has taken good initiatives to keep its logistics industry at the forefront in world logistics market and it needs to keep pushing in the same way to sustain the industry growth and fight the competition. Therefore, it should keenly focus and work on its high cost of labour, limited land availability and last mile fulfillment.
Singapore being regarded as the largest logistics hub in APAC region has to ensure that the quality of infrastructure, innovation and industry initiatives remains more competitive than other emerging countries/economies, so to, not lose its position in the world logistics market.
Ken Research in its latest study, “Singapore Logistics and Warehousing Market Outlook to 2021- Freight Forwarding and Warehousing Sector to Support Future Growth” suggested that the small and local players in the country who lack innovation/automation should focus on implementing automated technologies in the warehouse and other logistics operations in order to provide high quality services to the clients and increase their revenue. To create a win-win situation in the market, big players can opt for tie-ups with small players or 3PL’s to improve their service portfolio. In return, 3PL’s would get frequent flow of business opportunities to increase their revenue. This will increase the size and revenue of logistics market. Singapore Logistics market is estimated to register a positive CAGR during 2017 to 2021.
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Ankur Gupta, Head Marketing & Communications