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5 Business Areas That Will See Growth in the Next Decade

By: Andrew Deen

 

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For the last few years, it’s seemed like every employment sector was hurting. Things have cooled down a little bit and it’s now easier to parse out what employment trends are here to stay. Spoilers: it’s a lot of tech-related jobs.

In this article, we break down five business areas that are expected to see growth in the next ten years and also look at what it takes to work in these industries.

Engineering

The machines are coming! And they need skilled hands to build and maintain them. Engineering has always been a high-demand job, consistently commanding a salary in the six-figure range. Things are escalating in this career field thanks largely to automation and the continued development of machines replacing human jobs.

These days, you can’t even walk into a large grocery store without bumping into a robot taking inventory. Factories are even more saturated. These machines might reduce the number of “unskilled” labor jobs but they will sharply increase the need for people who understand them.

Depending on the field, engineering jobs are increasing by between 4-14% over the next decade, and the number of qualified people to meet this need doesn’t keep up with demand.
Perhaps that will be a problem for the billions of people who depend on skilled engineers every day. It is, however, good news for STEM-savvy individuals seeking a new career path.

Healthcare Tech

Healthcare tech is a pretty sweeping category because it can refer to so many different things. There’s the hardware — better computers, machines, and even robots that can make surgical cuts. Then there’s the software.

Healthcare systems use digital technology to manage personnel, handle patient files, and process and implement data. Hospitals have been moving towards digital record keeping and patient management for decades, but the pandemic sped things up.

In a world where most hospitals had far more people to take care of than they could handle, and literally had to make rules saying who could or could not come in it became extremely advantageous to have access to technology that could help them offer relatively high levels of care remotely.

Healthcare tech accomplishes this by not only managing patient interactions, but also by extending the range of surfaces they can provide over the internet. With the right tech, doctors can communicate with their patients through apps, or view their information remotely to look at data taken by a wearable device.

Tech jobs are surging across the board but in this case, there are many different kinds of jobs that get opened up by the proliferation of hospital software.

From development and maintenance to sales and training, there are lots of ways you can get in early for this rapidly growing sector of the economy.

Data Security

The more people drift toward digital spaces, the more important sophisticated data security becomes. Projected growth currently hovers at around 10% over the next decade, though this number may swell even higher as demand and awareness increase.

One only needs to look to the news to understand why this career path is important. Everyone from Marriott to the nation of Ireland has experienced enormous, splashy data breaches in the past ten years. For that reason, businesses hire data security specialists, but so does the state and federal government. There’s truly no demand shortage.

Typically, working in the world of data security requires a degree in computer sciences or a related field. However, many will go on to pursue their graduate studies as well. Keep in mind that the digital technology climate is constantly changing. No matter educated you are, it’s a good idea to periodically refresh your skills to keep up with it.

Nursing

Quell the surprise. Yes, watch the news from time to time and you’ll hear about this one. There are lots of nursing-related job openings, and not nearly enough people who seem interested in filling them. That’s why nursing and nurse practitioner jobs are surging in demand by up to 46% over the next ten years.

Of course, it’s not a career path you enter into light-heartedly. There are good reasons people leave it in droves. Legitimate safety risks — ask any nurse about this one. They will tell you horror stories about aggressive patients, or (no surprise here) the personal risk of contracting an illness.

The schedules are brutal, usually broken up into twelve-hour shifts. And the work itself is emotionally draining. Depending on the floor your work on, you may very well take care of many people who never get better. Often, you’ll be one of the few witnesses to their final moments.

Not everyone can handle this kind of work. For those who can, it’s a career path that will always be open and available.

Developer

No surprise here. All these tech jobs we talked about earlier are powered by software developers. The demand for software developers is projected to grow by almost twenty percent in the next decade. The work itself can be very complicated but the rewards are sweet.

Most developers can work from home and enjoy salaries well into the six figures. You’ll make good money, and have lots of flexibility in choosing your jobs.

Broad Strokes

Looking at individual sectors of employment for growth can only get you so far. Things change. A sudden surge of eager nursing school graduates (hey, here’s hoping) could shrink the demand considerably. One thing that probably won’t be so subject to change is the broad category that all of these jobs fall into: STEM.

If you are still in school, consider emphasizing classes that focus on science, math, engineering, and technology. Not only will these categories contain so many jobs of the future, but they also tend to command the highest salaries. STEM isn’t for everyone, but those who are willing to take it on will find the rewards very worthwhile.

Published: October 25, 2022
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Andrew Deen

Andrew Deen has been a consultant for startups in almost every industry from retail to medical devices and everything in between. He implements lean methodology and is currently writing a book about scaling up business. Twitter @AndrewDeen14.

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