Working In The UK: The Top 5 Fastest-Growing Sectors
The business landscape is constantly changing. The industries that may have dominated in one era might be inconsequential in another, and those niche sectors that were insignificant ten years ago are now the giants of today’s economy.
Amid all that change, it can be tricky to know which industries have a bright future. After all, a person’s career is an investment, so they want to be sure they’re making the right choice when taking a new role.
To shed some light, we looked into five of the UK’s fastest-growing sectors to show how exciting change can be — and to identify the key opportunities for the next dream job.
1. Transport and logistics
A recent study, commissioned by Love Energy Savings, on the progression of UK business found that transport and logistics was a rapidly expanding industry. The annual number of road freight logistics businesses that were founded skyrocketed by 229% between 2012 and 2016.
Today, transport businesses are doing particularly well in the North West. With 15,590 transport businesses in operation. That’s nearly 24% more than in London.
The biggest opportunity for job roles in transport currently is in data analysis. With logistics becoming smarter and more expansive than ever in the era of e-commerce, data management will play a crucial role in upholding efficiency as operations continue to increase in size. That’s great news for IT and maths graduates who are keen to sink their teeth into some complex problem-solving.
‘FinTech’ is a term that gets thrown around a lot in the business world. It stands for ‘Financial Technology’, and it’s set to dominate the UK economy in 2019 and beyond.
A survey by the London Stock Exchange found that UK-based FinTech companies expect a staggering 88% growth between 2018 and 2021. 38% of those surveyed said they’d choose London as their top destination, second only to New York. This comes on the back of the government’s ambition for the UK to lead the world in progressive banking following fallout from the 2008 financial crisis.
As a result, it’s easier for UK-based FinTech firms to raise money through the public markets than it is for those in other countries, leading to rapid growth in the sector — and plenty of job opportunities, too.
FinTech roles are ideal for anyone with a background in web development or finance. And with loads of funding available through things like the government’s tech startup funding competition, Innovate UK, there are plenty of resources available for you to start your own FinTech business.
The examination of businesses in 2019 also found that UK construction has seen strong growth in recent years. Between 2016 and 2018, there were an additional 30,000 construction businesses born — a growth of 10% — which now means the construction industry accounts for 12.4% of all UK businesses.
The UK government notes that construction output reached an all-time high in November 2018, exceeding £14 billion for the first time since monthly records began in 2010. Though there was a slight dip in December, the new year put things right back on track, with output increasing by £371 million in January 2019.
The largest increases in opportunity were in non-housing repairs and maintenance, which increased by £217 million. For anyone with a background in engineering, architecture or building work, now’s the ideal time to get into a booming industry.
4. Digital marketing and advertising
The digital marketing and advertising sector has been growing rapidly for the last decade — and shows no signs of slowing down.
The beginning of 2019 marked the 21st consecutive quarter of market growth, with advertising spend rising by 5.1% year-on-year to reach £5.6bn in Q3 of 2018.
And it’s not just paid advertising that’s set to grow. Services like social media and content marketing are also expanding, meaning that the industry remains varied enough for those with Maths, English and Graphic Design degrees.
Filmmakers are also in high demand as visual media continues to soak up marketing spend, increasing by 40% in 2018 versus 2017.
Contributing £26 billion to Britain’s economy, energy is a buoyant sector on all fronts. The most significant growth, though, is in green energy. By 2020, the government’s plan is for 15% of all energy consumption to stem from renewable resources, which has spurred significant investment into UK-based sustainable energy companies.
As a result, it’s estimated that the UK’s renewables industry could support up to 400,000 jobs by the end of next year.
“It’s never been more exciting to work in the energy sector,” says Phil Foster, CEO of Love Energy Savings. “There are more renewable energy businesses than ever before, which is creating a highly competitive market and driving down the costs to businesses as a result.
“New technologies are a really promising area, too. We recently secured a £25 million investment from LDC (part of the Lloyds Banking Group), which we have invested back into the business with a focus on our proprietary technology, which has generated a host of new technical roles.
“The more innovative energy companies become, the more jobs there will be, and the more the energy industry will grow as a result.”