Table of Contents

Quaternary Sector

Education

The education system in Singapore is renowned for its top performance globally. Based on a study conducted by Fleck (2023), the country has topped the latest world education ranking known as the Program for International Student Assessment (PISA) run by the OECD (Hirschmann, 2023). Furthermore, it is said that the city-state’s students are ahead of their peers on average by three to five years. Among the six education levels, the Singaporean government is most focused on full time degree courses, with expenditures reported at around SGD 21.07 thousand per student in the financial year of 2022 (Romero, 2024). The recurrent expenditure on education per student of the Singaporean government by education level is illustrated as below:

According to the International Trade Administration (2023), the market is expecting an increase in demand for degree programs in the near future from both Singaporean and international students in the following subjects of study:

  1. Cybersecurity
  2. Media and animation
  3. Hospitality and tourism
  4. Sports science and medicine
  5. Business analytics and digital economy
  6. Logistics and supply chain management
  7. Advance manufacturing and engineering

 

Nonetheless, it is worthwhile to note that the global education landscape has seen significant transformation backed by the development of digital innovation in recent years. This is attributed to the COVID-19 pandemic outbreak which has introduced online learning as a mandatory teaching process during the lockdowns (Aristovnik, Kerzic, Ravselj, Tomazevic, & Umek, 2020). According to the World Economic Forum (2020), the shift away from the classroom to the adoption of online learning is bound to leave a permanent impact on the market of education industry around the globe. This is also evident in the education market in Singapore, with the country’s Ministry of Education (MOE) exploring ways to deliver a personalized teaching to the Singaporean students (Tay, 2021). As demand for online and hybrid learning increases, there is then a need for educational institutions to invest in digital infrastructures such as e-learning platforms to maintain the quality of their education in a virtual environment. 

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