Singapore’s next growth surge: Empowering everyday needs for tomorrow’s success

The global landscape is undergoing significant transformation, driven by megatrends such as technological advancements, demographic shifts and climate change. These forces are opening up unprecedented opportunities for creating value beyond the confines of traditional industry sectors. To capitalise on these developments, businesses must diversify strategically and adopt innovative approaches to uncover new areas for growth.

As these changes unfold, companies are compelled to adapt their operations and venture into unexplored markets. By taking a proactive stance, organisations can redefine their strategies to align with evolving societal needs. This involves reconfiguring their focus and embracing cross-industry collaborations, which can unlock new pathways to success. While we may often associate such transformations with big tech companies, it’s important to recognise that smaller businesses and various sectors also hold the potential to harness innovative approaches and tap into new domains. The mindset of adaptability and pursuit of opportunity is essential across all industries and sizes. In doing so, businesses can ensure their continued relevance in a world that is rapidly evolving, positioning themselves to seize the opportunities presented by this transformative era.

Singapore, with its strategic geographical location and forward-thinking policies, is uniquely positioned to thrive amidst these global megatrends. As climate change, advanced technologies, and demographic shifts reshape the global economy, business leaders in Singapore are under unprecedented pressure to challenge their business models, offerings, and capabilities.

Understanding the triggers for transformation is crucial. The real competitive edge will belong to those who can redefine industries around human needs, rather than historical advantage. In Singapore's context, this seismic shift involves leveraging its strengths in innovation, connectivity, and adaptability to foster an economy that prioritises sustainable growth and long-term resilience.

This transformation is not just about boosting productivity or embracing new technologies; it represents a systemic rethink of what industries even are. For Singapore, this means building upon its established strengths in finance, trade and logistics to create new forms of value through innovative approaches that address the future needs of society. By reimagining industries in line with human-centric approaches, Singapore can continue to secure its place as a hub of opportunity and prosperity in the shifting global economic landscape.

This evolution sets the stage for the next wave of growth. PwC’s recent research report, "Value in Motion," highlights that as global economies transition from traditional industry structures to adaptive, interconnected value networks centred on human needs—what we refer to as 'domains of growth' — USD7.1 trillion in revenues is anticipated to shift between companies in 2025 alone. This substantial movement reflects the heightened pressure on businesses to innovate and reinvent themselves. To ensure future sustainability, industries heavily impacted by megatrends must pivot to new fields to preserve viability. Amidst this dynamic environment, the Asia Pacific region is poised for significant growth, with real GDP projected to rise up to 51% by 2035, even when accounting for climate change impacts.

The global economic environment is undergoing a profound shift. Businesses everywhere are confronted with both exciting possibilities and daunting uncertainties as they navigate this new landscape.

For Singapore, the opportunity lies in building on its strong foundation in finance and trade. As the economy shifts to be more driven by intangible assets like innovation and digital capabilities, the challenge will be to adapt swiftly to these changes, ensuring that it remains a key player in both regional and global markets.

Central to this transformation are two key drivers: artificial intelligence and sustainability. Embracing AI and accelerating decarbonisation could serve as powerful catalysts, boosting productivity and mitigating economic threats posed by climate change. Our research suggests the potential for a significant increase in global economic forecasts—by as much as 15%—if AI is adopted rapidly and responsibly.

Failure to keep pace could lead to productivity stagnation, or worse, economic contraction, placing greater pressure on nations reliant on conventional industries. As global competition intensifies with advancements in sustainability and digital technology, Singapore must re-assess how it can not only sustain its leadership but redefine it for the future economy. To drive the next wave of growth, companies in mature sectors should seek the S-curve, which can help maintain excitement and retention among teams and shareholders.

As market boundaries fade, new competitors emerge and business models shift. Changing customer needs and preferences open fresh paths for growth. It’s time to explore new domains of growth.

In Singapore, we’ve seen companies like Grab¹ and Sea Ltd² successfully expanding beyond their initial industries of ride-hailing and online gaming, venturing into digital financial services, food delivery and insurance across the region. As businesses increasingly capitalise on emerging opportunities across multiple sectors, this trend is set to accelerate further, unlocking new sources of value.

Indeed, enormous value will be shifting within and across domains, generating exciting growth opportunities alongside significant uncertainties. These dynamics will directly impact the evolution of the domains and ultimately determine the long-term competitiveness and prosperity of the wider economy. Businesses that possess transferable assets and capabilities face a pivotal moment; failing to leverage them in new domains could leave considerable value unclaimed.

In this context, Asia Pacific stands out as a hub for new economic frontiers poised for significant growth. Our research indicates that the ‘how we fuel and power’ domain could be 40% larger than the current sizes of the region's mining and quarrying and energy utilities sectors combined, reaching up to USD2.27 trillion by 2035. Similarly, the ‘how we fund and insure’ domain is projected to be valued at USD5.1 trillion, while the ‘how we care’ domain is expected to reach over $2 trillion in the same timeframe.

While exploration of new domains of growth is underway in Asia Pacific, traditional sector boundaries still exert significant influence. PwC’s 28th Annual Global CEO Survey – Asia Pacific reveals that, on average, only 7% of revenue over the past five years has stemmed from fundamentally new businesses. However, facing mounting economic threats, a notable portion of CEOs in the region have been seeking new value sources, with a third having begun competing in new sectors and industries.

In Singapore, where innovation thrives amidst resource constraints, the next frontier is transforming limitations into launchpads for global influence. By fostering this inclusive mindset and addressing these triggers, Singapore can continue to lead in shaping the future of success and growth across diverse sectors. Will companies rise to the challenge and shape the future of sustainable success?

As we gaze into the horizon, PwC’s research illuminates three distinct pathways shaped by AI innovation and decarbonisation efforts that may redefine our global landscape. The Asia Pacific region, in particular, faces a potential GDP variance of over 13 percentage points based on these divergent futures.

These scenarios compel us to consider the choices before us, each offering a glimpse into the power and consequences of our actions as we collectively shape the future.

Singapore stands at the cusp of an exciting era. As a global hub characterised by cutting-edge infrastructure and a highly skilled workforce, the island-nation is well-positioned to harness new technological advancements and the push for sustainability to drive economic growth and resilience. However, the future will demand strategic agility and innovation to retain competitive advantages and circumvent risks inherent in an interconnected world. The imperative for businesses in Singapore is clear: leverage AI to redefine operational efficiencies and elevate climate-friendly investments as a cornerstone of sustainable success.

To tap on these opportunities, business leaders must cultivate partnerships across sectors and cultivate a culture of continuous and impactful progress. Meeting human needs through forward-focused solutions will differentiate the leaders from the laggards in this new wave of growth. With a proactive mindset, Singapore can transform its challenges, such as land scarcity and reliance on global trade, into strategic strengths that drive innovation, resilience and long-term competitiveness. True, sustained impact will arise not from conventional outputs, but from creating value that resonates deeply with societal needs and aspirations.

_{¹ Grab: Scaling profitability while expanding its super app ecosystem, Yahoo! Finance, 26 March 2025
² Sea Ltd: Sea Ltd’s sustained revenue growth and strategic diversification in e-commerce, finance and entertainment, AInvest, 12 August 2025}