Singapore’s Fastest Growing Businesses In 2021
Ram Tumuluri” Our lives will continue to be merged with and transformed by breakthrough technological technologies like 5G and IOT, as robotics and artificial intelligence look to change the way we communicate with the world. Entertainment, education, healthcare, and delivery systems are all looking radically different. Given these big market changes, these five types of businesses are all set to grow in 2021 and beyond”.
Virtual and Tele-healthcare
Tele-health refers to the use of remote technology to provide health care, health education, and health information services. Tele-health has been gotten a boost during the pandemic, as more people are comfortable finding medical care and seeing their doctors online. Patients can consult physicians virtually using telemedicine. Doctors will then diagnose illnesses and administer appropriate medications. It’s a way for healthcare systems to do more for less.
Service industry robots are gaining popularity in Singapore as the pandemic forces businesses to reconsider their labour practices to reduce consumer contact points. Early adopters, such as YOTEL Singapore, are reaping the advantages of robotic systems to supplement their existing workforce. Some of these robots are equipped with mapping and localisation technologies that enable them to accurately identify and locate visitors.
Deep tech is defined as technology that is based on real-world engineering innovations or scientific breakthroughs. Deep Tech is often distinguished by its profound enabling capacity and ability to catalyse change. Despite the fact that deep tech is still not a major sector among Singaporean startups, the government is optimistic about its growth, especially because it’s a field in which Singapore can compete more effectively. Singapore is set to transform its large talent pool and world-class research facilities into an innovation hub thanks to deep tech.
Live streaming, as the name suggests, is the act of streaming a video live in front of an audience, typically on social media sites. Live streaming has taken off in countries like China, with many live streaming celebrities earning millions of dollars per year from product sponsorships and sales. Many Singaporean business owners decided to hop on the live stream bandwagon and set up virtual auction houses after Facebook caught on to the trend and launched Facebook Live.
The revenue generated by the global eSports market is skyrocketing. Global eSports industry revenue is expected to surpass nearly US$1.6 billion by 2023, valued at just over US$950 million. Asia and North America are the two main eSports markets, with China accounting for 20% of the overall market. With Southeast Asia accounting for just 3.1 percent of the global gaming industry, Singapore companies are vying for a piece of the pie by developing unique and appealing products for the region’s young and tech-savvy population.