Growth Insights of the Singapore Industry Outlook: Ken Research
Around the numerous industry sectors the Singapore region is a leader. Singapore International Remittance Market has been investigated to be strenuous for banks whereas ascetically fragmented for non-banking institutes during 2018. The market has been situated to be at mature stage. The market involves of banks, money transfer operators, mobile wallets, postal networks as foremost entities wherein it is majorly registered by Banks and MTOs. The Protruding business strategies implemented by greatest players to position themselves in the market comprise forming a wide-ranging network &developed reach, new services launched & service innovation and improved pricing & handy/transparent operations suggested. The market has been influenced by increased migration, improved legislative environment in form of relaxed policies, augmented awareness towards digitalized remittance services and improvements in the digital payment networks & Fintech space.
Reliant on the Singapore Market Analysis, the Singapore nutraceutical market increased at a single digit CAGR throughout the review duration 2013-18. The market growth was assisted by the surge in the personal disposable income, proficient growth in ageing population, growing health awareness and precautionary nature of the age group (25-45 years). The market was witnessed in its late growth stage and is tending towards into maturity owing to the existence of large number of players already challenging in the market. A fundamental shift was witnessed towards the Singapore health and wellness industry, from taking health supplements in the old age to a precautionary consumption pattern in which the consumption of supplements augmented in the earlier ages in order to safeguard them from permanently dependent on pharmaceutical drugs. The Nutraceutical ingredients have positioned itself as natural and healthy substitute to traditional medicine around the country.
Furthermore, whereas, owing to the Singapore Market Share the Singapore real estate industry was witnessed to attain maturity majorly owing to the country serves as a worldwide business hub, tourism center and operative residential housing requirement in the country. The country begun with selling land parcels for commercial improvement and itself became the principal housing developer. Lack of space and great requirement has allowed Singapore to evolve into the modern real estate infrastructure pioneer with amalgamated developments, environment welcoming constructions and architectural marvels at the fundamental of real estate. Being a worldwide business hub, Singapore’s commercial real estate space sees foremost foreign investments and obtains the significant revenues from the existence of international players in the market. The effective growth in the tourism enables the revenue surge for retail as well as hotel real estate. Growing populace and tourist influx into the country has enabled the Singapore to become one of the most luxurious real estate markets around the world with majority of populace living in Government’s HDB properties.
Basis on the Singapore Market Future Outlook, the growth will be assisted by the improvements in Fintech and digital payments, with more utilization of mobile wallets and mobile applications. The effective growth in the mobile phone penetration, augment in possession of smart-phones rate and augmented access and utilization of internet services would influence growth. In addition, the real estate industry within Singapore is further categorized by high levels of competition, an increasing requirement for newer properties and commercial activities along with augmenting the population in the country.
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Ankur Gupta, Head Marketing & Communications