The Australian economy is currently in a transition phase. Investment into mining and resources is easing, presenting an opportunity for several sectors within the Australian economy to ‘take the reins’ and drive the country’s economic growth into the future. Trends are emerging that point to the renewable energy sector and the FinTech or ‘financial technology’ industry as areas that have exhibited potential for substantial growth over the next five years.
Within each of these sectors, growth will instigate change. The changes in these sectors are likely to increase organisational demand for a range of existing products and services, and could potentially ‘open the door’ for a wave of new offerings. Without adequate research and forward-thinking, the risk associated with these changes cannot be properly assessed and any potential opportunities for businesses may be overlooked. It is essential that businesses develop an understanding of the trends in the economy that may affect them and how they can harness this knowledge to gain a competitive advantage.
A few of the key trends include:
Renewable Energy Sector:
- Increased Government funding and support of renewable energy technologies will lower prices and increase efficiency
- Growth in the use and effectiveness of harnessing technologies will drive the demand for storage products
- Marketing services remain vital for FinTech startup success
- The rising popularity of social media is driving the demand for a variety of social network-based products and services within the financial services industry
- Services and products relating to cyber security will be essential in the FinTech industry
This artice was written by Nicholas Travasino, a final year student who did a Business Internship with OTM in early 2017. While with OTM, Nick undertook a market analysis to identify growth areas in Australia’s economy, helping us and our clients to understand where the money will be invested and what we should prepare for in order to take advantage of areas of growth and opportunity.
Nick summarised his key findings in a report, “Australia’s Economy: Trends in key growth areas to 2022” which is available for download on our website.