Alongside the obvious contenders of online retail giants and pharmaceutical companies, there are plenty of industries who can expect to see opportunities for growth as the world adapts to the challenges of 2020.
With digital transformation at the forefront of much of the conversation of growing industries, it can be expected that the industries and companies which are best positioned to adapt to a digital environment will also be expected to thrive.
With the pandemic leading to a surge in companies of all ilks developing their presence in online spaces, businesses who provide services in this arena have lots to look forward to. The haste in action required for companies to accelerate their digitisation plans means that some safety and best practice measures have been at risk of being overlooked. Precautions surrounding customer details and user data are particularly vulnerable and considered profitable assets by would-be cyber criminals.
Cybersecurity budgets have seen steady growth year on year for some time now, and with businesses and individuals alike developing a higher dependence on digital tools, that can be expected to continue. More data to protect means more business for the CyberSecurity sector.
While most nations have prioritised the education of their youth rather than choosing to keep schools closed, there has still been an enormous impact on the world of education. With parents and siblings forced into the role of teacher at a moment’s notice and social distancing high on the agenda, it was only natural for the tools which facilitated these priorities to experience growth.
Online learning tools are by no means a new invention, but educational institutions have traditionally been slow to adopt new technology. The necessity of their use throughout the pandemic has forced the normalisation of home-schooling and online classrooms, and it will be unlikely for this trend to disappear in a post-Covid world. Online learning doesn’t end at schools, however, a combination of rising unemployment and an increase in time spent at home means that people across generations and circumstances are looking to develop new skills and hobbies. In the US during March 2020 alone, Duolingo, the language-learning app, saw a 148% increase in sign-ups.
An increasing awareness of the environmental impact of diesel and petrol cars, along with an urgency to act in the face of climate change, has been looming over the traditional car manufacturing industry for some time. As the pandemic developed and non-essential travel was severely reduced, the travel industry more or less ground to a halt. Oil prices were greatly affected, and satellite imagery released by the European Space Agency showed that air pollution across the world had seen a dramatic reduction compared to the same time of the previous year.
In November, Boris Johnson announced a new green plan for the UK which included the pledge that from 2030 there would be no new cars or vans sold which are powered wholly by petrol or diesel. The plan also includes investment into off-shore wind, nuclear and hydrogen power as well as aiming for net-zero emission planes and maritime vehicles.
This spells the opportunity for growth for businesses with a focus on developing eco-friendly technologies. Tesla, the electric car producer, saw its stocks skyrocket by 492% in 2020, with the first quarter of the year being their best performing ever. Audi too are committed to pivoting, with their new ‘Artemis’ department which is focussing on bringing electric cars to market faster than they had originally anticipated.