Chart of the day: Find out which sector has seen the biggest spike in SMEs since 2010

26,300 new firms have formed in just 5 years.

The number of new small to medium enterprises (SMEs) in Singapore have gone through the roof in the past five years, and analysts expect the trend to continue going forward.

According to a report by CBRE Research, in terms of total number of net new companies formed, financial and insurance activities; professional, scientific and technical activities; as well as the information and communications are three of the largest and fastest growing sectors.

CBRE Research noted that compared to 2010, enterprises set up has spiked 15.2%. This pans out to an additional 26,300 new companies operating within Singapore just over the past half-decade.

"Singapore is beginning to come into its own as one of the startup capitals of the world, rivalling cities such as Silicon Valley or Israel," noted CBRE Research.

Extensive government support, a robust intellectual property framework, and easy access to key Southeast Asian market have lured entrepreneurs to set up shop in the city-state.

"As a result, startups have gained traction, nearly doubling from 24,000 to 42,000 between 2005 and 2013," stated CBRE Research.