Singapore is a major logistics hub ranked first in Asia by the World Bank1. The logistics industry is an important contributor as well as connector of our economy. It links up the supply chain domestically and internationally, and in the process provides employment to more than 230,000 Singapore workers in 2015.
The national strategy for the industry is laid out in the Logistics Industry Transformation Map. The plan is to achieve a value-add of S$8.3 billion to the industry and to add 2,000 professional logistics jobs by 2020.
This ties in with the growth of the global logistics market which expects to have a compound annual growth rate of over 7% from 2018-20222. This is driven largely by rapid growth in the e-commerce retail market due to the increasing popularity of the Internet and mobile devices. Growing urbanisation and increasing disposable income also have a positive impact on the retail industry.
Your business can ride on the growing global demand for e-commerce to take advantage of opportunities to provide quick delivery, and more efficient inventory management and freight forwarding. There is great potential for your company to grow in this dynamic industry that is fuelled by these trends:
1: https://lpi.worldbank.org/ 2: “Global Logistics Market 2018-2022”, Technavio, June 2018
With 4.5 billion people or 60% of the world population, Asia is home to the fastest growing economic region in the world. The accompanying growth of the Asian middle class will increase demand for goods and services, and offer more opportunities for your company.
Collaborative robots and automated solutions like autonomous forklifts, trucks, and drones will improve labour efficiencies and do away with manual handling. When these technologies are augmented with data analytics and in an Internet-of-Things network, you can expect the logistics industry to deliver more integrated, faster, and safer supply chains.
Disruption presents new opportunities for your company to differentiate your logistics services to clients. Why not be a part of this transformation to digitally enable logistics services?
We support Singapore logistics companies to move beyond offering traditional services in freight and storage. If you want to specialise in food, chemicals and pharmaceuticals, and e-commerce sectors, or want to differentiate your business, look into our suite of programmes to boost capability and go global.