What are the Fastest Growing Industries in the UK?

What are the Fastest Growing Industries in the UK?

Technology has been a significant game-changer in the worlds of business and commerce, particularly in developed economies such as the UK.

While innovation and technological advancement has sounded the death knell for some industries, however, it has breathed life into others while also creating brand new markets for entrepreneurs to target.

In this article, we’ll look at three of the fastest growing industries in the UK, and ask what’s driving their incredible success.

  1. Fintech

 Fintech represents a genuine growth market, and one that underpins everything from online banking apps to advanced cryptocurrency exchange wallets.

The UK has been at the heart of fintech’s rapid global growth, with London established as the capital of this burgeoning marketplace.

Even though this status is being severely challenged and undermined by the looming spectre of Brexit, we’ve recently seen some UK-based fintech firms project growth of 88% over the course of the next three years.

The continued fall-out from the global recession in 2008 and the introduction of increasingly stringent regulatory measures in the financial markets is also creating a demand for highly evolved fintech solutions, and this is likely to drive even more robust growth in the longer-term.

What are the Fastest Growing Industries in the UK?

  1. Vaping

 Vaping has become an increasingly popular phenomenon since the turn of the century, thanks to a combination of significant social and technological changes.

More specifically, the number of active smokers has fallen globally since the year 2000, amid sustained health warnings and greater scientific insight.

At the same time, the emergence of vaping tech and paraphernalia has provided a viable alternative to smoking, with more than three million people now familiar with this habit in the UK alone.

In fact, a vibrant vape UK culture continues to underpin a global market worth an estimated £17.1 billion, with growth of nearly 30% reported during the last five years.

Together with Japan and the U.S., vapers in the UK spend a total of $16.3 billion on smokeless tobacco and products each year on average, with number likely to rise incrementally in the future.

  1. Virtual Reality (VR)

 While the history of VR can be traced back to the 1950s, it has only recently begun to enjoy success in the consumer mainstream.

Technological advancement has played a key role in this evolution, of course, while gaming has also provided a natural and lucrative market in which VR can be successfully deployed.

UK firms remain at the forefront of VR’s shift into the mainstream, with a large proportion of the market leading VR and augmented reality developers currently basing themselves in London.

As a result, Britain is now driving a global VR market that will be worth an estimated £120 billion by the year 2020, with a strong emphasis now being placed on affiliated technology that will help to enhance the existing VR experience and its range of applications.

 

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