The Fastest Growing Industries In The UK In 2020

This hasn’t been the best year for companies worldwide, but some business sectors and businesses within them are finding ways to create positive forward momentum for 2020 and beyond.

Financial technology, or Fintech as it is dubbed in the news around the internet, is set to become a significant factor in the United Kingdom’s economy for the foreseeable future. Sentiment within the industry is positive, with most firms expecting to post strong growth despite the year that has been.

Many business leaders within the Fintech sector list London as their top destination for financial technology. It is the second top-rated location in the world behind only New York. The reason for this is the British government’s steadfast commitment to growing the sector.

The UK is keen to become a world leader in progressive banking and lead the charge in preventing another disaster similar to the one seen in 2008. Fintech is a huge part of that and, as a result, it is far easier for UK firms to raise capital in public markets than most other places in the world.

A great example of the impact these policies have had is the prominent role 11 Northern Irish tech firms played in the recent Singapore FinTech Festival or the fact that UK-based Revolut managed to raise £383-million in financial capital.

A massive growth can be noticed in the entertainment sector as well, which has been booming in 2020 while others have struggled. This isn’t just because people are searching out new forms of entertainment to keep them amused while they are cooped up at home.

The types of entertainment people engaged in within 2020 are slightly different from usual, with a huge rise in the sector, particularly online, which makes sense given the current global conditions. Companies that offer engaging online content, such as Netflix and Amazon Video, have been doing very well indeed. The best example would be the performance of online social games like Among Us and Minecraft.

Another industry that has seen lots of success is iGaming. The number of people spending the vast majority of their time at home is growing daily and has led to massive growth in this sector.

For example, online slots alone saw a 25% growth in popularity in 2020. Aside from a continually increasing user base, this growth has also been driven by the smart and tactical use of promotions and offers, such as new casino bonus codes. Many online casinos are also offering VIP and loyalty programs, which are converting the random visitor to a loyal customer.

Digital marketing is one more industry in the line that has experienced a boom in 2020, and this is off the back of the fact that it was already a strong industry in the UK. This year’s growth means it has had nine consecutive years of growth, and the UK boasts the most prominent digital advertising market in Europe.

It has been a long time coming for an industry that has been expected to take over from traditional forms of advertising for some time but has never really reached the heights of engagement many have thought possible. However, the change has been steady up until 2020 when it took off at pace.

With so many people spending so much time at home, it stands to reason that digital advertising would become a preferred form of reaching the consumer. They aren’t as exposed to traditional forms of marketing anymore.

Again, innovation has been key to the success of many in this business sector, with paid-for placed advertising only forming a small part. The growth has been driven by unique forms of digital marketing, such as social media and content marketing, that can be seen worldwide like Facebook and Twitter.

The real positive for this type of marketing is that it offers something to the reader beyond what is being advertised, so even if they aren’t interested in engaging with the product at the end of it all, they do not feel like their time has been wasted. It’s a win-win all around.