Top Growing Industries During COVID-19 and Future Trends
The world, with regards to many things, seems to either be at a standstill, or moving in a backwards direction. But even amid such uncertainty, there are some top growing industries that are beating the pandemic and powering through.
These top growing businesses are weathering the storm in the best way possible. But there’s a catch – for many, their growth and popularity is BECAUSE of the pandemic and the way it has changed the world as we know it.
Around 22 million Americans have lost their jobs and the economy is facing some of the most uncertain times it has in the recent past.
Business for many has come to a complete stop as the lockdowns continue.
In states that are now beginning to make their lockdowns less strict, only the most essential of industries will be given permission to get their operations up and running once again.
This, again, is conditional upon following the SOPs and precautions being shared by organizations such as WHO.
But even in these grim circumstances, there are some industries that are persisting and fighting an upward battle.
While operation isn’t easy for anyone during this time, whether it is winners during COVID-19 or losers during COVID-19, these businesses are thriving.
But which industries are these? And what is causing them to be among the top growing businesses during this time?
More importantly, why are we sharing this information with you? There has got to be a point, right? Well, there is. And you will find out what it is soon enough.
But before that, let’s take a look at the top growing industries flourishing even amid the current scenario.
- Winners during COVID-19 – Top growing businesses and industries
- PPE (Personal Protective Equipment) Manufacturers
- Online Learning and Development (Professional)
- Remote Learning Solutions (Educational)
- E-commerce Businesses
- Pick up and Delivery Services
- Companies offering in-home entertainment options
- Drowning industries – Losers during COVID-19
- Travel and tourism
- Apparel and Other Non-Essentials
- Why You Need to Know About the Top Growing Industries During COVID-19
- – We want you to know which industries you can learn from.
- – There is a shift in consumer behavior that will define the future
- – If you are unemployed, these are some industries where you may be able to find employment
Winners during COVID-19 – Top growing businesses and industries
PPE (Personal Protective Equipment) Manufacturers
All around the world, healthcare professionals are in need of PPE to ensure their safety as they tackle the coronavirus.
But that’s not all. The general public is also making us of things such as face masks and gloves when they are forced to step outside the house.
The result is clear: the PPE manufacturing industry is seeing a massive surge in demand that they have to fulfill against all odds.
And it is definitely rising to the challenge. According to Technavio, during the 2020-2024 time period, the industry is likely to grow by US$8.67 billion.
UNICEF estimates that by the end of 2020, a whopping 1.1 billion gloves, 2.2 billion surgical masks, 8.8 million face shields, and 13 million goggles will be needed. So you can imagine the work that lies ahead of the PPE industry.
Online Learning and Development (Professional)
Since the lockdowns have been put into place, for the unforeseeable future, work has become remote. The industries and businesses that are still operational have their employees putting in the time from the comfort and safety of their homes.
For these individuals and others, learning and development has changed as they know it. It is now completely online.
Whether it is through detailed training courses, online seminars, or interactive sessions – all of which may or may not end with a certification – companies are training their manpower online.
And that’s not all – individuals who now have a lot more free time on their hands are focusing on expanding their skill sets through their chosen online training programs.
All in all, learning and development is witnessing a complete shift toward the online – for now at least. And that is why this is one of the top growing industries during the pandemic.
While we are talking about remote work, video conferencing sites and other tools that allow for online team collaboration and management are also gaining immense popularity. The prime example is Zoom, whose daily users increased from 10 million in December 2019 to a whopping 200 million in March 2020.
Remote Learning Solutions (Educational)
Offices aren’t the only spaces that have been closed due to the pandemic – schools have also closed their doors with student safety as their top priority. According to UNESCO, 1.2 billion children are out of school in the current situation.
But learning can’t stop, especially when the future is so volatile and no one can say for sure when institutions will start opening up again.
Distance learning is slowly becoming the norm. And technology is facilitating the entire process.
Digital learning management systems such as Edmodo and Google Classroom among many others are the go-to for educators who want to keep their students engaged and learning during the current climate.
Even after the pandemic is over and things start going back to normal, these top growing businesses during this time will likely witness increased use as providers of online learning tools in the new normal.
The world has come to the point where no one wants to leave their house – and rightly so. After all, the health and safety of everyone in your household should be your top priority.
But even though life has slowed down and things aren’t what they used to be, there comes a time when you run out of something essential.
This can be anything – from essential grocery items to diapers for your kids to books for yourself, you just can’t do without it. And that is where an e-commerce store comes into the picture.
Understandably, these are some of the top growing businesses during the pandemic.
According to COVID-19 Commerce Insight, in April, retailors in the US saw a major increase in their YoY online revenue growth – 68%!
Online shopping is now the norm – with most physical stores closed and people unwilling to leave the house in any case, e-commerce platforms are the go-to solution, even for those who originally preferred the brick and mortar alternatives.
And there’s more. According to a study by Morning Consult, 24% of consumers don’t see themselves going out to the mall to shop for the next six months.
The e-commerce industry will continue to be one of the top growing industries, even as conditions start to get better.
Which brings us to our next point:
Pick up and Delivery Services
As consumer behavior witnesses an inclination toward shopping online (even if it is out of necessity), there is a direct consequence: delivery services become more and more in demand.
Small and large pick up and delivery services are all resorting to finding the best, most innovative solutions to ensure the transfer of goods safely.
