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.
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