2020 is finally here. With the new year comes new market opportunities. If you are looking to launch a new business or change careers, it’s interesting to consider the fastest growing industries that are expected to take off in 2020.
This post will explore five key industries expected to grow in the coming year.
The sharing economy refers to businesses that make money from underused assets. Physical assets like a vehicle or property can be rented out when they’re not being used. That’s becoming more popular in modern society, with consumers enjoying the flexibility of using a house, car or even office space without a long-term contract.
In fact, PwC estimates the ‘sharing’ economy will be worth £257 billion by 2025, compared to just £11.5 billion in 2014.
With the government’s pledge to ban new petrol and diesel cars by 2040, or potentially earlier, work is underway to create practical alternatives. In October 2019, electric and hybrid cars accounted for one in 10 UK car sales. That increased demand for alternatively fuelled vehicles could pave the way for multiple businesses, whether it’s specific car parts for electric vehicles or companies installing electric charging points.
Riding the wave of social media, influencers have spent the last few years carving out a niche for themselves as trustworthy sources for product and service recommendations. So much so that it has become a multi-billion pound industry. In 2020, influencer agencies are expected to take off to help connect businesses with influencers that are right for them.
VR headsets aren’t just for gamers anymore. They are becoming increasingly popular in the world of work, too. Virtual reality can complement fire and training procedures, test safety measures, provide therapy for hospital patients and even be a powerful tool in marketing as consumers immerse themselves in new products and services.
Research by eMarketer predicts a steady rise of over 10% year-on-year for virtual reality and augmented reality, heading into the new decade. With that comes various opportunities, including agencies who can help businesses utilise VR for their own purposes.
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