The world of careers is evolving too fast for slow-paced economies. Industries and jobs that were in demand some years back are no longer on the market today. So, as the world changes, you should ensure that you equip and update yourself with the essential skills.
Today, joining a corporation means evaluating whether the industry will exist in the next few years. So, keeping up with the fastest-growing industries that will desperately require a workforce in the future is an excellent way of remaining relevant and productive.
There is a list of top 5 industries which grow fastest in this year. And for most of them, we can help you directly through sourcing and recruitment.
Software and Technology
Software and IT have emerged as a significant area driving hiring demand across all other industries. According to recent data, the need for software developers has increased by 25% post-pandemic. That’s because, as technology grows and changes, so will the need for cybersecurity and innovative software. Today, most companies and businesses have an online presence that needs to be protected and secured.
The COVID-19 crisis accelerated digitization for many sectors pushing them to cashless payments and other digital solutions. This move is inevitable, and hence the information technology industry is set to expand. In Singapore, the industry is projected to grow, with cybersecurity and ethical hacking analysts becoming essential in most organizations.
As the largest industry in Singapore, manufacturing contributes 20-25% of the annual GDP. The significant clusters in the manufacturing industry include chemicals, logistics, electronics, biomedical sciences, and transport engineering. In 2017, the sector grew by 35%, and industries including precision engineering and electronics benefitted from the high demand. Even amid the recurrent COVID-19 recurrent waves, the manufacturing capacity in Singapore has been relatively unaffected. Hence, Q3 of 2020 shows that the manufacturing sector’s annual growth rate was 10%, which boosted the electronics and biomedicals sectors.
Artificial intelligence is amongst the fastest growing industries partly because organizations were forced to furlough staff when the pandemic hit. As a result, companies had to look for ways to keep up operations despite having fewer employees on board.
AI is one of the technologies that will define the future of several industries through computing advancements. Hence, governments and the private sector are heavily investing in AI technology. Singapore is one of those countries that have embraced the trend as part of its digital transformation agenda.
Data Science and Analytics
As businesses become data-centric, data science and analysts have been named the sexiest job of the 21st century. By 2020, IBM reported that annual demand for data developers, scientists, and engineers led to over 700,000 new recruitments.
Besides, the amount of digital data being used and digested daily from emails, subscriptions, and google searches are increasing, and it needs to be analysed and managed. Therefore, people with a data science background and understanding of linear algebra, programming languages, calculus, statistics, and neural network architecture and designs have better chances of entering this growing industry.
Digital and Internet Marketing
Many people are buying things online. It’s the safer alternative to in-person purchases. So, websites and companies need a helping hand to ensure web-based drives sales. Besides, digital and internet marketing will pivot to a more technology-based role where mastering and understanding big data remains crucial.
Furthermore, being digitized is the only way to remain relevant in the online marketing landscape to merge social and digital marketing channels. Hence, the need for specialists in data-oriented designs, digital marketing strategy, and data collection and analytics will rise. With a background in digital marketing, you can venture into the opportunities in this services industry that is estimated to increase its hiring rate by 33% post-pandemic.