An industry formulates a group of businesses or manufacturers that produce goods or services. Some industries grow their net worth, size and/or the number of employees and market capacity over the years. There are industries that are untapped and due to circumstances, they are being adopt and dominate the economy first. There are those industries that we surely see great potential in and are most likely going to make remarkable strides this year and decades to come. Here are the 20 industries that are about to blow up in 2020.
The evolution of technology started way back and we have seen technology companies making big strides in inventions and innovations of high technology as we also evolve in the modern world. It has become part of nearly everything we do and experience, bringing it to the top of the 20 industries that are about to blow up in 2020.
Nonetheless, in the wake of the Corona Virus pandemic and restrictions being put in place, people are been forced to adopt other coping mechanisms to replace the economy steady. Businesses are forced to conduct transactions online due to the shut down of various economic sectors across various countries in the world.
In Kenya, bars and restaurants were closed following the surge in the number of cases in the country. Many employees lost their jobs and others sent on unpaid leave while others were just forced to stay home following the closure of various businesses. People adopted the E-commerce method of trading goods as brick and mortar stores adopted brick and click revenue models to keep earning. So many businesses moved to be conducted online with the aid of technology.
We have in the previous years seen the development of artificial intelligence, cloud computing and other machines that have eased manpower tasks and still the industry has proved to be evolving as the years pass by.
It’s forecasted job growth from 2016 – 2026 is 120 percent, the stock market for a 10- year gain is 295.88 percent and the forecasted revenue growth is 1.9 percent. (Martin, 2020)
Healthcare is unsurprisingly one of the topmost industries that are about to blow up. Health is something that we cannot forego. We all need good health to survive, work and go about our day. Every one of us at some point has fallen ill and has sought medication or treatment in a healthcare facility, making it an industry that will never fail.
The wake of the Covid-19 pandemic has seen many patients in hospitals having been infected with the virus as the numbers continue to spike. This has made healthcare have a strong demand by many. The industry works closely with the government and has been supported by funds to help in treatment to curb the spread of the pandemic. It includes various sub-sectors which include health days management, personalized health, all of which are sought by various people.
It’s forecasted job growth 2016 – 2026 is 121 percent, the stock market for a 10-year gain is 185.31 percent and forecasted revenue growth is 2.3 percent. (Martin, 2020)
Gaming is at the heart of many young generations. The young generation would rather watch ninja, superball. It has become an indisputable player in both the entertainment and technology industry.
The video game player as of December, 2020 is worth $140 billion. Projections put it at $300 billion by 2025. The gaming industry has seen massive profits over the past years. It estimates the users to be around 2.5 billion across the world. It is estimated that in 2020, they are likely to spend over $150 billion. The industry has been growing to about 13.4% year after year.
Games are played through electronic gadgets like PCs, mobile phones, computers with mobile gaming having most users estimated to spend $70 billion.
Manufacturing, and especially in Kenya has not been widely embraced. The government has spent billions of money exporting products from other countries. However, Covid-19 has made us rethink our capabilities and the wealth we have. It has forced us to be innovative. There came people who would make hospital beds, protective garments for health workers.
However going hand in hand with the need for food, companies are forced to process raw materials. We have also seen people utilizing recycled products to make something new. The growth of industries has been growing for the past few years.
A mix of innovation, automation, increased customer focus and incentives will greatly drive the local manufacturing sector. (“The top 5 fastest growing industries of 2020,” 2020)
More businesses worldwide are shifting to producing online content. This has brought about demand and will continue to, for skilled content creators. Companies are looking for quality and engaging content to drive traffic to their sites.
As it is with the shift in technology and taking many businesses online, content creating is becoming one of the great careers, and with a promising future. Content writing is a sure thing to blow up in 2020. (“5 Online industries set to explode in the next decade,” 2020)
#6Web design and web development
Just as content creation, and with many businesses engaging online, there has been a dire need for website developers and designers. Firms want to optimize and customize their sites to enhance the best customer experience. A website design also speaks for itself and better customization is more likely to keep customers.
