The Industries on the Rise in 2020

Businesses have always ebbed and flowed with the demands of their customers, meaning that different industries will see growth at different times. What trends are in, how technology is advancing, and even what celebrities are using, can all influence whether an idea is going to be a big hit, or a huge waste of time. While some longstanding industries will always hold steady – things like classic fashion brands, supermarket chains and car manufacturers – others are more prone to swings. Trends like virtual pets, motion-gaming accessories, and CDs have all had their day in the spotlight, failing to find an enduring place in the market and being replaced, often by newer technology.

It can be difficult to tell which industries have staying power and which are enjoying a moment of good fortune, however, by watching trends and extrapolating results, experts can often make a reasonable prediction; for example, the aging population is causing a boom in the home healthcare sector as they require more help to stay in their own homes. This comes in every form, from accessibility aids to live-in carers, so businesses dealing in the technology to develop new products which can make old age easier, are fairly certain to enjoy continued growth. At least until new advances render their products obsolete.

It’s not always industries which offer tangible products which show the most growth. Of the ten fastest growing industries in the UK in 2020, four are services and three are based around the development of software. One that involves both is the online food ordering and delivery industry, including companies like Just Eat and Deliveroo. The concept has been around for a few years now, but as work lives get busier, people continually look for ways to simplify their free time. Takeaway meals are an easy way to sort dinner, although they have been criticised for not offering many healthy options. The industry diversified with delivery-only services offering to pick up food from restaurants and fast food outlets which don’t offer their own delivery services, instead expecting takeout to be bought in store. This has opened up a wealth of new culinary possibilities for those who struggle with the time or the energy to prepare meals every evening.

The gambling industry has been growing steadily over the past decade. It is split into land-based and online gambling and the industry continued its rapid growth through 2020, demonstrating perfectly how to assimilate the successes of other sectors in order to increase its own accomplishments. While land-based gambling revenue is pretty stable, it is the online side of the business where the majority of growth is happening. Sites offering games like online slots, bingo and poker are becoming more and more popular because they are so easy to access and can be played from anywhere. Online casinos have been able to take advantage of major technological developments to keep their products fresh and exciting.

One of the biggest developments in online gambling to have an impact on the industry is live gaming. Rather than playing against a computer, customers of live games are able to stream from a table in a casino and interact with a real dealer. For purist who believe that games like poker and blackjack are improved by using physical decks, this is a huge breakthrough. And hot on the heels of live streaming comes Virtual Reality (VR) and Augmented Reality (AR) gaming. Rather that play on a static page, these allow players to interact with 3D environments and navigate around the casino as if they were really there. Seeing how these new elements are ramping up the excitement of online gaming, experts are predicting that the global gambling market will soon be worth $564 billion.

Likewise, the rise of the immersive technology industry owes a lot of its 60.5% growth rate for 2020 to the other industries who licenced products. It’s not just the casinos who are after the software; video games, mobile apps, and those companies who produce the hardware to support such technology, like VR headsets, are all purchasing the rights to use these programs. With two options available– purchase the software and build your own skin, or pay the developers to custom-build it for you – there are plenty of ways for the companies to make their money. As immersive technology becomes the industry standard for games, the marketplace will continue to widen, giving lots of opportunities for new businesses to stake their claim on a part of it.

As for the rest of the year, there are some indications as to where the next success stories will come from, so anyone with a startup in one of the following industries should end the year on a high note. Gender-Neutral commodities such as deodorants, skincare products and shampoos are experiencing rising demands as the next generation of adults turn away from traditional marketing. Inclusivity is the year’s hottest theme and brands which don’t step on board might find themselves losing out to their newer, more socially conscientious competitors. Sustainability is another major concern amongst millennials and Gen Z, and products which prove to be effective alternatives to single-use plastics are in high demand. These are smaller, less-established industries, yet their 2020 growth rates indicate that they are quickly gaining ground and are worth watching out for.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes