Key Takeaways
| Business | Reason for High Demand |
|---|---|
| Healthcare | Aging population and increased access to insurance is driving demand for healthcare services |
| Technology | Digital transformation across industries is fueling tech companies and skills |
| Renewable Energy | Transitioning to clean energy sources like solar and wind is a high priority |
| E-Commerce | Online shopping continues rapid growth, needing more web developers, delivery drivers, warehouses, etc. |
| Construction | More housing needed with high migration to certain metro areas plus focus on green buildings |
Introduction
The past few years have brought massive changes to the business landscape. As we continue to emerge from the pandemic with new norms around remote work and online shopping, several key industries stand out as having the highest demand for new businesses and skills. The most in-demand businesses and skills tend to align with macro trends impacting society as a whole.
Healthcare
The healthcare industry has perhaps the highest demand for new businesses and workers out of any sector. Several converging factors are fueling dramatic growth:
- Aging Population – As Baby Boomers age into retirement, their healthcare needs are skyrocketing. More hospitals, clinics, home health agencies, nursing homes, and more will be needed.
- Increased Insurance Enrollment – The Affordable Care Act helped tens of millions more Americans access health insurance. More patients with coverage means higher demand for healthcare services.
- Chronic Disease – Unfortunately, rates of chronic conditions like diabetes and heart disease are on the rise. This further increases the need for ongoing care.
- Technology – New technologies like telemedicine, remote monitoring devices, electronic records, and more require healthcare providers to invest in new solutions.
As you can see from the trends above, healthcare is almost guaranteed to continue having the highest business demand for years to come. Specific jobs like doctors, nurses, medical assistants, home health aides, and nursing home staff will be especially needed. Those who can provide healthcare business services like IT, administration, billing, construction, and equipment also see strong demand.
Technology
Another sector with no shortage of business demand is technology. The rapid pace of digital transformation is requiring companies across industries to invest heavily in hardware, software, and technical skills. Consider the key drivers:
- Cloud Computing – Migrating business systems to the cloud for greater efficiency, collaboration, and insights is a top priority. This benefits cloud platforms like AWS and Azure as well as managed service providers.
- Artificial Intelligence – Leveraging AI for tasks like predictive analytics, chatbots, computer vision, process automation and more is a key digital transformation initiative across sectors.
- Cybersecurity – As companies rely more heavily on connected systems, they also need to protect against growing cyber threats. Infosec companies and professionals are in extreme demand.
- App/Web Development – Online platforms continue eating the world, requiring developers to build innovative new solutions for businesses. Designers, developers and DevOps engineers are all needed.
This list highlights only some of the tech trends fueling intense business demand. And the need for tech is only expected to grow exponentially in coming years. Those with the right STEM skills can command generous compensation and flexible remote work options at companies racing to lead the future.
Top In-Demand Business Sectors
- Healthcare
- Technology
- Renewable Energy
- E-Commerce
- Construction
Renewable Energy
With global initiatives to combat climate change and reduce carbon emissions, renewable energy solutions have become an urgent priority. Businesses focused on renewable electricity, biofuels, EV charging, and more are seeing surging demand:
| Type | Growth Trends |
|---|---|
| Solar Power | – Falling costs making large/small scale projects more affordable – Supports distributed power generation – Federal/state incentives improving ROI |
| Wind Power | – Consistent technological innovations driving capacity – New offshore projects gaining traction – Corporations buying for sustainability goals |
| EV Charging | – EV purchases rising exponentially – Charging infrastructure lagging demand – Government funding for fast charging |
Experts forecast the transition to renewable sources like solar, wind and EVs accelerating in coming years. Related construction, electrical, manufacturing, maintenance and other supporting trades should see strong job growth as a result. This creates promising opportunities for both new businesses and those retraining workers.
E-Commerce
Another business category experiencing a users surge is e-commerce. While online shopping was already growing steadily before COVID, stay-at-home orders and lingering consumer comfort dramatically accelerated adoption. E-commerce is projected to continue robust double-digit growth in coming years.
Several interrelated business drivers are fueling increasing consumer digital purchasing:
- More Online Buyers – Millions of new consumers now comfortable buying online
- Mobile Usage – Over 50% of traffic and purchases happen on mobile devices
- One/Two Day Delivery – Faster fulfillment raises user expectations
- Social Commerce – Shopping integrated into social media platforms
Meeting the surge in online orders requires scaling up capacity across the e-commerce ecosystem:
- Warehouses
- Delivery fleets (USPS, FedEx, UPS)
- Web hosting
- Payment processing
- Web design
- Online marketing
- Customer support
As such, work opportunities abound at digital merchants like Amazon and Shopify as well as supporting logistics/technology vendors. This increased capacity also benefits local pickup and delivery restaurants, convenience stores, grocers and other brick-and-mortar retailers integrating digital ordering.
Construction
The last business category seeing intense demand is construction across residential and commercial segments. While dips occur during economic slowdowns, construction tends to be cyclical. With today’s favorable conditions, demand is booming:
Residential
- Housing Shortages – High migration to certain metro areas plus lagging new construction has created major deficits in affordable housing. This pressures builders to increase supply.
- Low Interest Rates – Despite recent upticks, historically low mortgage rates keep monthly payments affordable for buyers. Helps drive new purchase demand.
- Home Improvements – With more disposable income and nesting at home, current owners are renovating at high rates as well.
Commercial
- E-Commerce Facilities – Online shopping requires greatly expanded distribution and warehouse facilities across metro areas. Gas stations, convenience stores and grocers also adding pickup/delivery infrastructure.
- Data Centers – Storing exponentially growing digital data for cloud computing and internet traffic requires building many more secured data centers.
- Sustainability – Government and corporations prioritizing major energy efficiency overhauls to building stock to reach emissions targets.
When combining all of these market conditions, openings for construction companies and skilled tradespeople should remain robust for several years at least. Commercial contractors may see especially strong demand related to emerging digital trends.
Final Thoughts
In today’s rapidly evolving economic landscape, a few key sectors stand out as having the highest business demand looking forward. These include healthcare to support aging Boomers, technology to enable digital transformation, renewable energy to combat climate change, e-commerce to facilitate online shopping and construction to add essential housing and commercial facilities.
For those considering either starting their own operation or pivoting careers, focusing on these high-growth industries likely offers the best business opportunities in coming years. The ability to deliver solutions catering to these macro societal shifts place companies and skilled workers in an advantageous position for sustainable success.