Web development also comes in handy with integrated tools that best suits the business owners such as marketing tools and SEO optimization.
Designers are sure to make fortunes in the coming years. It is an industry set to thrive.
You can agree with me that of all the industries that are about to blow up in 2020, food is a basic need that we all can’t do without. Even as other sectors of the economy are being worst hit by the pandemic, the food industry had to keep working so we could have meals at our table. This is an industry as a whole has very minimal chances of failure despite the circumstances and hurdles of life. (“The top 5 fastest growing industries of 2020,” 2020)
This is an industry that grew to reach $1.7 billion in 2017, a growth rate of 17% from the previous year. The TV and radio and advertising growth have been robust over the past few years. The net income as of 2017 was $173 million and is likely to $387 million in 2022.
(“Kenya’s entertainment, media industry to hit $2.9 billion by 2022,” 2018)
The selling of consumer goods and services to customers is a norm and has been rapidly increasing over the years. It is through retail that customer’s needs are met and satisfied. Human needs and desires are insatiable and it is through that principle that retail will never stop and continue to rise. Retail involves all products you can think of.
Retail businesses conduct in various ways which include, business to business, business to consumer, consumer to consumer. Again justifying on why retail businesses are likely to blow up is because many retailers are also taking their products online thus availing them to a wide range of customers. (Ollie, 2020)
This is a compilation of modes in which goods move from one location to another to facilitate trade. Transportation is essential for it allows the production and consumption of goods in different places, diversifying different goods across various places.
In 2010, transportation accounted for 10% of GDP in the US. It has slowed down for a while but its future is very promising. Its trends suggest that it will go on rising for the next 30- 40 years. (Wiki, 2012) The reason for its growth is probably because food and other household items have to be transported and trade will in no time stop.
This sector is the entirety of all industries in the production and trade of energy or fuel. Energy involves electricity, oil, petroleum, coal, gas, nuclear power, wind and solar power. (“Energy industry,” 2020)
The enhanced reliance on non-renewable fossil fuel and nuclear power during the 20th century means that the industry has been the main contributor to environmental impacts. There then came the investment in renewable and sustainable energy by many economies.
Energy being relied on by many companies, homes and machines, is one of the lucrative industries. With more and more emergence of technology and machines, makes the energy industry flare in many years to come.
The construction sector has been doing well since 2014 and especially in the country. It however had a slight decrease in 2019 and early this year. It was at 6.4 percent down from 6.9 percent in 2018. The downshift is lift by the construction of phase 2 A of the Standard Gauge Railway from Nairobi to Naivasha.
Nonetheless, the industry’s wage employment grew to 221,600 people from 218,300 in 2018.
The construction of private residential and non-residential buildings helped keep the sector steady. The building works increased by 3.5 percent from 466.2 points in 2028 to 482.3. The number of completed houses in Nairobi rose from 12,725 houses in 2018 to 13,976 in 2019. (Nduire, 2020)
The finance sector involves institutions that provide financial services such as loans and mortgages to retail and commercial customers. Of all the industries that are about to blow up in 2020, the finance sector has develop, although considered as overbanked with 40 registered banks. The market concentrates highly with 12 listed commercial banks owning 89% of the total assets by 2018.
Innovations have taken place since 2016 such as agent banking, which allows microfinance and commercial banks to engage in services of third-party outlets and have seen remote areas accessing banking services.
