Industry growth is not a given in these tough economic times. However, some industries feature some of the most innovative solutions to current problems that can be found. As a result, people are investing a lot of money into them, growing them and giving them more legitimacy. Wondering which industries are the fastest growing in 2020? Read our list for the latest insights.
Data-crunching has become something more than just what statisticians and mathematics prodigies do. Data analytics has invaded all walks of life, including logistics. Companies are increasingly using data to drive greater efficiency. The logistics industry’s reliance on automation for packing goods etc. has resulted in more opportunities for software companies who are able to pair their data analytics with trucks that use hardware to optimise the movement of freight.
Some of the key data collected includes driving times, kilometres driven and engine performance. These can also be used in conjunction with advanced GPS systems which can track products in transit.
In America alone, FourKites, Project 44 and MacroPoint allow this tracking, while two other companies, HubTran and Triumph Pay automate freight brokers’ back-offices. In some countries freight brokerage is referred to as a freight forwarding agent.
Sustainable Consumer Goods
The sustainable living movement is in full swing. While most people can’t afford solar panels, or even high-end, energy-efficient cars like the Tesla Model S; they can afford metal straws. Re-usable, recyclable and compostable alternatives to everyday household products are quickly making their foothold in the FMCG market.
Companies are coming up with a range of solutions, mostly focused on eliminating or at least mitigating consumer reliance on plastic. This has resulted in some interesting developments such as a beeswax coated alternative to plastic cling wrap, cleaning products in concentrate form and refillable containers, and compostable storage bags.
Computer Systems Design and Related Services
This is a broad category as it includes standard computer programming which can also be subdivided by languages, frameworks etc, but also emerging systems like machine learning, artificial intelligence and virtual reality. In fact, to specify which part of this large pie is growing is difficult because all the skillsets are co-dependent. For machine learning to work efficiently there need to be programmers at hand to create the code upon which the computations will be executed.
But if you want to try your hand at any of the more exciting emerging systems, a grounding in programming will never do you wrong. You will understand the basic code which fuels the computations upon which you seek to build your software and other complex systems.
Data Processing and Technical Consultancy
You don’t have to be an actuary to get in on the data game. There are numerous short courses online from reputable universities which will teach you the skills necessary to process, visualise and report on data findings. This relates to other technical, data-driven consultancies such as search engine optimisation (SEO), SQL, business intelligence reporting, business systems analysis and quantitative analysis.
This industry will only continue to grow as people value metrics and other forms of measurement. There is a glut of data now that computational power has reached its peak since the 1980s. Most people don’t know how to interpret the data and derive value from it. This is where individuals with data processing and technical skills come in.
Medical and Recreational Cannabis Growing
The legislation in South Africa surrounding cannabis growing is a bit tricky for most to grasp. The Constitutional Court decided in September 2018 that every citizen has the right to privacy. However, the Constitutional Court did not define the scope of private – rather leaving it to the discretion of law-enforcement, namely the police, prosecutors and other courts. Law enforcement officials have permission to decide whether the amount of cannabis in a person’s possession can reasonably be deemed more than necessary for private use. This will put most people off but there is a lot of money to be made once it becomes legal. This is evidenced by the profitability of cannabis growing in other countries like the US or Denmark. Selling to cannabis shops will surely become a good income stream for anyone willing to take the time to learn how to cultivate the plant.
This is an industry that has been around for a very long time; however, infrastructure still needs to be built. And as the industry continues to find better materials for building, they not only build new infrastructure but go back to re-design better solutions for infrastructure that already exists. And with the advent of 3D printing, the industry is set to expand even more. 3D printers allow for construction material to be printed in shapes which were never possible before, speeding up project completion and making sure that all parts of a building, bridge or otherwise are tailor-made.
What do all the industries above have in common? They will most undoubtedly include an element of project management. The third-party logistics teams? They need to install their hardware onto a viable truck, test its efficacy, report on it and only then can they start approaching more clients because they have troubleshooted the process. This may be one aspect of a larger project. But, at the end of the day, someone needs to manage that and ensure that all organisational and project goals are met.
If becoming a project manager seems to be an appealing way to expand your skillset and become a fabled single-horned horse, then you can try your hand at a project management online short course. It will give you the necessarily confidence and theoretical background to approach any project with a measured and critical approach.
Project management practitioners are already in high demand, but as other industries continue to grow and other people specialise their skills, the project manager is a unicorn who can oversee everything simultaneously and adjust as and when necessary.