Business Trends in Singapore for 2022
What are the business trends in Singapore for 2022? CEO Ram Tumuluri says that “As Singapore businesses attempt to capitalise on the emerging business trends for 2022, it’s important to remember that long-term success can only be achieved through a multifaceted approach.
While focusing on a single aspect or trend may yield short-term benefits, prioritising Singapore’s future as a global competitor is far more important. Continue reading to learn more about the emerging trends that will mold Singapore business in 2022, as well as how stakeholders can profit from them.”
Digitalisation of Businesses
Singapore’s digitalisation trends are manifesting not only in how businesses plan to operate in the post-pandemic era, but also in increased investments in sectors that directly involve digital spaces, such as Cybersecurity or 3D printing. For example, The National Research Foundation (NRF) is investing $150 million USD to strengthen Singapore’s artificial intelligence (AI) capabilities in the face of labour shortages caused by the pandemic.
Among the business trends mentioned thus far, sustainability will continue to be a major concern for many Singapore businesses. Aside from global laws and agreements like COP26 that aim to mitigate the negative effects of issues like climate change, macro-awareness must be increased. Sustainability must be a point of emphasis for all stakeholders involved when investing in green solutions such as producing sustainable products like plant-based meat or even larger projects such as the exploration of renewable energy sources.
Investing in Singapore’s Eldertech
Singapore is also on the rise in terms of investment in the eldercare sector, particularly in the use of technology and digital solutions. Given that the elderly are a high-risk group and are more susceptible to COVID-19 complications, the eldercare industry has had to transform the way it treats their patients.
Nowadays, healthcare organisations rely heavily on innovative solutions such as remote patient consultations and medical technology advancements. Homage, a Singaporean eldercare start-up that provides tele-consultation services, is a perfect example of why investing in eldercare will be so valuable in the “new normal.”
After two years of forced virtual meetings, the business world breathed a collective sigh of relief when events returned to the physical world. However, now that we’ve had a taste of working from home, many people are choosing to participate in community events from their home offices. Hybrid events will become the norm, with some people attending in-person and others participating remotely.