When you’re deciding on a career path to pursue, one of the vital aspects to consider is the types of fastest-growing industries in your country and other parts of the world. Pursuing a career in these industries can result in a high-paying job that can help you afford the comforts of life and achieve a high standard of living. As a result, there’s an increasing demand for experts in different fields, and in 2022, there will be exponential growth in the top 10 fastest-growing industries.
If you’re thinking of an MBA, it’s recommended that you gear your study towards any of these thriving industries to ensure job stability for years to come. In this article, we’ll explore some of the fastest-growing industries in 2022.
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What Are the Fastest Growing Industries?
The world keeps going through recessions and depressions. As a result, many industries are declining in growth. Fortunately, there have been some industries that have experienced consistent revenue growth. With continuous technological advancements, these industries are doing better regardless of the economy-repressing pandemic. Considering their trend, the sectors are becoming the fastest growing industries.
What Are the Top Industries of the Future?
The world of careers is evolving too fast for slow-paced economies. Industries and jobs that were in demand some years back are no longer on the market today. So, as the world changes, you should ensure that you equip and update yourself with the essential skills. Today, joining a corporation means evaluating whether the industry will exist in the next few years. So, keeping up with the fastest-growing industries that will desperately require a workforce in the future is an excellent way of remaining relevant and productive.
Top 10 Fastest-Growing Industries in 2022
Let’s explore the top 10 fastest growing industries in 2022 (particularly in Singapore):
Banking and Finance
Regardless of how the global market turns, the financial industry still manages to remain afloat. Amidst the pandemic, several organizations had to outsource financial analysts to rework their budgets to stay in business. Banking and financial literacy have been the key to helping businesses to keep going even when operations stagnated at the height of a crisis.
In Singapore, the financial services industry has experienced stable growth due to the country’s political stability and pro-business environment. However, amid the unfavourable economic conditions, the sector averaged growth of 4.7% in 2020. It’s estimated that there are over 5,200 available opportunities in the financial industry, with 96% being for PMET roles like risk management, compliance, relationship management, and financial analysis. Furthermore, with the issuance of digital banking licenses and a resilient property market, the finance industry has many exciting developments and room to grow in 2022.
Software and Technology
Software and IT have emerged as a significant area driving hiring demand across all other industries. According to recent data, the need for software developers has increased by 25% post-pandemic. That’s because, as technology grows and changes, so will the need for cybersecurity and innovative software. Today, most companies and businesses have an online presence that needs to be protected and secured. As a result, they’re proactively safeguarding their business from external and internal threats. Cybersecurity is projected to grow to $366.1 billion by 2028 as cloud computing marketing rise to hit $760.98 billion by 2027.
The COVID-19 crisis accelerated digitization for many sectors pushing them to cashless payments and other digital solutions. This move is inevitable, and hence the information technology industry is set to expand. In Singapore, the industry is projected to grow, with cybersecurity and ethical hacking analysts becoming essential in most organizations.
Singapore is renowned for its role as a healthcare hub for the region. Its hospitals and nursing departments and facilities cater to patients from neighbouring Malaysia, Indonesia, Brunei, Philippines, Thailand, as well as from the Asia Pacific, United States, and Europe. In light of the global pandemic, it is no surprise that the healthcare industry is growing dramatically. Moreover, with the new community hospitals and polyclinics, the public health sectors and the overall industry is bound to expand.
Before the focus shifted to the pandemic, gerontology and eldercare were the fastest growing industries in healthcare – with a study showing that 40.1% of the nation’s population would be 60 years by 2050. The focus on gerontology and eldercare is set to continue in 2022, calling for stellar nursing and healthcare management systems and staff.
As the largest industry in Singapore, manufacturing contributes 20-25% of the annual GDP. The significant clusters in the manufacturing industry include chemicals, logistics, electronics, biomedical sciences, and transport engineering. In 2017, the sector grew by 35%, and industries including precision engineering and electronics benefitted from the high demand. Even amid the recurrent COVID-19 recurrent waves, the manufacturing capacity in Singapore has been relatively unaffected. Hence, Q3 of 2020 shows that the manufacturing sector’s annual growth rate was 10%, which boosted the electronics and biomedicals sectors.
Artificial intelligence is amongst the fastest growing industries partly because organizations were forced to furlough staff when the pandemic hit. As a result, companies had to look for ways to keep up operations despite having fewer employees on board.
AI is one of the technologies that will define the future of several industries through computing advancements. Hence, governments and the private sector are heavily investing in AI technology. Singapore is one of those countries that have embraced the trend as part of its digital transformation agenda. The government has been encouraging AI adoption by investing in technology, and that has prompted the private sector to follow suit. For instance, the government of Singapore collaborated with Microsoft to design chatbots created to facilitate customer service.
Data Science and Analytics
As businesses become data-centric, data science and analysts have been named the sexiest job of the 21st century. By 2020, IBM reported that annual demand for data developers, scientists, and engineers led to over 700,000 new recruitments. Besides, the amount of digital data being used and digested daily from emails, subscriptions, and google searches are increasing, and it needs to be analysed and managed. Therefore, people with a data science background and understanding of linear algebra, programming languages, calculus, statistics, and neural network architecture and designs have better chances of entering this growing industry.
Biomedical and Biotechnology
With the complex needs of patients as well as the COVID-19 pandemic, companies have continued to design and create innovative solutions. That has caused the medical devices market to generate industry revenue and stellar growth in 2021. As a result, the global biomedical and biotechnology market reached over $456.9bn in 2020 and is projected to reach $612.7 by 2025. In Singapore, biomedical manufacturing hired 24,384 people both in medical technology and pharmaceuticals adding the country’s GDP close to $20bn in 2019. This trend is expected to continue in 2022 as the numbers of healthcare facilities, healthcare expenditure, ageing population, and technological advancements increase.
Adjusting to the new normal after the pandemic hasn’t been easy for everybody. Even the most resilient people can only take so many abrupt changes and isolation to their daily life before they break and reach out to specialists. They need mental health specialists to talk to them through these unprecedented times. The mental health outlook shows that jobs for mental health specialists have increased by 24% in 2020 and are projected to continue being on the rise.
Tourism and Hospitality
The pandemic hit the tourism and hospitality industry hard. With revenue on the decline, overall industry growth dropped through 2020 and 2021. But, as vaccinations programs continue, authorities across Singapore and other parts of the world have begun reopening economies. The travel agency and airlines industry are gearing up to open the doors once again.
Besides, the government and industry are now focusing on lifting travel restrictions, applying new health protocols for safe travel, and enable market diversification. That will cause the sector to grow as ADROIT market research projects that the luxury travel industry is expected to grow by over seven percent by the first months of 2026, reaching close to half a billion over the five years.
Digital and Internet Marketing
Many people are buying things online. It’s the safer alternative to in-person purchases. So, websites and companies need a helping hand to ensure web-based drives sales. Besides, digital and internet marketing will pivot to a more technology-based role where mastering and understanding big data remains crucial.
Furthermore, being digitized is the only way to remain relevant in the online marketing landscape to merge social and digital marketing channels. Hence, the need for specialists in data-oriented designs, digital marketing strategy, and data collection and analytics will rise. With a background in digital marketing, you can venture into the opportunities in this services industry that is estimated to increase its hiring rate by 33% post-pandemic.