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Since Singapore has a large and stable ICT infrastructure and a pool of leading IT businesses, digitization is expected to produce a 625 billion dollar economic impact by 2030.
FREMONT, CA: Singapore has solidified its role as a global trade and commerce center. Numerous market opportunities are arising in one of Asia's most technologically advanced economies, with a whole new world of possibilities opening up for hi-tech firms in the area. Here are three business sectors flourishing in the country:
Niche E-commerce
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[vendor_logo_first]Since today's customers have advanced internet connectivity, e-commerce is now setting into a mature market in Singapore. Singapore's e-commerce industry revenue is projected to rise at a rate of 11.2 percent per year, hitting US$5.086 billion by 2021, according to statistics. Many start-ups are going online to reach out to customers who are online 24 hours a day, seven days a week. It can be a treasure trove if you can find the right niche market for your company.
Education and Training
In Singapore, education is a growing business market, with more opportunities than ever for SMEs. Pre-school education for girls, training for working professionals, and vocational training for children at the diploma, degree, and post-graduate levels are all in demand. You will profit from the education market's expansion by being a franchisee of a larger company specializing in educating children or adults.
Digitalization and AI
Since Singapore has a large and stable ICT infrastructure and a pool of leading IT businesses, digitization is expected to produce a 625 billion dollar economic impact by 2030. In November, Asia's first collaborative AI workroom, named "The Carrot Patch," will open to nurturing the industry's brightest minds. Also, the National Research Foundation (NRF) will spend S$150 million to boost artificial intelligence potentials. The AI.SG project will collaborate with AI start-ups and companies developing AI products to build new tools and develop talent in the field. For those new to the region, conferences such as AI for Enterprise Asia 2017 can provide more details.
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