There has also been the growth of mobile money, used by 80% of the population with more than 20 digital credit services. Its transactions in 2018 were $38.5 billion with the total number of mobile accounts at 45.43 million. (“Kenyan banking industry report 2019 featuring profiles of 37 industrial players,” 2020)
It has equally been competent worldwide. As of September 2020, the industry has had a market capitalization of $5.59 trillion. It has however gone down on its performance due to the pandemic but the sector has a very promising future once the curve is flat and beyond. (Kenton, 2020)
#14Real estate Industry
For the past two decades, the real estate industry has grown exponentially whereby its GDP grew from 10.5% in 2000 to 13.8% in 2016. The growth has been fur to change in demographic trends, stable GDP, infrastructural developments and high total returns of 25%. (“Current real estate trends in Kenya and how they affect investors,” 2020)
Worldwide, the growth rate has too been impressive. The industry has contributed more than $2.7 trillion to the U.S economy. In 2018 it had employed more than 2 million people and generated over $10 billion in corporate profits. (Militana, 2019)
Most of us have an enthusiasm for entertainment to escape the boring and complex life. Entertainment is broad in that it goes from streaming, music, video games, movies.
It is among the unique industries that are about to blow up in 2020 as it invloves streaming which makes up 80% of the music industry’s revenue. Subscription for music had also become the norm. Tech companies like Netflix have dominated the entertainment industry with others like Disney and Amazon are fighting to vanquish too.
We also have social media platforms like Youtube, Pinterest among others, where we have a variety of content to choose from. People also take advantage of the weekends to go to bars and entertainment joints to unleash their stressful week. Artists have put much effort to bring out great content as they earn from it. Entertainment had proved to be a thrill to many and us thus here to dwell.
#16Travel and Tourism Industry
We have also seen a shift whereby anyone nowadays can afford to travel and especially the middle-level class. People have developed the culture of touring around their own country and beyond in recent years. About fifteen years ago, we believed that only wealthy people have the capacity and capability to travel.
Nowadays there has been the emergence of travel agencies such as Airbnb, Booking, Bonfire among others, which offer travel packages to a group of friends or family at reasonable and affordable prices. With this drift, it is undeniable that also many businesses around travel will thrive.
People travel to experience nature, see beautiful landmarks and experience various other thrills.
#17Streamingreal-life/personal brand nitches.
In this generation, people use their phones or PCs for entertainment or creating content and posts for others among other uses. From Instagram stories, blogs, vlogs, posting pictures and videos over the internet makes this a generation of building one’s brand.
This sector is more likely to blow up because as you build your brand online, you are likely to attract firms that seek online influencers to promote their products. You could also easily promote your business once you attract massive followers and traffic to your site. This has become standard over the past few years. Everywhere, it’s all about social media.
Among the industries that are about to blow up in 2020, blockchain has to be another sector that is most likely to blow up this year and in the next decade. Security in the online space is a key concern to many and blockchain is one of the technologies around security. Cryptography is very difficult to hack, duplicate and decrypt. It facilitates digital payments you can convert to cash. Working around with cryptocurrencies is a safe space.
(“The five industries expected to boom in 2020,” 2020)
Gambling is one of the industries that is about to blow up in 2020. It’s an high technology, that’s making millions of people to claps to it. Despite the risks, a vast number of addicts find thrill in it. It has also done beyond the youth to the working class and even the old.
There have been and are still threats of regulations, but some companies have gone ahead and promoted responsible gambling and focusing on the player experience. Through gambling, many have lost and many have won even up to buying themselves cars and buildings.
It’s winning the hearts of many, and it’s here to stay more especially with the youth getting involved in it.
(“The five industries expected to boom in 2020,” 2020)
Mentioning security might seem delusional but of all the 20 industries that are about to blow up in 2020, security gas has been a public and basic good. Each government in the world is has to offer security to its citizens. The UN advises on a ratio of one police officer to 400 civilians.
The Kenyan government has half its number. However, it has increased its security budget by 24% this year, from $1.3 billion in 2019 to $1.7 billion this year. It has included the employment of 10,000 more police officers. (Soy, 2014)
Security is still a concern, and especially with increased corrupt government officials but the judiciary is making strides to ensure security is enhanced effectively.
The above mentioned industries have been making strides in ensuring they deliver their best, along having several inventions to make their systems and work methodology suits customers and the citizens at large.
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