THESE Industries Are Now Set to Boom Post-COVID
Coronavirus has had a huge effect on all businesses, with many now struggling due to the financial impact that isolation and lockdown has had across the globe.
Worker behaviour, along with customer behaviour, has changed dramatically, and as a result, many specific industries such as aviation and high street retail have suffered colossal losses, both financially and in terms of staff numbers.
However, there are some sectors that have seen a surge in profits and overall business because of the pandemic, with an increase in demand in certain industries from both a public and business perspective due to new regulations, and with market share open to those who have learned to adapt.
So, which industries are predicted to continue experiencing success after the pandemic?
Particularly within the manufacturing industry, automation has seen a huge spike in interest, with machinery taking the place of humans within development processes in factories and warehouses.
COVID-19 has pushed businesses to transfer many job roles from workers to machinery to ensure that the tasks at hand can be carried out safely, while also being more efficient than manual labour. This shift has also made social distancing easier within many workplaces, ensuring that businesses can meet current Government guidelines.
Whilst these changes have meant less people are needed for the manufacturing process itself, it’s suggested that many individuals are being saved from doing repetitive and sometimes dangerous tasks, with 62% of chief executives, according to KPMG, saying that this change should in turn create more jobs for people than it eliminates.
A recent survey of CEOs conducted by Fortune and Deloitte showed that 77% of CEOs reported that the COVID-19 crisis accelerated their digital transformation plans, showing the demand for IT and digital specialists to aid businesses to transition and continue to grow.
Businesses have been forced to turn to technology to deliver their services remotely. The pandemic has brought about a shift in thinking from leaders and managers, pushing the digitalised way of working to the forefront. This has had positive benefits on the efficiency of services, as well as a simplification of processes, allowing them to become clearer and quicker to execute.
With many schools having to close due to local lockdowns and students exposed to the virus having to isolate, online education resources have become a necessity for students of all ages.
A survey carried out by Times Higher Education found that when asked about the future of technology in education, 63% of university leaders predicted that prestigious universities would have full university courses available for online study by 2030 to keep up with demand and transition to an online way of learning.
In addition, the increase of demand in the online education sector is supported by analysts, who, according to research conducted by KPMG, predicted before COVID-19 that the online education market was predicted to be worth £250billion by 2025. But now with the unpredicted surge in online resources, this is estimated to be higher.
Online food shopping
Throughout the pandemic, online food shopping has spiked massively, with the demand for home delivery becoming a necessary lifeline for vulnerable and shielding households, as well as those infected.
Recent research by Futures found that one in four consumers now buy food and essentials at least once a week online, while more than three-quarters order at least some of their regular household goods from supermarket websites – up from 61% last year.
Additionally, Ocado has suspended new orders to their online site until they have cleared a backlog of orders, due to a mammoth increase in custom this year, showing that the new way of doing the weekly shop has changed permanently.
Digital comms tools
Working and socialising via online technology is part of everyday life in 2020, with the tech industry remaining to be the fastest growing sector in the UK. Figures published by The Guardian show that video conferencing app Zoom has seen its shares grow by over 120%, with communications platform Slack also experiencing a rise in shares by 25%.
The rise is online communications sites shows that many businesses are adapting to a new way of working that is shifting the traditional nine to five. Not only are online chat applications helping remote working become easier, but they are also helping people to remain connected while lockdown restrictions remain, making scheduling family video chats part of many people’s regular routines.