8 Growing Industries to Watch in the UK
The role of businesses is fluctuating constantly, especially in highly developed cultures throughout Great Britain and the United Kingdom. One year, we’re marveling at the prevalence of social media platforms and the next we’re amazed at the growth of the alternative medicine sector.
Right now, there are several up and coming companies in the United Kingdom that are growing quickly or set to explode in the coming months. Here’s what you need to know about them.
The United Kingdom as a whole took a little longer than some nations to decriminalize the use of cannabis and allow its sale, but now that it’s there, it’s set to skyrocket. A recent report shows that the cannabis market could be worth more than £2.31billion by 2024 if it continues on this upward slope.
Medical cannabis and recreational cannabis are growing rapidly thanks to changing legislation, but it’s nothing compared to the CBD market. This legal substance that’s non-psychoactive and therefore not considered a schedule D drug has been making big waves in the alternative medicine field.
Consumers are seeking out nutritional CBD oils to help them conquer their pain, anxiety, skin problems, stress, and more. Since it was legalized, it has brought in a lot of entrepreneurs and investors seeking to enter the game and make their fortune in the trade.
The construction industry throughout the UK has been defying expectation. After the Brexit vote, industry leaders believed that the construction industry would directly suffer, but that doesn’t seem to be the case.
Between the years 2016 and 2018, it appears that more than 30,000 new businesses were formed in the construction industry, a 10 percent growth rate. The industry made up 13 percent of all UK businesses in 2019, making it an exciting investment opportunity or career path for any interested parties.
3. Immersive Technology
Immersive technology encompasses a variety of burgeoning technologies including virtual reality, augmented reality, haptics, and mixed reality. Basically, it’s any kind of technology made for any purpose that brings virtual content into a physical space, usually in the form of immersion.
Despite followers of this technology thinking it was ahead of its time, it seems to be a profound part of UK society. IBISWorld reports that the Immersive technology industry in the UK has grown an incredible 36 percent between the years 2014 and 2019.
4. Food Ordering and Delivery
UK residents, like much of the world, have discovered the convenience of having their food delivered to them, even if it costs them a few extra dollars plus a tip to have it done. With online food ordering and delivery services, consumers can have their food delivered to them even from institutions that don’t offer an in-house delivery service.
Many of these platforms are structured kind of like Uber. Consumers can order food through an app, then a delivery driver will claim it, pick it up for you, and deliver it to your door. They typically collect their fees based on a commission from what’s ordered and tips.
The platforms are set up as go-betweens for both restaurants and grocery stores. The growth rate of this trend is growing rapidly, and although nothing is certain, the one thing that could cause it to peak is the fact that more grocery stores and restaurants are starting to offer their own delivery services.
5. Digital Marketing
Over the last decade or so, the UK has made impressive strides in the digital marketing arena. The growth has been so impressive in the last few years that there’s somewhat of a shortage in marketing professionals to fill the work. Firms are starting to offer higher wages for junior marketing positions to attract more people into the field.
As of now, the biggest roles involve marketing in SEO, social media, and marketing technology. These seem to be the most effective areas of marketing at the moment and therefore have the highest demand.
Marketing is somewhat of a tricky business to maintain, as the trends in successful marketing seem to change from day to day. This has lent to the rapid growth of the company. As more skills and abilities are needed to complete the work of a digital marketing campaign, more companies are hiring out their marketing needs.
6. Online Men’s Clothing
The clothing industry has long been a highly competitive one without a lot of growth beneath its wings; therefore, it might seem surprising to see online men’s clothing in the list of rapidly growing industries.
It seems that the demand for men’s clothing in online platforms is growing steadily as more men become aware of the potential shopping opportunities online. Over the last five years, males have arguably become more fashion conscious.
Additionally, the ease of shopping online must appeal to men who don’t enjoy shopping in the traditional sense. With the rising number of internet-enabled devices in the average home, it’s easier than ever for men to take care of their clothing needs, and the online marketplace seems to be responding to the demand.
7. Peer to Peer Lending
Fintech is another area of rapid growth worth viewing, specifically in the peer-to-peer lending categories. The industry started out shaky as consumers felt uneasy about putting their financial needs in the hands of new companies without a long history of financial success.
However, the changes in market conditions, the increase in restrictions on lending, and the interest rates have driving a large number of consumers to the internet for their lending needs. It has become more and more stable and consumers are enjoying the benefits of both borrowing and contributing to these lending platforms.
8. Clean Energy
Like most developed companies, the UK is now putting special emphasis on reducing their greenhouse gases and slowing climate change. The government has been working on increasing their consumption of renewable energy resources and putting in place more restrictions to help companies do the same.
This has led to a growth in both jobs and technologies to help bring about the climate change initiative. Companies are being built around providing clean energy sources and making it easier for consumers to incorporate clean energy practices at home.
It will be interesting to see how clean energy practices, and all the other industries on this list, will flourish as 2020 progresses. We’re likely to see continued growth and opportunity for years to come.