In 2020, the markets have experienced considerable transformations due to COVID-19, making some industries grow fast, and the other drop quickly. Adjusting to the new reality is a must for businesses all over the world.
As a result, it affected not just the industries themselves, but also the companies that serve those industries, for example, the ones providing marketing, consulting, and advertising services, SaaS solutions, auxiliary products, et cetera.
Is your business hinged on providing services to the industries that experience the downfall and are cutting their budgets? You need to plan a pivot to sustain your revenue. One of the best strategies is to refocus your efforts on the industries that are resilient in the face of COVID-19.
You can think of the way to refocus and use your current assets to serve customers in the other industries that are growing now and have budgets to operate with.
Here is the list of 10 sectors that experience substantial growth at the moment and that you can consider pivoting your sales to.
1. Consumer Web +100%*
*% of market demand growth; calculated based on web requests and the number of relevant vacancies posted
Due to the coronavirus outbreak, offline activities have shifted to еру digital space. Studying, purchasing, working, connecting with people, using social networks – a huge variety of web resources from e-supermarkets to the educational platforms keeps welcoming millions of users daily. Thus, the lockdown has fueled the tremendous growth of the consumer web industry – apparently, a long-lasting one.
2. Payments +50%
In 2020, using cash is getting not only less comfortable and old-fashioned, but also less secure in terms of hygiene. On the contrary, electronic financial operations seem to be convenient, fast, and safe, and the payments industry keeps boosting. While the online payments with the bank cards are still a leading branch, the mobile wallets such as Apple Pay shows a high potential for being widely used by most individuals very soon.
3. Gaming +40%
Thanks to lockdown, the number of people playing computer and mobile games on a day-basis rose significantly. The perception of gaming has changed – these days is not only a whim but a necessity. Apart from entertaining in spare time, playing games is a guaranteed way to distract from reality without leaving it physically, so is it a specific way of social communication. Altogether, gaming got very popular, and the demand rose for both free and paid features.
4. HealthTech +30%
Improving the quality of healthcare has always been an essential global goal, but it was in recent times when the digital health sector became vital. Telemedicine, digital health records (DHR), online-consultations, et cetera have become even more topical due to the COVID-19 pandemic and the difficulties with providing on-site services. The startups run in this industry have high chances to be financed by both individuals and governments.
5. Hardware +30%
The hardware production covering a wide range of products climbed as people all over the world needed solid equipment to work and do activities remotely. It is especially relevant for communication devices, such as smartphones, tablets, computers, laptops, and relevant components – cameras, keyboards, hearings, etc. However, the demand for the hardware items used in public needs, such as medical equipment, has also grown.
6. GreenTech +30%
Environment-friendly innovations applied for recycling waste, air pollution control, and renewable energies usage get more popular as the awareness of the worsening environmental situation increases. One can state that technologies are more harmful than helpful, but the fact they can facilitate the fight against global warming, the greenhouse effect, and other environmental issues has been widely recognized.
7. Cloud +23%
Individuals and companies have been forced to search for the way to cope with the challenging conditions and keep working remotely. The better solutions in terms of data storage and optimization, secure connections with colleagues, and the other tools that could ensure high productivity have become a need. As a result, cloud computing services – one of the solidly growing industries even before the pandemic happened – has been thriving.
8. eCommerce +20%
For the last months, digital purchases have been a real rescue for people worldwide. Consumer spending habits have changed, and millions intensified buying online. As a result, developing e-marketplaces, launching new platforms and optimizing the existing ones were on high demand, and became an attractive area for investors.
9. Legal Tech +20%
Even such a conservative sector as legal services has to adjust to the current conditions in order to survive the global quarantine. Resolving legal issues remotely has become topical as the agencies, law firms, and courts got closed. Thus, there has been a need to develop specific software to ensure such services as online consultancies with individuals or, for example, running the claims against airline companies.
10. Retail +20%
Although the impact of COVID-19 on the retail industry is debatable, one cannot disagree with the fact people have started to buy more, and the competition at the market have multiplied. Due to online technologies, the retail industry did not only prevent the large-scale drop that it could have experienced but also got in value, making people think of new ways of attracting the customers.
If you are looking to expand to new markets and need to identify sales prospects in the new industries, Signum.ai Leads Finder will build highly targeted lead lists quickly and automate your lead generation process.
As we already listed the top growing industries you better shift to, let’s review the 10 industries that are experiencing the downfall now.
1. Travel -100%
No surprise, 2020 marked a dark time for the travel industry. If the restaurants can focus on the delivery services, travel agencies, air companies, hotel chains, and others do not have such a backup option. Thus, until the situation stabilizes completely, the industry will suffer.
2. Fitness -50%
The pandemic did not have mercy on numerous industries, and fitness was one of the most hurt. Although most of the gym chains have found online solutions to keep part of the customers, the outcomes of the damage they have experienced will be lasting for months, if not ages.
3. Events -50%
Due to coronavirus restrictions, having fun online became the only way to maintain a social life. The real-life events were replaced by zoom meetings and conferences, life streams of the music bands performances, online guided tours, et cetera.
4. Agency -48%
Agencies of all kinds have been closed worldwide, and consulting a specific specialist is now possible online. Thus, the area has declined considerably.
5. Co-Working Space or Incubator -47%
Home offices are a new reality and the only alternative for working indoors. Coworking spaces are quarantined, so grab a cup of coffee and go to work or hold a meeting at such a venue is the holy grail for the moment.
6. Robotics -40%
Although robotic technologies are still on demand, the widespread closing of the manufactures resulted in a temporary but sound downfall fall of the industry in general.
7. AdTech -35%
Despite the many companies focused on digital advertising, the relevant costs seemed superfluous for many market players trying to cut expenses during the pandemic. Thus, the managing tools for advertising campaigns got less demanded.
8. Sports -32%
As gyms closed, the outdoor physical activities got limited, and cheap analogs of the professional equipment were suddenly found at home, the sports sector has despaired.
9. Logistics -30%
The logistic companies have faced massive difficulties being either busier and less effective than before, or simply unnecessary at such a time of closed borders.
10. Coupons -30%
Being linked with such areas as restaurants, beauty, entertainment, et cetera, the coupons are no longer that attractive for customers as several months ago.
Keep a close eye on markets’ transformations and take full advantage of all the sales prospects existing in you target industries and picked by Signum.ai Leads Finder. AI and automation can save tons of hours spend to manual research and increase your team's efficiency by building prospect lists that correspond your criteria.