Promising industrial growth signals a flourishing economy. We have lined up some of the top industries that have survived hard times and emerged successful. The industries had to face issues like the pandemic, Brexit, and the Ukraine war. The sectors serve as a beacon for upcoming businesses and job applicants.
Information technology includes hardware and software companies. Internet service providers and related services also come under this sector. As per Statista, the revenue of this sector is projected to reach $83.17 billion in 2022. An annual growth rate of 6.84% is expected from 2022 to 2027.
Due to the prevalence of remote working, this sector has shown rapid growth. Computer support is a field that shows the highest potential in this industry. App development is another segment that is developing rapidly. Its growth is due to the high demand for customer service improvement apps.
Home improvement has seen a 50% increase in growth in the UK. The pandemic is a key reason for the rapid growth in this segment. Despite difficulties in material supply, labor shortage, and others the sector shows promise. Extensions and building walls to create rooms are popular additions.
New conservatories and annexes are other top renovations favored by homeowners. Bathroom renovation ranks high on the list of priorities. Businesses like Letta London offer top quality and affordable luxury bathroom products making the renovation hassle-free. Kitchen additions are a top priority as they add value to the home and cost less than other additions.
Home renovation projects also include furnishing the home office space. Lighting, desks, storage, and more are in high demand. Home decor is another area that has seen big growth in recent years. Gardening products and landscaping have also attracted more interest during the pandemic.
Low-carbon emission fuels are in demand now with the increased awareness about climate change. The renewable energy sector includes equipment such as solar panels, wind turbines, and more. The sector shows tremendous potential due to two factors
- Reducing the cost of renewable technologies
- Subsidies on renewable energy and equipment
Wind energy is the leading source in this sector in the UK due to its cost-effective generation of power. The UK leads in generating energy from offshore wind farms. Key players in this sector include Vestas Wind Systems AS, Siemens, and Ecotricity Group.
Remote health monitoring systems became a staple during the pandemic. Health-related digital information and monitoring equipment come under this field. Telemedicine devices include
- Weight management devices
- Blood pressure monitors
- Cameras for general examination and more.
The growth of the sector is based on the increased focus on factors like
- Healthcare information technology development
- Prevalence of chronic illnesses
- Investments from the private and public sectors
Digital technology helps healthcare workers to manage patients with chronic illnesses. The various monitoring devices prevent frequent doctor visits.
The property sector has surged to a big extent in the past couple of years. It includes buying and selling residential and commercial properties.
There has been a 12.4% increase in house rates in the UK in 2021. As per the National Statistics data, the growth is the highest in 17 years. The increase in average house prices is higher in Wales, Scotland, and Northern Ireland. London shows the lowest annual growth.
The rising prices pave the way for better jobs in the industry. Property valuers, sales consultants, and lettings negotiators are some of the jobs with high prospects here. Surveying and planning also attract more jobs in the sector.
Due to an increase in energy bills and mortgage rates, the values of properties can vary. The value will be based on the insulation and energy efficiency level of the properties.
The need for cyber security is more now than ever before. Cyber security helps prevent unauthorized access and helps deter hackers. The increase in the use of internet-connected gadgets by businesses and individuals has resulted in a higher risk of malicious attacks.
As per the CyberEdge Cyberthreat Defense Report 2022, 81.4% of UK businesses were under at least one attack when compared to 71.1% in 2021. The country spent 11.3% of its IT budget on security. Ransomware attacks were also prevalent as per the report.
Nearly 13% of businesses paid the ransom amount demanded by cybercriminals. The data reveals the importance of experts in IT security. Security consultants, ethical hacking, and system administrator jobs are in high demand. The revenue earned by the cyber security sector in 2021 was £10.1 billion.
The businesses in our line-up are just a sample of the many booming sectors that show high potential. Due to the uncertain economic situation, UK businesses are struggling to find stability. While there are national and global issues to combat, businesses need to identify profitable ways. Innovation is the need of the hour for companies. They should look for smart opportunities wherever possible to succeed and grow.