Europe’s third-largest economy is thriving and by 2030, it is expected to become the largest. Certain industries and sectors stand out as strong players and are due to contribute to the growing economic potential of the country in the following months. While predicting at an individual level how good certain companies will behave in the current economic and political context, overall, several industries show high growth and development potential. Below we will be analysing top UK industries and sectors and that sustain the steady and consistent growth of the UK’s economy.
Fintech is no longer a new term or concept. The word is short for financial technology and the industry is set to replace traditional banks and financial services in the near future. The industry is fundamentally changing the way in which financial institutions operate and the way financial consumers interact with banks and lenders. In 2015, the sector has generated more than £6.5b in revenue.
The UK has one of the strongest FinTech sectors around the world, being supported by a series of regulatory conditions that generate growth and fast-paced developments. The Financial Conduct Authority is showing great support through a series of tax incentives and government programmes tailored to boost competition and growth across the sector.
Over the following three years, the FinTech players in the Kingdom are expected to grow at a whopping rate of over 80%. The uncertainties over the much-anticipated Brexit don’t seem to disrupt the growth and advancement of the sector since the financial expertise of these players is insightful enough o avoid and overcome bottlenecks.
Marketing and Advertising
Marketing and advertising have moved in the digital sphere almost completely, over the past few years. And in terms of growth, the sector is experiencing a fulminant development and its potential is not to be burdened or slowed down any time soon. While confronted with a period of instability and transition after the digital revolution, advertisers and marketers have found new support to showcase their efforts, creativity and new approaches. With eight successive years of growth, the sector seems to advance at a fast pace, uninterrupted. Beyond 2019, we are due to witness new developments and growth in the sector, thanks to SEO and digital advertising becoming cornerstones in the industry.
Construction and Adjacent Industries
2019 is expected to be a year marked by new developments in the UK’s construction sector. Like advertising and marketing, the construction sector has been marked in the past by the negative impact of the 2008 recession, as well as a series of other events. However, in 2018, the sector has experienced a sensitive growth, especially in hot spots like London. The capital has been traditionally a growth pole, and this can be observed from the flourishing adjacent industries and companies popping up like mushrooms after rain in the area.
For instance, spider lift hire agencies have grown in numbers and capabilities over the past few years. With services designed for self-drive use or operated by experienced professionals, these companies seem to meet the high demand generated by construction companies in the UK. With a positive growth of 52.2 % in the sector and an impressive number of jobs created by companies in the construction industry, we can clearly state that this particular sector is about to experience a flourishing future. By 2020, the government is aiming to build more than 1 million new homes.
The healthcare sector is also growing at a fast pace and this can be easily observed from the high demand for experienced health professionals in the UK. When the UK job market is unable to supply those professionals, medical institutions and healthcare facilities turn their attention to foreign human resources. According to a recent study conducted by Health Education England, the UK is facing a nurse, therapist and midwife shortage estimated at more than 40,000. By 2027, the workforce in the sector will have to increase by almost 200,000 healthcare professionals, if the illness rates experienced until now don’t show decrease rates.
Biotech becomes a key development area in several industries, like medicine, agriculture, and other industries. In 2017, British biotechnology companies generated £1.2 billion through investments. Given the recent advancements in sectors like healthcare and agriculture, the potential of this particular sector in the British market is expected to grow furthermore during the following years.
Despite Brexit waiting at the doorstep, biotech companies in the UK have received nearly £1.6bn from investors in the first eight months of 2018, according to a report from The Guardian. Near the Hertfordshire town, a new scientific development hub is planned and will incorporate a series of biotech players with high authority in the sector. Government-funding is also expected to be received by these companies, helping them to break the technological and scientific limitations in the field.
VR and AR
Virtual Reality and Augmented Reality gain more and more traction in the tech-dominated environment in the UK. With a growing number of entertainment companies present on the local market and trendsetters in VR and AR technology development and implementation, the sector seems to have endless potential and incredible real-life applications. From raining medical students to acquire realistic experience in surgery rooms previously to their first surgical intervention to simulating procedures and training programs, offering therapy solutions and opportunities for patients in rehab centres and hospitals, the limitless potential of the sector is due to experience new uses and worth over £120 billion globally by 2020. Britain is expected to be one of the key global players.
According to the CBI, the manufacturing sector has experienced in 2017 the biggest growth over the past 30 years. The number of manufacturing players at a national level is growing, but the worker shortage will undoubtedly affect the way these companies carry their duties and meet the market demands. Finding skilled employees is expected to grow in difficult in the Brexit context, but local players are still expected to survive and overcome the challenge.