Three Industry Trends Every Graduate Should Know

In this age where COVID-19 has accelerated digital adoption and transformation across various industries, it's more important than ever for graduates to understand the top industry trends shaping the Singapore business landscape. Read on for three trends that will help you chart your career roadmap with greater confidence.

#E-commerce
Driven by increased internet accessibility, new consumption habits and maturing online marketplaces, Singapore's business to consumer e-commerce market is expected to grow despite a population of just 5.6 million.

This growth in e-commerce has also witnessed an unprecedented growth in e-payments and reductions in cash withdrawals, as many Singaporeans shift to cashless payments for everything from groceries to food deliveries during the COVID-19 outbreak.

DBS head of consumer banking group (Singapore), Jeremy Soo remarked: “In the first three months of the year, we have seen 100,000 customers start online spending for the first time. These are people who have realised there's another way to do it if they want to avoid a lot of inconvenience.” All this provides ample indication that e-commerce is truly here to stay and become an integral part of our “new normal”.

#AI & Cybersecurity
Artificial Intelligence (AI) has consistently been cited as one of the key areas with the potential to completely influence the digital world, and is also one of the four frontier technology focus areas identified by Infocomm Media Development Authority (IMDA) to bolster Singapore's infocomm foundation.

It is projected that the AI market in Singapore will be worth US$16 billion by 2030. One of the benefits of leveraging on AI centres is that it enables companies to operate at faster speeds and lower costs. That's one large reason why the demand for data analyst roles has continually risen, with those well versed in ETL (Extract Transfer Load), Python, R and SAS particularly sought after.

Moreover, with as many as 96% of organisations in Singapore having faced at least one external cyber attack in 2019, cybersecurity has also emerged as a high-demand skill, explaining why IT Security Analysts through to director-level IT security professionals are among those who do not face immediate job threats.

#FinTech & Blockchain
For the Financial Services (FS) industries, the development of FinTech has created a new competitive landscape and playing field marked by lean, agile methods of product development and innovation catering to customers' emerging needs.

The banking sector, for example, has been disrupted by online lending platforms that facilitate peer-to-peer lending, while robo-advisors bypass the need for human financial advisors to guide consumer decision-making. This is in stark contrast to how traditional FS companies operate through complex processes and legacy systems.

Even blockchain technology is fast gaining popularity, being an effective enabler of safe, secure information flows in digital business environments to facilitate greater transparency and superior operational efficiency.

Find out how you can cultivate real-world skills for the ever-changing economic landscape with workshops conducted by SIM Career Development Office here.