The world of business is constantly changing, evolving, and mutating. With so much innovation and growth, industry trends are just that – trends; what might be a huge deal today might be old news tomorrow. Sure, there are established industry standards that remain relevant year after year. The trick to keeping up with business is to focus on the emerging job markets on the horizon. With 2020 around the corner, let’s look at the four major emerging industries in business.
P2P Payment Apps
Innovators in the banking industry have long-since used technology to simplify monetary transactions. The debit card replaced cash and check, online banking removed the need for trips to a physical bank branch, and the credit card chip has made payments more secure. So, it makes sense that developers would take advantage of our preference for mobile devices through peer-to-peer payments. P2P payment apps like Venmo, Paypal, Zelle, and Square have made it easy for individuals to send, receive, and request direct payments. By linking your smart phone with a bank account or credit card, you can easily transfer money to anyone, anywhere, all with the tap of a button.
With the simplicity and security of P2P payments, adoption of the technology has seen rapid growth. According to statistics by eMarketer, by the end of 2022, over half of mobile phone users will have made at least one P2P payment within the past month. With such a huge demand for these apps, job openings are increasing in areas like cryptosecurity and blockchain development.
AI and Machine Learning
The applications of artificial intelligence (AI) are seemingly endless. Automation has become a part of our everyday lives, whether it’s in our car’s GPS, our thermostats, or our smart home devices. Even beyond this observable impact, AI and machine learning represents an even larger shift in the business world abroad. Machine learning is about improving the efficiency of software. Applications built with machine learning are suddenly able to make laser precise predictions and analyze data instantly. The result is a more effective and self-sustaining piece of technology, one that improves the function of nearly any system it touches.
This kind of power can be applied to nearly any industry imaginable. Artificial intelligence and machine learning plays a role in healthcare, manufacturing, financial services, bioinformatics, telecommunications, and transportation, to name just a few. A report published by Zion Market Research states that the global machine learning market was valued at $1.58 billion back in 2017. However, that same study projects that the market will reach nearly $21 billion by 2024, representing a 44 percent increase in just 7 years. With such rapid growth, it’s no surprise that the industry came in at number 2 on LinkedIn’s Emerging Jobs Report.
Solar Power and Wind Turbines
As climate scientists continue to urge immediate action across the globe, it makes sense to turn to alternative energy sources. Not only do options like solar and wind power equal lower carbon emissions, they also provide a more sustainable energy option than crude oil or coal. Along with natural gas, these types of resources are unlimited and provide savings to consumers. However, depending entirely on renewable energy can’t happen until the necessary equipment is in place.
Alternative energy – specifically wind power – has led to a rapid growth in the installation and management fields. Wind turbines need wind farms, and wind farms need planning and oversight. According to IBIS World, the wind turbine industry saw a 53.5 percent revenue increase from 2018-2019. Part of this is due to government-sponsored incentive programs and a growing mandate for the use of these sorts of technologies. The industry rise is also thanks to the wide variety of renewable energy types and the increased manufacturing of all associated equipment. LinkedIn’s 2018 report listed Solar Power Consultant as its 11th fastest growing job title.
Big Data Science
At this point, saying that technology is everywhere seems like the understatement and cliché of the century. Tech isn’t just ubiquitous, it’s everything and all-encompassing and dictates how we live our lives. So, with this endless stream of technology accepted as the status quo, should we really be shocked that data has become more valuable than ever? Servers and hardware and software are all running 24/7, and are collecting infinite amounts of data at every endpoint. Forbes published figures in 2019 showing Americans use over 4.4 million GB of data per minute. The sheer amount is staggering. But, in the right hands, this simple byproduct of technology can become a window into the future of the world.
Analyzing data is a key factor to the success of any industry, anywhere. Whether it’s information technology, manufacturing, transportation, social media, or food production, data analytics is big buck business. According to research from Inside Big Data, the data industry is projected to grow to $40.6 billion by 2023. Data scientists are tasked with breaking down massive datasets and interpreting the results to establish trends and predictions for the future. With these efforts replicated in every single modern market, and no signs of slowing down, Big Data is primed to become a key industry in the years ahead.
Staying in touch with emerging industries is a great way to grow a career. Whether you’re still in school, graduating, or just looking for a new career direction, keeping an eye on these markets might get you a few steps ahead of the pack.
