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Check out this guide to the best-performing business sectors in the UK
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 10 years ago are now the giants of today’s economy. Amid all this change, it can be tricky to know which industries have a bright future. After all, your career is an investment, so you want to be sure you’re making the right choice when you take on a new role.
To help you out, award-winning energy provider comparison site Love Energy Savings looked into five of the UK’s fastest-growing sectors to show you how exciting change can be – and to identify the key opportunities for your next dream job.
The findings revealed which sectors have experienced rapid growth, offering insight into where job opportunities are expected to open up in the near future. Just a few of its key findings are listed below.
- The UK’s renewables industry could support up to 400,000 jobs by 2020 thanks to government plans.
- Digital marketing/advertising achieved its 21st consecutive quarter of market growth in 2019.
- Filmmakers are in high demand due to visual media soaking up marketing spend, increasing by 40% in 2018 versus 2017.
- The construction industry now accounts for 12.4% of all UK businesses, with the largest opportunities being in non-housing repairs and maintenance.
The research offers valuable information about which industries are thriving across the UK, highlighting job opportunities for those on the lookout for their next challenge.
Here’s the lowdown on the big five …
1. Transport and logistics
Our research into the progression of UK business in 2019 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 is currently 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.
For more information on careers in logistics and distribution, click here
‘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 start-up funding competition, Innovate UK, there are plenty of resources available for you to start your own FinTech business.
Our 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 means that 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 2019, the start of this year put things right back on track, with output increasing by £371 million in January 2019 alone.
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.
For more information on careers in construction, click here
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 £5.6 billion in the third quarter 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 is 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.’
For more information on careers in renewables, click here
More information on the findings can be found on the interactive map here
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