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.
What Are the Industries with the Fastest Growth Rates?
The world continues to experience recessions and depressions. As a result, the expansion of several industries has slowed. Fortunately, certain industries have been able to maintain constant revenue growth. Despite the economy-depressing pandemic, some industries are doing well thanks to continual technological developments. Based on their current trend, the sectors are becoming the fastest-expanding industries.
What Are the Future’s Top Industries?
Careers are changing at a rate that is too quick for slow-moving economies to keep up with. Industries and jobs that were in high demand a few years ago are no longer available. As the world changes, you must ensure that you are equipped and updated with the necessary skills. Joining a firm nowadays entails determining whether the industry will continue to exist in the next few years. Keeping up with the fastest-growing industries that will urgently require labour in the future is a great strategy to stay relevant and productive.
Let’s take a look at the top ten fastest-growing industries in 2022 :
Banking and financial services.
The financial industry manages to stay afloat regardless of how the global market turns. Several organisations had to hire financial analysts to modify their budgets in the midst of the pandemic in order to stay afloat. Banking and financial literacy have been critical in enabling businesses to continue operating even when operations have stalled during a crisis. Because of Singapore’s governmental stability and pro-business atmosphere, the financial services industry has seen steady expansion. Despite the challenging economic environment, the sector is expected to grow at a 4.7 percent annual rate in 2020.There are over 5,200 job openings in the financial industry, with 96 percent of them for PMET tasks such as risk management, compliance, relationship management, and financial analysis.In addition, the finance industry has numerous interesting advancements and room to grow in 2022, thanks to the granting of digital banking licences and a stable property market.
Technology and software
Software and IT have emerged as major sources of demand for workers in all other businesses. The demand for software engineers has surged by 25% since the epidemic, according to the latest data. Because the demand for cybersecurity and innovative software will grow and alter as technology advances. Most businesses and organisations now have an online presence that must be maintained and secured. As a result, they’re protecting their company from both external and internal threats. Cloud computing marketing is expected to expand to $760.98 billion by 2027, bringing the total to $366.1 billion by 2028. Many sectors have been pushed toward cashless payments and other digital solutions as a result of the COVID-19 situation. As a result of this shift, the information technology industry is expected to grow. The industry is expected to increase in Singapore, with cybersecurity and ethical hacking analysts becoming indispensable in most businesses.
Singapore is well-known for being a regional healthcare centre. Patients from Malaysia, Indonesia, Brunei, the Philippines, and Thailand, as well as the Asia Pacific, the United States, and Europe, visit its hospitals and nursing departments. It’s no wonder that the healthcare industry is booming in the wake of the global pandemic. Furthermore, with the addition of new community hospitals and polyclinics, the public health sector, as well as the overall business, will undoubtedly grow. Gerontology and eldercare were the fastest-expanding industries in healthcare before the focus moved to the pandemic, with a study estimating that 40.1 percent of the country’s population will be 60 years old by 2050. In 2022, the focus will remain on gerontology and eldercare, necessitating excellent nursing and healthcare administration systems and personnel.
Manufacturing is Singapore’s largest industry, accounting for 20–25 percent of the country’s annual GDP. Chemicals, logistics, electronics, biological sciences, and transportation engineering are all important clusters in the manufacturing business. The sector rose by 35% in 2017, with companies like precision engineering and electronics benefiting from the increased demand. Even during the repeated COVID-19 waves, Singapore’s manufacturing capacity has remained substantially unharmed. As a result, the manufacturing sector’s annual growth rate in Q3 2020 was 10%, boosting the electronics and biomedical industries.
“AI” stands for Artificial Intelligence.
Due to the fact that businesses were compelled to lay off workers when the epidemic struck, artificial intelligence is one of the fastest-growing industries. As a result, businesses have had to find new ways to keep operations running despite having fewer personnel.
Artificial intelligence (AI) is one of the technologies that will shape the future of various sectors as computers advance. As a result, both the public and private sectors are significantly investing in AI technology. As part of its digital transformation plan, Singapore is one of the countries that has embraced the trend. The government has been investing in technology to encourage AI adoption, and the commercial sector has followed suit. Singapore’s government, for example, worked with Microsoft to develop chatbots to help with customer service.
Data Science and Analytics
Data science and analysts have been dubbed the sexiest jobs of the twenty-first century as organisations become more data-centric. IBM estimated that by 2020, annual demand for data developers, scientists, and engineers would have resulted in over 700,000 additional hires. Furthermore, the amount of digital data used and digested on a daily basis via emails, subscriptions, and Google searches is growing, necessitating analysis and management. People with a data science background with a working knowledge of linear algebra, computer languages, calculus, statistics, and neural network architecture and designs have a greater chance of breaking into this rapidly increasing field.
Biomedical and biotechnological research
Companies have continued to design and create creative solutions in response to the complicated needs of patients as well as the COVID-19 epidemic. As a result, the medical devices market is expected to create significant revenue and growth in 2021. As a result, the worldwide biomedical and biotechnology market hit $456.9 billion in 2020 and is expected to hit $612.7 billion by 2025. Biomedical manufacturing in Singapore employed 24,384 workers in medical technology and pharmaceuticals in 2019, bringing the country’s GDP close to $20 billion. As the number of healthcare institutions, healthcare spending, the ageing population, and technological breakthroughs rise, this trend is likely to continue in 2022.
It hasn’t been easy for everyone to adjust to the new normal following the pandemic. Even the strongest people can only tolerate so many abrupt changes and solitude in their daily lives before breaking down and seeking help from professionals. They require the assistance of mental health professionals to help them navigate these unique times. According to the mental health outlook, positions for mental health specialists climbed by 24% in 2020 and are expected to continue to rise.
Hospitality and tourism.
The pandemic had a significant impact on the travel and hospitality industries. Overall industry growth slowed in 2020 and 2021 due to declining sales. Authorities in Singapore and other areas of the world have begun reopening economies while immunisation measures continue. The travel agency and airline industries are getting ready to reopen their doors. Furthermore, the government and industry are concentrating their efforts on removing travel limitations, implementing new health guidelines for safe travel, and allowing market diversification. As a result, according to ADROIT market research, the luxury travel business is predicted to rise by more than 7% by the first months of 2026, reaching nearly half a billion dollars in five years.
The Internet and digital marketing
Many individuals purchase goods on the internet. It’s a safer alternative to making purchases in person. As a result, websites and businesses require assistance to ensure that web-based sales are generated. Furthermore, digital and internet marketing will shift to a more technology-driven role, with big data mastery and understanding being critical. Furthermore, combining social and digital marketing platforms is the only way to stay relevant in the online marketing landscape. As a result, there will be a greater demand for experts in data-driven design, digital marketing strategy, and data collection and analytics. With a background in digital marketing, you can look into opportunities in this service industry, which is expected to hire 33 percent more people as a result of the pandemic.