While some are relying on contactless delivery by leaving the package at a place the consumer can receive it from, others are taking a completely different route and employing the likes of robots and drones to make the deliveries.
One way or the other, delivery services one of some of the top growing businesses in a world where social distancing is prevalent. And their popularity may stick around for much longer after the pandemic is over.
According to a survey carried out by CommerceHub, 69% of the respondents expressed the likelihood of an increased chance of subscribing to a delivery service post-pandemic.
So delivery services are definitely the future.
Some of the top growing businesses at this time include those from the telehealth industry.
Why is this the case?
Simply because the coronavirus isn’t the only thing people need medical help for, even during this time.
As hospitals and healthcare facilities tackle the increasing number of COVID-19 cases that come to them every single day, they don’t have the capacity to take on other patients.
And that is where telemedicine comes into the picture. Sage Growth Partner and Black Book Market conducted a survey, in which 59% of respondents said they would now more likely use telehealth services than before.
Global Market Insights also predicts that the telemedicine industry, that had a value of US$45 million in 2019 will witness a 19.3% surge in compound annual growth rate by 2026.
This shows that a trend that is gaining popularity due to necessity is likely going to turn into the more preferred option, even once the crisis is over.
Companies offering in-home entertainment options
People have been stuck at home for longer than they ever have been.
Some are still working remotely while others have lost their jobs. In any case, people are saving time that was originally spent travelling and in other time-draining chores.
And while learning and development may be part of their goals during the lockdown, the need for entertainment has witnessed a massive surge.
Streaming sites are gaining subscriptions in huge numbers. As an example, Disney+ has secured 50 million subscribers after seeing subscriptions DOUBLE following the lockdown.
According to Forbes, initial statistics show an increase of 50% to 70% in internet hits and 12% in streaming.
People stuck at home have no other option than to find entertainment options they can enjoy while staying inside. And as more and more people discover ways to keep themselves occupied during this time, these habits may stick around for long after the pandemic.
So, what does all this mean?
These are just some of the industries that are worth looking at during this time. You can find a more comprehensive list here.
Before we move on to the lessons we can learn from this information though, let’s take a look at some of the industries that have had it worse during this pandemic.
Drowning industries – Losers during COVID-19
Travel and tourism
The travel and tourism industry, understandably, is one of the worst-hit during the COVID-19 crisis. In fact, international travel is the reason why the virus has spread so quickly across the world.
Statista estimates that the travel and tourism industry, in 2020, will witness a decrease of around 34.7% as compared to 2019.
Here is the thing though: the COVID-19 lockdowns aren’t going to last forever (fingers crossed).
Eventually, however long it takes, the world will start to go back to the way it operated before the pandemic hit – at least for some industries.
Travel and tourism is an inevitable part of life for the modern-day human being.
And eventually, this industry will bounce back from the catastrophe, even if it is among the losers DURING COVID-19.
Apparel and Other Non-Essentials
We started this blog post with a scary statistic about the number of American citizens that are out of jobs at the current moment. The situation around the globe isn’t much different.
This means that spending has seen a decline. It is true that e-commerce stores and online delivery services are growing, but this is mostly with regard to essential items.
Apparel, beauty products, and other non-essential items are not a top priority for people at this time.
And so these industries will likely witness a decline even in the months to come. But again, once the lockdowns ease and the crisis subsides, they can bounce back, slow and steady.
Why You Need to Know About the Top Growing Industries During COVID-19
– We want you to know which industries you can learn from.
A lot of these industries have surged to the number-one spot on the list of top growing industries out of mere necessity.
Others have been innovative in the way they have tackled the crisis and molded their products and services to benefit people.
In either case, there is something for us to learn from them.
Look at the former scenario – these top growing companies witnessed a massive demand in mere weeks and had to devise ways to meet the demand without disappointing the consumers.
In the latter, they had to get creative and figure out a way to innovate such that they could be of use to people, as well as benefit their own business.
There are lessons in each that only a fool would want to miss.
– There is a shift in consumer behavior that will define the future
We want you to go back and look at all the winning industries during COVID-19. Most of them have one thing in common.
Do you see what it is?
They offer solutions online. Consumers can now get things done without leaving their couch.
- They can get their grocery delivered in a safe way.
- They can take care of all their entertainment needs with a few clicks.
- Their learning requirements are being taken care of.
- The schooling of their children is picking up pace once again – from home!
Consumers are beginning to realize that most solutions they could ever need are available to them online.
And that is going to change their mindset for years to come. Buying trends during this time will predict consumer behavior in the times to come. The shift people are being forced to adopt right now will turn into habits. And they may have trouble abandoning these hard-learned habits in the future.
What does this teach you?
The future is online. And that is exactly where you and your business need to be.
– If you are unemployed, these are some industries where you may be able to find employment
Not having a source of income is one of the biggest worries in the minds of people across the globe.
Those laid off due to the crisis by the losers during COVID-19 are looking for new job opportunities as you read this.
Heck, you may even be one of them.
Businesses are shutting down and industries are struggling. But there are still some top growing industries that will be looking to hire. Why? In order to meet their increased consumer demands.
And that is an opportunity for you to get employed once again.
What other benefits do you think people can achieve by learning about and from the winners during COVID-19? How can these top growing businesses help other businesses and individuals keep their operations running?
We’d love to hear your insights in the comments below!
Until then, stay safe and healthy!