Tech Growth – Three Sectors to Watch
The UK leads the march when it comes to digital innovation, output and growth; according to tech commentators it is now the digital capital of Europe. In 2016, UK digital tech investment reached a staggering £6.8 billion[i] and it is estimated that there are currently around 1.64 million digital tech jobs up for grabs, despite the looming uncertainty surrounding Brexit. Jobs in digital technology have grown at more than twice the rate of those in non-digital tech sectors and are forecast to increase by 20% over the next ten years.
That means there’s never been a better time to look for a new job in tech. With the UK facing a skills shortage, it’s a job seekers market. Candidates possessing the most sought-after skills are able to command big salaries with some of the most innovative, forward-thinking tech companies in the UK today.
AI, smart technology and self-driving cars are already becoming a reality, with technological advances set to continue apace. The industry needs to keep up in order to stay competitive in Europe and the rest of the world, which means employing the best talent out there. So which are the sectors to watch and where are the best job opportunities right now?
It is estimated that around ten per cent of the UK’s GDP is made up of the financial services sector[ii]. Opportunities are opening up all the time in financial technology, otherwise known as fintech. The fintech sector continues to be one of the fastest growing job sectors in the UK, attracting millions of pounds worth of investment and injecting billions into the UK’s economy[iii]. But with the boom comes issues, with many financial technology job vacancies remaining unfilled due to a skills shortage.
Fintech encompasses a wide range of skills and services, all related to the design and delivery of financial services. So whether you want to take your next step as a financial analyst, financial reporting manager, senior associate, software architect or developer designing a new mobile phone payment app, job opportunities in fintech are there for the taking.
As an increasing number of businesses become more mobile- and web-based, from retail and travel to banking and healthcare, security breaches will become more commonplace. Over the past few years there have been a number of cyber attacks on high profile UK corporations. With hackers using increasingly sophisticated ways to disrupt and destroy organisations, the need for skilled professionals in cyber security has never been higher, with big-name employers now on the hunt for the best talent money can buy.
A recent study[iv] suggested that IT professionals with a background in cyber security skills will be in the highest demand for jobs in the UK this year. The most widely advertised jobs are: application security, cyber security engineers, network security, cloud security, penetration testing and data security. As is the case with many tech jobs, businesses are struggling to find the right people, putting potential candidates in an enviable position.
Big Data is big news – and it’s set to get even bigger as every aspect of business and society moves towards connected data. Vast amounts of data from a number of digital sources is collected and analysed, providing businesses with actionable insights that can help shape future strategy, products, services and a seamless customer journey. By 2020, analysts predict that over 50 billion devices will to be connected to the Internet[v] – that’s a mind-boggling amount of data to process.
Step up, the big data experts. The average pay packet for big data professionals now stands at around £60,000[vi] and demand is so high that many experts are commanding more than double the average wage. Plus, by 2018, there will be around 150,000 vacant data scientist jobs on the market – so maybe it’s time you considered a career as a data scientist. Individuals who can demonstrate shrewd business intelligence and in-depth analytical and technical skills are more likely to catch the eye of recruiters who have their finger on the pulse when it comes to realising the benefits of employing a workforce that possesses big data analytical skills. Why not start your job search today?