The economy of the capital region has undergone so many dramatic ups and downs over the past years that one would be forgiven for developing a sense of vertigo. Once-promising industries have entered a decline, while others have risen from underdog status to become some of the most dynamic industries in London. So, in the city with the largest economy in Europe, which industries are actually on the rise? Read on to find out.
Unsurprisingly for anyone who has followed business in the City in recent years, fintech continues to be one of the hottest sectors in the capital right now. The list of top fintech employers based in London is almost too lengthy to divulge and includes multi-billion-pound behemoths such as Revolut, Monzo, Transferwise, and Starling, to name a few. As London continues to cement its position as a global hub for e-transactions, blockchain finance, and foreign exchange, expect this sector to balloon further.
Anywhere in the world with a substantial e-commerce presence has seen some substantial growth in the past couple of years, and London is no exception. A staggering number of e-commerce companies have a large presence in London, with the likes of Asos, Boohoo, and the recently-listed Made.com all employing massive workforces at their central offices. Meanwhile, global players such as Amazon and Zalando also have some of their largest overseas operations in the Big Smoke.
The UK has long been a global hub for the real money online gaming sector, which is projected to be worth more than £14 billion a year in the UK alone. Many e-gambling companies have a significant presence in London, often drawn by a straightforward regulatory climate and a large number of historic gambling companies already present.
The surging popularity of online gambling around the world has also allowed cottage industries to flourish in London. One major example worth highlighting here is the provision of turnkey software for online betting platforms provided by growing companies like Pronet Gaming, which allows industry players to localise their content for global audiences.
E-health has been a rapidly-growing industry for at least the past decade now, with a lot of the UK-based growth taking place in London. This is because the capital is home to some of the world’s most prestigious medical schools, such as UCL, Barts, Imperial, and Westminster, all of which are actively involved in the development of telemedicine technologies and practices.
From here, it only makes sense that London would be home to several leading e-health companies, such as Modius Health, which creates wearable tech, and Babylon, which uses AI to aid in remote diagnoses. The latter of these raised more than £500 million in funding last year, which shows just how much faith investors have in the sector.
These are the rapidly-growing industries to pay attention to if you want to future-proof your career in London. You don’t need to work in these high-growth industries to get ahead, but it certainly helps.