The world of business is a highly volatile one that is constantly changing in direction and focus and with highly developed countries like the UK, businesses are constantly on the forefront of the next big thing to take over the market. One day it’s a UK casino that’s drawing in all of the crowds, next thing you know, the interest shifts onto another busy sector that will potentially revolutionise an industry and make customers fork more money out for the new trend.
Join us below, as we assess the biggest booming industries that are currently brewing within the UK. We’ll have a look at the rising industries within the country, so you can keep an eye out for their incoming success.
Energy is the driving force behind everything we do. Within the UK’s economy, it contributes £26 billion in total, cementing itself as one of the largest industries in existence. Of course, the more interesting side to this sector is Renewable Energy.
Recent years have seen a more serious shift in looking for alternative energy sources that are green and clean in order to provide a more sustainable way of life that leaves a smaller carbon footprint and alleviates some of the damage that the world has suffered at our hands over the past 100 years. The government’s plan to have 15% of all energy come from renewable sources by 2020 has pushed this initiative further, with businesses old and new, working hard to take up that space. This in turn has created a significant number of jobs and seems to be growing substantially as the years go by.
Financial Technology has been a big player in the UK for a number of years. Ever since 2008’s financial crisis, the UK has pushed for London to become the top destination for financial companies and the strategy seems to be working. The British capital is currently second only to New York in terms of FinTech companies, with a substantial increase that maintains its consistency on a yearly basis.
This level of focus has led to a huge increase in the sector, with a wealth of new companies opening up within the space, which in turn create numerous jobs that all can benefit from. The marriage of finance and technology seems to be a recipe for success and many an entrepreneur have identified the opportunity and taken advantage of the benefits in store.
Although recent years have landed the sector in some uncertain waters, the construction industry still seems to defy all odds and continues to thrive, even in uncertain times. The Brexit vote seemed to imply that the industry would suffer, with industries and investors potentially looking for alternative locations but so far this does not seem to be the case. It could simply be the prolonged nature of the Brexit negotiations that may have postponed the inevitable decline for the sector, although at this point only time will tell.
The current situation is still a positive one, with a recent 10% growth rate that means construction makes up 12.4% of all UK businesses. This industry seems to have defied expert’s opinion and the construction business doesn’t seem to be slowing down any time soon.
As technology progresses, the idea of simply engaging with content through a conventional screen feels continuously less interesting, with new and exciting means of immersing users in the content they enjoy taken further prominence. Sure, technology like virtual and augmented reality have been around for years, but they’ve only recently reached consumer level quality and affordability with which they can actually be an investible sector.
There seems to be an incredible increase in demand for these technologies, with the immersive technology industry making a huge leap with a 36% increase in size between 2014 and 2019. Virtual Reality is a big player within this sphere, with the huge video game industry investing heavily in the technology and other sectors like the online casino industry also turning towards the virtual world as the new ‘it’ tech for their products.
An Ever-Shifting Space
These are only a fraction of the booming industries within the UK and many more are also on the rise. The industries themselves reflect our society’s needs and wants, with positive investments like Renewable Energy leading the way to a brighter future, while sectors like Construction reflect the constant increase in population and the need for homes and shelter. The constantly changing trends within the world’s economic and socio-political sphere means that these booming industries might not be holding their top spots for too long and as times as well as priorities continue to shift, so too will the leading industry sectors in the UK.