Here Are 4 of the Biggest Up-And-Coming Industries to Seek a Spot in Today
Quitting and hiring seasons. Chances are, if you’ve been in the workforce long enough, you’ve seen them – or even participated in them. But leaving and joining a new job is no longer as easy. With increasing liabilities and responsibilities on your plate, coupled with looming inflation concerns, it now takes a little more than just resolve and faith to make a switch. Starting over and embarking on a new career path suddenly requires much more prudence and evaluation. Succeed, and you would be entitled to ride the wave towards job stability, advancement opportunities and the liberty to prioritise your commitments. Fail, and you would come face to face with job insecurity, stagnation and limited freedom of time. To tread this critical crossroad with care, it is important to assess the current labour market and its demands and shortages. Only then can you make an informed decision to jump or stay put.
What Makes a Good and Promising Industry?
Industries and sectors are vast in size, and the unpredictability of the economy makes it difficult to gauge their longevity and potential. However, it is possible to determine if a certain field is a worthy investment of your time and temporary uncertainty. Here, we judge the industries based on their profitability and their potential remunerative benefits as answers to the factors below:
- Market Demand and Competition: Market demand refers to the demand of a particular product or service, and how much consumers are willing to fork out for them. This can be heavily influenced by the economy. Meanwhile, market competition is the rivalry between the businesses operating in the same industry with the same offerings. A tight contest for consumers may cause severe implications for businesses.
- Scalability: Can the company or industry grow to meet a growing number of consumers and their desires, while sustaining or improving their revenue? With a bright future for sales, companies and their employees can benefit from stability, expansion, efficiency and skill development opportunities.
- Resilience: The occurrence of the pandemic has highlighted the astounding significance of resilience in a company. Being able to survive economic recessions and life-altering disruptions is a vital sign to look for in a promising industry, in order to enjoy a smooth-sailing professional journey.
Based on these characteristics, let’s take a look at some of the most lucrative industries aspiring professionals can consider stepping into.
Singapore is dealing with a rapidly ageing population that requires immediate support from our healthcare system. With about 1 in 4 Singaporeans being over the age of 65 by 2030, healthcare professionals are increasingly valued, being high in demand with the expansion of primary and community care nation-wide. Considered recession-resistant, these positions offer much job security even without the pressures of the pandemic and the ageing population, with medical services remaining essential to the well-being of people of all ages.
The recent advancements in medical technology and pharmaceuticals also mean golden opportunities for professionals all across the board. Beyond nurses and doctors, healthcare workers exist in plenty of titles, from therapists, researchers, and pharmacists to laboratory technicians and administrative executives. With the continuous growth of Singapore, the healthcare industry is guaranteed to be a dynamic field where professionals can develop ever-relevant skill sets, taking them down a path of learning, stability and fulfillment.
Companies: Raffles Medical Group, Singapore General Hospital, Tan Tock Seng Hospital, SingHealth, and more.
Tourism and Hospitality
As a broad and extensive industry, tourism and hospitality has successfully bounced back from the pandemic in a way many other industries couldn’t. While it had been plagued with numerous setbacks over the past few years, the reopening of borders has led to a boom in travel and subsequently, an economic upswing that was left to simmer and finally boil over. Giving way to countless opportunities across hotels, restaurants, transportation and more, the industry is flourishing like never before. Domestic and international tourism is thriving, reversing losses incurred in the past few years with flights, attraction bookings, and tourist numbers at an all time high.
With this much demand, the relentless growth of the sector shows no sign of abating. As an integral chess piece to a country’s economy, tourism and hospitality sees much effort from the government to boost local businesses by introducing financial incentives, infrastructure and even training programmes. In a combination of high economic impact, job creation and international exposure, tourism and hospitality offers promising prospects that add value on a personal, professional and national scale.
Companies: Shangri-La Hotels & Resorts, Marina Bay Sands, Singapore Changi Airport, Resorts World Sentosa, and more.
There’s nothing like the Internet that connects us all. Peaking at the height of the pandemic, e-commerce is now a vital part of shopping in this day and age, redefining the shopping experience for homebound buyers and sellers alike. Allowing consumers the luxury of ordering and receiving their items in the comfort of their own homes, e-commerce offers groundbreaking convenience in browsing, comparing and purchasing that even after the pandemic has stabilised, our habits for buying and selling have remained. It has since established itself as a way of trade many businesses want to tap into – leading to pure play e-commerce companies who fully operate online, and traditional retail companies who want to get a piece of the fast expanding, virtual pie.
But that’s not all there is to the benefits of e-commerce. Aside from giving businesses a sustainable platform to reach audiences on the international scale, e-commerce is also generally more cost-effective than running a physical store, cutting down costs on unnecessary labour, electricity, taxes and more. This streamlined management mirrors that of what the industry provides its consumers, driven by data-driven insights that analyse consumer behaviour and trends to initiate better strategies for optimised user experience. Proving itself an evolving, flexible and robust industry that puts its consumers at the forefront, e-commerce is a technological revolution that is here to stay, growing exponentially alongside the increasingly digital world and its innovations.
Companies: Amazon, Shopee, eBay, Sephora, and more.
Information Technology (IT) offers some of the labour market’s highest salaries for their reliance on diverse technical skills and understanding of the latest software and hardware. With a ubiquitous influence on our everyday lives, Information Technology is one of the rare industries applicable to every other business in our modern world. Just a look into its history will show its upward trajectory in shaping the future, transforming not only the technological landscape, but the global economy and employment as a whole. It reinvents operations by automating processes, devising new solutions, and revolutionising communication.
Encompassing sub-categories including the likes of Artificial Intelligence (AI), blockchain, cybersecurity and others, Information Technology ensures high profitability matching with its constant advancements. Always looking to hire more qualified, experienced and versatile professionals, today, this is a field that ignores geographical boundaries for a progressively connected and digitised world.
Companies: Razer, Grab, ByteDance, GovTech, and more.
Making a career transition is less frightening with sufficient research. By setting realistic expectations for yourself based on market trends, demands and risks, you can better align your expertise with availabilities that match up with your priorities. Whether it is healthcare, e-commerce, tourism and hospitality, or IT, you can stand out in any industry with our one-stop portal for openings, tools and resources at JobMaster – set forth on looking for your dream job here.