The UK’s Fastest Growing Industries: Where To Launch Your Business – Guest blog by Ruby Clarkson
The modern business world is constantly evolving and has been growing rapidly over the past decade. According to the Federation of Small Businesses, the business population in the UK has grown by an impressive 2.4 million since 2000, which represents an increase of just over two-thirds. With so much potential to grow and increase revenue potential, now is an excellent time to join the expanding business world. However, you should keep in mind that starting a new business is never easy.
Setting up a company is an exciting time but it takes hard work and dedication to achieve your long-term business goals. If you want to be successful in the modern business world, then you must invest in a sector that is expected to thrive in the coming years and give you a good return on your investment. Understanding the best industries to invest in takes thorough research and careful planning. To inspire you, here are some of the UK’s fastest growing industries in the UK to consider for your next business venture.
App development was first introduced in 2008 and is now one of the fastest growing industries in the UK. With around 2.7 billion smartphone users around the world, there’s no surprise that the app industry is booming. Research shows that there were 194 billion apps downloaded in 2018 and this is expected to reach 260 billion by 2022. With the demand for quality apps growing, app developers benefit from fantastic earning potential, enviable job security, and excellent career prospects.
The telecommunications industry has been thriving over the past decade due to the increasing demand for telecommunications items such as smartphones, tablets, and other smart devices used for communication. Statistics show that the UK telecommunications industry generated 2.97 billion pounds in 2019, up from 2.65 billion pounds in 2018. It is expected that this trend will continue to grow as our dependence on telecom software grows and consumer expectations increase. This makes the evolving telecommunications industry a strong business sector to invest in over the coming years.
The UK marketing sector has grown by more than 50% since 2013 and is now worth around 24 billion pounds. Digital strategies such as search engine optimisation (SEO) and social media are now considered to be the most effective ways to advertise products and services, increase market reach, and boost sales and revenue. For that reason, there is now a huge demand for digital marketing agencies and specialists with the skills to implement effective digital marketing campaigns within the business sector.
Global warming is having an increasingly negative impact on our planet and the UK government has a target to reduce emissions by 80% by 2050. In response to this, more and more consumers are becoming eco-conscious and looking to support green, sustainable businesses. There have been substantial investments within the renewable energy sector in recent years and renewable electricity overtook fossil fuels for the first time in the UK in 2019. Renewable energy is a fast-growing, innovative, and exciting industry. This makes it an attractive investment option for many entrepreneurs in the UK.
Financial Technology, often shortened to FinTech is an innovative new technology that aims to compete with traditional financial methods. Every time you make a payment online, transfer money over the internet or use a payment app like Paypal, you are using FinTech services. FinTech has gained popularity in recent years due to its ability to automate and improve efficiency across a broad range of financial services. Consumers now expect to be able to make payments and manage their finances quickly and efficiently using online platforms. With that in mind, the London Stock Exchange predicts that the FinTech industry will grow by a massive 88% between 2018 and 2012.
Starting a business can offer several fantastic benefits including increased earning potential, great job satisfaction, and the opportunity to choose your own work schedule. Nevertheless, setting up a company is challenging and you must plan carefully to increase your chances of business success. In particular, you must invest in a sector that is likely to thrive over the coming years and thus give you a good return on your investment. Above are examples of the fastest growing industries in the UK. These sectors may provide an exciting and secure place to launch your new business and join the ever-expanding modern business world.