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Home / Business / Companies / Retail

Industries set for major growth in coming years

By Frank Chung
news.com.au·
7 Dec, 2016 06:15 PM4 mins to read

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Data storage is an industry set to grow massively in the coming years. Photo / 123rf

Data storage is an industry set to grow massively in the coming years. Photo / 123rf

Online retail, IT security and sports administration are among some of the growth industries tipped to boom over the next five years, according to IBISWorld.

As thousands of young people around the country receive their exam results and consider whether to pursue university, vocational training or apprenticeships, the market research firm has identified the 10 key industries set to enjoy strong employment growth in the coming years.

The key themes will be a demand for technology-related skills, expansion of sports and supporting professions and growth in professional services.

Online shopping in particular is set to become a major source of jobs, with employment predicted to grow by an annualised 7.5 per cent over the five years to 2021-22.

That includes point-of-sale technicians, web and UX designers and digital marketing co-ordinators.

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"Warehouse and distribution co-ordinators are likely to be especially sought after," IBISWorld senior industry analyst Nathan Cloutman said.

Employment in the IT security consulting industry is predicted to grow by annualised 6 per cent to reach more than 22,000 employees by 2021-22, on the back of surging demand for digital security, counter-threat technologies, artificial intelligence software and the NBN rollout.

And as the NBN increases the use of cloud storage, the data storage services industry is predicted to grow employment by 5.9 per cent over the same time frame.

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"Surging demand for online data storage solutions is forecast to drive the number of enterprises entering this industry," Mr Cloutman said.

"This is positive news for cloud management consultants, data centre managers, storage design consultants and storage engineers."

Employment of smartphone app developers is predicted to grow at an annualised 2.2 per cent. "We're likely to see many more enterprises join this industry, with low barriers to entry for new players keen to capitalise on emerging smartphone technologies that would benefit from having related apps," Mr Cloutman said.

"The combination of revenue and enterprise growth will drive demand for IT professionals, particularly those with expertise in app-related technologies."

With the expansion of major sports leagues driving participation at the local level, competition fees are boosting industry revenue. The sports administrative services field is predicted to grow at an annualised 4.3 per cent.

"While not nearly as glamorous as the professional sports star dream some school leavers may have, it's a more secure career path for most," Mr Cloutman said.

At the same time, the booming health and fitness sector is expected to lead to increase demand for physiotherapy services, which is expected to grow at an annualised 2 per cent over the next five years.

"The need for additional auxiliary staff, not just qualified physiotherapists, is expected to drive employment growth," Mr Cloutman said.

The government's innovation agenda is expected to create demand for intellectual property legal services.

"This continued support of key downstream industries should boost participation and employment to meet demand, especially in the trademark and patent lawyers and attorneys industry," Mr Cloutman said.

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"Rising demand for management consultants is also expected from the public sector, as governments at all levels continue to outsource projects to consulting firms to make use of their expertise."

Other growth areas identified include wind and other electricity generation and road and bridge construction, with qualified engineers expected to be in high demand.

In Melbourne, the proposed Western Distributor toll road project will likely be a key driver of construction-related jobs.

"Even so, employment in this industry is anticipated to rise by an annualised 0.7 per cent over the five years through 2021-22, which represents limited growth," Mr Cloutman said.

INDUSTRIES SET FOR GROWTH*

• Online shopping 7.5 per cent
• IT security consulting 6.0 per cent
• Data storage services 5.9 per cent
• Sports administrative services 4.7 per cent
• Trademark and patent law 2.5 per cent
• Smartphone app developers 2.2 per cent
• Wind and renewable energy 2.1 per cent
• Physiotherapy services 2.0 per cent
• Management consulting 1.5 per cent
• Road and bridge construction 0.7 per cent

(*Annualised employment growth to 2021-22)
Source: IBISWorld

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