How to predict the leading sectors of the future, when many of the future jobs don’t even exist yet? According to the World Economic Forum’s “Future of Jobs” study, technology, robotics and AI will be responsible for the loss of five million jobs by 2020. However, it also predicts that at the same time there will be 2.1 million new roles created, just to make, create and operate these digital tools.
According to the same study creativity, emotional intelligence and complex problem solving are rated amongst the top skills required for the workers of the future. Most new jobs will be in more specialized areas such as computing, mathematics, architecture and engineering, where strong interpersonal skills and innovative thinking will also be required, Savills said.
Governments and employers in every sector are being urged to retrain and re-skill workers to avoid a crisis. Already employers are struggling more than ever to fill open jobs, 45% globally say they can’t find they skills they need, according to the Manpower 2018 Talent Shortage Survey.
Which sectors will lead demand over the next decade?
Below, Savills outlines the top five industries of the next decade and underneath the next 10 emerging occupations.
AI and Technology: With billions of dollars invested in this sector, companies are gradually moving from testing AI solutions to implementing them. According to Tractica, the global AI software revenue is forecast to grow from $9.5bn in 2018 to $118.6bn by 2025. As a result, the sector will continue to drive demand for business space in the future.
Biotechnology: The growing incidence of chronic diseases and the rise of healthcare costs are driving the growth of the biotechnology market, which is forecasted to surpass $775 billion by 2024, according to the latest research report by Global Market Insights. Innovations in biotechnology, life sciences and personalised health should lead to future job creation, with requirements for specialised space for research and development.
Energy: Overpopulation, economic gr1owth and overconsumption are causing energy shortages and there are efforts to make the use of renewable resources a priority. The International Energy Agency predicts that energy demand is set to grow by more than 25% to 2040, requiring more than $2 trillion a year of investment in new energy supply. Employment in the energy sector, particularly through the development of sustainable alternatives will continue to grow.
Gaming is another growing industry, which expands driven by the growth of mobile gaming and other innovations such as cloud and VR gaming. It is projected to increase from $135bn in 2018 to $300bn in 2025 (Global Data). Additional subsectors such as eSports and Online gambling are also on the rise, contributing to the creation of new jobs.
Marketing: Digital strategy marketing in particular, is projected to grow further along with the rising internet penetration, voice search and the analysis of big data. Mobile internet advertising spending alone is forecasted to grow by about 14% this year to almost $248bn worldwide (eMarketer via Statista). Although AI will automate many of these functions, humans will still need to work together with technology for innovative and personalised marketing and branded content.
Top 10 Emerging occupations
1. Data analysts and scientists
2. AI and machine learning specialists
3. General and operations managers
4. Software and application developers and analysts
5. Sales and marketing professionals
6. Big data specialists
7. Digital transformation specialists
8. New Technology specialists
9. Organisational development specialists
10. Information technology services