What can we Expect from the Singapore Consulting Industry this 2019?


hat can we Expect from the Singapore Consulting Industry this 2019?

It looks like the Singaporean government is seeing a bigger picture of the consulting industry in the country. Singaporean city statesmen, the Ministry of Finance, in particular, launched a roadmap for the professional services industry. The pack of new initiatives will focus on innovation and developing specialised skills in consulting, accounting, legal, advertising, and engineering services sectors. The Industry Transformation Map (ITM) aims to generate 5,500 more jobs in the sector annually and projected a value-add of S$31 billion come year 2020. (C)

However, before the great news happens, let us take a quick review of the last couple of years state of the consulting industry in Singapore:

  • Singapore is one of the South East Asian countries that impacted the region’s market to grow at 8.2% or US$2.778m in 2015

  • Consultants from Singapore continue to enjoy high demands for services from neighboring countries

  • The other side of the coin, however, shows a deficit not on the financial aspect, but local talents, this restricting expansion of service across all markets

  • Despite the overwhelming span of digitisation across industries and in different regions, Singapore remains to be the most advanced Financial services remained to be the fastest growing among all industries

  • Singapore consulting industry became more competitive which resulted in consultants excessive pricing pressure. The big guys handled the challenge well, leveraging on global competitiveness at a lesser price.

  • The last two years though left consultants optimistic that the coming years would bring them continuous growth

The industry, in the last couple of years, had its ups and downs but was able to navigate through and now leans toward global market leadership. The Singapore government’s initiative is a ‘nationwide effort to take professional services to the next higher level’. Together with other stakeholders, the program will focus on specific growth areas like data analytics, artificial intelligence, and cybersecurity.

B2B Prospecting and Lead Generation

Future-proof your marketing strategy using insights for the upcoming year. Check out the 4 B2B marketing trends in Asia for 2019.

 

What can we expect from the industry next year?

The consulting industry in Singapore is in its best shape to capture opportunities in transforming and digitalising, making the city-state a reference market for complex cross-border projects.

the ITM is an integrated plan that will enable our firms to scale, innovate and increase their productivity while preparing Singaporeans to take on exciting new jobs such as digital product developers, data modelers, and risk advisory professionals.

– Indranee Rajah, Senior Minister, Ministry of Finance, Singapore

Related: Trends and Updates in the Singaporean Financial Services Sector

 

Author Bio:

Katrina Chua

Katrina works as the Marketing Manager at Callbox Singapore. She helps companies in Asia Pacific countries increase their business revenue through lead generation and appointment setting services. Follow Katrina on Twitter, Facebook, and Google+.

 

 

Do you want more leads?

Dial +65 3159.1112 | Chat on WhatsApp +65 8232 2417

 

 

Grab a copy of our FREE EBOOK, Targeted B2B Marketing: Guide, Checklists, and Worksheets! A comprehensive guide to targeted marketing to help organizations get in front of the right people at the right time through the right channels with the right message to influence a purchase.

Download Targeted B2B Marketing Guide, Checklists and Worksheets [Free eBook] CTA

How to Optimize your B2B Mobile Marketing Strategy
4 B2B Marketing Trends in Asia for 2019 (That Aren’t AI or Blockchain)
How To Sell Your ERP Solution to the Modern Tech Buyer