We Provide Singapore Industry Research Report: Ken Research
Singapore is a city-state in Southeast Asian region. Its geography comprises of one main island and 62 small islands. There are various Singapore Market Applications such as transport, travel & tourism, real estate, insurance & finance, automobiles, machinery, rubber, electronics, refined petroleum oils, chemicals, spirits, metals and textiles. The official authorities of the Singapore country established different & profitable initiatives to promote the country as a regional hub for the financial technology.
Referring to the Singapore Industry Research Report, Singapore real estate industry was witnessed to gain the maturity typical due to country serves as a global business hub, tourism center and the competent residential housing requirement in the region. The considerable increase in the population and tourist influx into the country has permissible Singapore to developed the scope and become one of the most effectual real estate markets across the world with the majority of the population living in the Government’s Housing & Development Board (HDB) properties. Moreover, Singapore Market Trends are expected to drive retail sales in the near future.
Singapore is one of the four leading sub-markets for data centers in Asian-Pacific region alongside Hong Kong, Japan and Australian. Singapore has evolved to become one of the most established data centers markets globally. It is seen as region’s leading market in terms of the business operations for data centers, ahead of South Korea, Hong Kong, and Japan. The market is highly competitive owing to huge number of local & international collocation providers relative to the country size.
The leading players operating in the Singapore market are developing the working techniques, establishing the several profitable research & development programs and increasing the usage of product which further benefitted to enhance the trends and attaining the growth opportunities.
In Singapore, the fear of uncertainty owing to the virus outbreak has very much dictated the economic environment in 2020. In 2019, the real gross domestic product (GDP) of country was SGD 446.63 billion and due to COVID-19 outbreak it is expected to shrink by 12.6% to be approximately SGD 390.35 billion in 2020. In 2021, businesses are expected to remain cautiously optimistic, depending on the rate of market recovery. We anticipate most firms in Singapore to further tighten their budgets & re-allocate their resources accordingly, with the bulk going to digital initiatives
Companies in the industries that are driven by growth & consumption for instance banking and financial services, logistics, e-commerce, healthcare, and technology are expected to remain robust in Singapore, with some even looking to expand. Singapore Market Growth in these industries is largely driven by the rise in use of digital technology by both businesses and consumers. As the organizations strengthen their capabilities to capitalize on the growing digital economy, the ability demand for technologists & digitally-adept professionals will boost exponentially in 2021. However, companies in industries such as tourism, aviation, hospitality, and construction are likely to undergo further business restructuring in the near future. They should remain conventional when it comes to hiring, and will liable re-engineer some roles within the organization to meet new & additional demands. Hence, the future outlook of the Singapore markets will observe an effective growth more considerably in the coming years during the coming decades.
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Ankur Gupta, Head Marketing & Communications