5 Industry Trends to Explore in 2021
🥂 ✨ Happy new year! 🎊 🎇
As we close the chapter on 2020, we hope you've had a chance to rest, recharge, and get ready for 2021 🐝
For many, the new year signals a fresh beginning. With ample rest and reflection over the holidays, this may feel like the right time to make a career change.
We posted this quick poll on both LinkedIn & Facebook to check-in with our community:
We were surprised by the responses! Over 57% of respondents noted that they are looking to make a chance in the next 2-3 months -- by March 2021!
While the Covid-19 pandemic has negatively impacted many sectors, other industries that have experienced exponential growth.
As you prepare to make your transition into Product Management, here are 5 industry trends you can explore in 2021!
Remember when everyone was scrambling to stock up on toilet paper & hand sanitizer? Scalping and price gouging got so bad that Amazon suspended more than 3,900 selling accounts in U.S. stores alone for violating the fair pricing policies.
In 2020, we saw a trend where people spent less of their budget on travel, dining, or shopping in person. By April 2020, online retailers noted up to 68% increase in revenue versus 2019.
In 2020, e-commerce accounted for 14.1% of total retail sales. With more shoppers doing the bulk of their shopping online, e-commerce is expected to grow to 22% by 2023.
We owe our thanks to the frontline workers in Healthcare for their tireless sacrifice over the past year.
Based on Bain & Company’s report, US Healthcare Trends 2020: Insights from the Front Line, here are some staggering statistics:
- 50% of hospital administrators say their organizations are highly likely to make one or more acquisitions in the next two years
- Nearly 70% of independent physician practices are amenable to a merger or acquisition
- More than 80% of doctors expect to use telehealth at the same or greater level than they do now
ENTERTAINMENT - STREAMING
How much time do you think you are spending on your devices every day? Across phones, computers, TVs, and smart home devices, we now spend over 12 hours per day interacting with media in one form or another!
Disney is leading the pack in entertainment, with the launch of Disney+ just over a year ago (Nov ‘19), Disney+ is already up to 86 million subscribers. At Disney’s 2020 Investor Day, the company held a 4-hour long presentation of the immense catalog of content scheduled for 2021 and beyond. From a Buzz Lightyear movie (voiced by Captain America, Chris Evans) to Black Widow to Star Wars original, and many more.
Looking beyond video streaming services, 75% of the global music industry revenue is from streaming services like Spotify, Apple Music, YouTube, and Amazon Music.
TECHNOLOGY - PRODUCTIVITY
A new phrase was coined in 2020: “Zoom fatigue.” It was added to UrbanDictionary in March 2020 — shortly after the first wave of shelter-in-place / shut-down! The popularity of this term is a reflection of the increased use of videoconferencing as companies moved to remote work.
In Zoom’s press release in August, the company shared that second-quarter total revenue of $663.5 million, up 355% year-over-year!
Gartner reports that by 2030, the demand for remote work will increase by 30% due to Generation Z fully entering the workforce.
TECHNOLOGY - Artificial Intelligence (AI)
You’ve probably read this phrase somewhere:
“Covid-19 crisis has dramatically accelerated corporate digital transformation.”
A quick Google search and you will learn about the wide range of industries that ARE investing in AI technology, so this is more of a trend than a specific industry.
Let’s explore some industry use cases:
💰 Banks & Insurance
Research by The Economist Intelligence Unit (EIU) indicates that Banks and insurance companies expect an 86% increase in AI investments by 2025. With the focus on:
“user-friendly AI platforms that allow business employees to quickly build models, easily understand and trust their output, and confidently make decisions will be critical in the deployment of AI at a larger scale.”
Banks can use platforms like DreamQuark to build applications that detect credit fraudsters, or assess customers’ preferences for different products, such as pensions, retirement products, or savings.
For decades, companies have been “digitizing” manufacturing plants with distributed and supervisory control systems. Increasingly, AI can help to fully automate complex tasks and provide consistent and precise control, making factory floors safer environments for operators.
A car manufacturer can use platforms like Brainium to integrate AI on machinery, analyze patterns of sensor data (vibration, temperature, condensation etc), and alert operators on predictive maintenance needs.
🚜 Smart Farming / Precision Agriculture
To overcome the challenge of rising food production, agriculture, and farming industries are turning to technology to increase efficiency.
BIS Research reports that the agriculture AI market generated a revenue of $1091.9 million in 2019, with a projected 248% growth to $3807.3 million by 2024.
Farmers can use AI-based applications like Plantix, a crop health diagnostic tool to identify nutrient deficiencies in the soil and recommend fertilizer types to improve harvest quality.
What other industry trends are you exploring?
I’d love to hear about other industry trends that you are exploring and learning about this year!