The growth of industries in the United Kingdom (UK) right now is being heavily influenced by the enhanced adoption of technology which happened over recent years. A further influencing factor is the passion people have for gathering together and entertainment after the restrictions that were in place until relatively recently. Finally, the global need to protect the environment is leading to growth in green industries.
For further insights into how these factors are influencing business growth in the UK, let’s take a closer look at five industries that are expected to experience significant growth in 2023.
Educational technology (edtech) has been developing over recent years as more people look to complete e-learning courses online. Its growth was further enhanced while pandemic restrictions were in place, as face-to-face learning was not possible. Now that restrictions have been lifted, edtech is being embraced as a means of enhancing the overall learning experience for students. So, there are many opportunities for growth in this industry in 2023 and beyond.
The UK is a leading market for video games in Europe and the sixth-largest video games market in the world. As gaming has become an increasingly popular pastime for people in the country, revenue from the industry has risen. By the end of 2022, this revenue is expected to be around £21 billion. Further to this, revenue is expected to grow by almost 7% annually to reach approximately £29.4 billion by 2027. Added to this growth is the rise in the popularity of online casino sites that is covered in this article. This gaming sector is experiencing significant growth in its own right.
The move towards a low-carbon economy has promoted growth in the green energy sector in recent years and continues to do so. This industry includes everything from wind turbines to solar panels, and it’s being promoted by the UK government. Currently, the low-carbon sector has a value of £205.7 billion, and this figure is expected to rise significantly over the coming years.
Festival goers are embracing live music again after it was not available during the pandemic. Excitement levels are high, and there are excellent opportunities to make significant amounts of money from every aspect of the festivals industry, including ticket sales, merchandise, and food and drink sales. This being the case, industry revenue is expected to rise to £3.2 billion annually by 2023.
While the restrictions of the pandemic weighed heavily on the catering services industry, the opening up of society has led to a surge in demand for event catering. This surge covers everything from weddings that had previously been postponed to parties and corporate events. This increase in demand is expected to result in a catering services industry revenue figure of £1.4 billion for 2023.
Each of these five industries is expected to experience growth in the UK in 2023. Given the current trends in these industries, it’s likely that this growth will continue after 2023 comes to an end.