Which industries are interesting for entering in or applying your focus
With the end of the current year approaching, MBA students should have their eyes on the industries set to boom in 2020. If you’re in an internationally-oriented program, or thinking about advancing your career with one, you should have your finger on the pulse of global business trends. Knowing which industries are likely to experience significant growth in the coming year gives you knowledge that you can apply to your own career or company. Not only that, it might point to an industry you may be interested in entering and applying your focus to. Read on for some of the industries you should keep your sights on after the New Year.
The solar power and solar panel manufacturing industries could grow as investment in the sector grows and more people and businesses depend on solar energy. With environmental concerns rising as a social and political priority, alternative sources of energy are gaining popularity. In Europe, for example, the EU’s members have renewable energy targets to meet in 2020. This influences the industries that provide green alternatives. In many cases, owners of residential or commercial solar power systems can also deduct these expenses from their taxes. Countries like Canada and the United States have such tax credits in place. These incentives not only promote greener forms of power, but also stimulate growth in the industry. Solar power generation is expected to grow 25% in 2019. Equipment costs are lower than they were previously and the general population is more concerned with and incentivized towards adopting clean energy. If you’re in business school, you’ll want to watch the solar industry specifically and the renewable energy sector more broadly in 2020.
If you’re investing in advanced education, there’s a chance you may be an entrepreneur yourself or planning on becoming one. Regardless, there’s a high possibility that you will work in partnership with entrepreneurs in your own career at some point. Technology is changing rapidly and altering customer behaviour, experience and demands. This means that innovation is in high demand and those who can capitalize on it will reap the benefits. In the EU, the Entrepreneurship 2020 Action Plan aims to increase Europe’s potential in entrepreneurship, by enabling more people to start businesses and keep them thriving, with less roadblocks. This plan was created as a way to boost economic growth. Uberization is a current trend in entrepreneurship, where services are made available using resources in a new way, often by incorporating mobile technology. This breeds on-demand services and entrepreneurs who act as contributors, involved in multiple services or products.
Emerging technologies are disrupting many industries and that makes the tech industry one to watch in 2020. A large focus of today’s emerging technologies is data. Gathering and utilizing data to steer business decisions is a major factor in the success of today’s companies. With an EMBA, you can use your education as well as your own data usage strategies to gain an advantage for your business. Companies will also continue along the path of digitization, and technology like Robotic Process Automation (RPA) will influence the way that companies run. RPA is a form of workplace automation that uses AI to replicate user actions. The tech industry is of particular interest to anyone studying business, due to its massive influence not only within the tech sector but on other industries as well.
Are you interested in a Global Executive MBA?
Contact WU Executive Academy to learn more.