Which industries are expected to surge due to the Coronavirus? In this article we answer this question in detail.
The coronavirus has changed the way we work, the way we shop, even the way we celebrate milestones like school graduations. Many businesses have found their model simply doesn’t work in a post-pandemic world where social distancing is the norm.
These businesses have to adapt quickly or face bankruptcy. In the meantime, sectors like online trading, business news and finance websites, as well as robotics and automation on the upswing.
So, what fields are likely to survive and even thrive as the coronavirus continues to spread?
Here are a few industries that are poised to surge in the coming years
1. Robotics and Automation
Automation was a hot topic before the virus, and appears poised to grow even faster now that more workers are making a living from their couches rather than offices. From marketing and meeting management to financial investing to even food service, automation is here to stay.
Companies focused on automation as a service (AaaS), are showing signs of resiliency and growth. This market is expected to reach over $11 billion by 2023.
Before the pandemic hit, Oxford Economics predicted that by 2030 some 20 million manufacturing jobs would be replaced by automation. Market commentators see that rate accelerating, as manufacturers take a hit to revenue and deal with the spread of the coronavirus on factory floors and meat plants.
Careers in the automation industry, including development, robotics, marketing, and research, will likely surge despite the increased spread of COVID-19 as companies look for ways to do more with fewer resources.
2. Online Brokerages
Consumers with a lot of time on their hands and a desire to earn profits from trading volatile stocks, have poured into online brokerages according to The Wall St. Journal.
For example, TD Ameritrade and Charles Schwab Corp. have both reported over 600,000 new account retail client accounts have been opened in the first quarter of this year. Top brokerages report “strong interest from beginners” and “record trading levels.”
If you are interested in learning how to trade, be sure to choose a regulated broker with a good reputation and start with a free demo account. Also look for a broker who offers a wide range of educational materials.
3. Business News and Finance Websites
Given the surge in trading and the market meltdowns, it’s not surprising that news and information sites focused on business and finance topics are enjoying a boom.
Axios reports that subscriptions at Bloomberg are up 178% and some the fastest growing sites include those reporting on markets or analyzing sectors including specific commodities like oil.
4. Computer Systems Design and Related Services
According to DATAUSA, growth in computer systems design and in services related to it, is projected at 7% over the next 10 years. This work can be done remotely, which is important given the ongoing spread of the coronavirus. It’s a fact that remote working is becoming a trend these days.
5. Remote Project Management
Some industries, such as those in tech, moved to remote work seamlessly. Other industries, such as legal and finance have struggled to make the shift. Remote project managers, who are skilled in both cat herding and technology, will be an asset these companies need in order to survive in the coming years. Indeed, an online job search platform, currently lists more than 1,100 jobs as a remote project manager.
6. Digital Marketing
Many businesses are struggling to pivot their business model in a world where most of us can’t leave the house for much more than groceries.
Despite the fact that many regions are beginning to re-open, most small businesses are struggling and will continue to do so for months or years. Some projections anticipate that as many as 50% or more of small businesses will fail.
Digital marketers who have the expertise to help businesses navigate the online world and find ways to grow will be invaluable in helping businesses survive the pandemic.
More people are spending far more time at home on their digital devices — and digital marketers know how to reach those folks through paid ads, social media, content marketing, and technical SEO.
Digital marketing shops that are sharp on analytics and have proven track records of creating automated systems that boost conversions, total orders, and average order value, will have plenty of work.
According to the U.S. Bureau of Labor Statistics (BLS), employment for translators and interpreters is expected to grow 19% over the next decade — which is much faster than average. This growth is attributed to an increase in globalization and an increase in non-English speakers in the United States. McKinsey found that job listings for interpreters and translators grew 268% between March and April 2020.
Pre-corona virus, these workers were often employed by schools, hospitals, courtrooms, and conference centers. Despite the closure of many meeting areas, translation and interpreters are still needed — and the work can likely be done online.
8. Warehouse Workers
Warehouse workers and stockers have been on the front lines of the fight against COVID-19. From Amazon’s sprawling complexes to food warehouse workers, manual labor jobs listings increased by 9% between March and April of 2020. These jobs help the vast majority of Americans stay home and can, with some adjustments, be done in a way that allows workers to observe social distancing.
Final Thoughts on Career Growth in a Post-COVID-19 World
It is clear that many industries will need to completely change the way they do business to survive in today’s world.
Careers poised to surge in the coming months are either in industries that were able to easily make the shift to remote work — or those that are considered essential.
Our world is going digital faster than ever before — so careers related to technology and working remotely are likely to do well.
Jobs that require in-person interactions will suffer if they are unable to reimagine the way they do business.
Watch this space for updates in the Opinion category on Running Wolf’s Rant.