In a year marked by technological breakthroughs and shifting consumer preferences, certain industries have emerged as clear frontrunners in the global economy. From artificial intelligence disrupting traditional business models to healthcare innovations addressing growing demographic demands, 2024 has witnessed remarkable growth across several key sectors, even if it’s felt like a tough market for job seekers.
On the other hand, traditional industries have struggled to keep pace with the evolving business environment, facing challenges from automation, changing consumer behaviors, and digital alternatives. Let’s take a look back on the best and worst industries for job seekers in 2024 and prepare for the new year.
8 Growing Industries in 2024
Artificial Intelligence
It’s no surprise that AI has established itself as the undisputed leader in industry growth. With private investment in generative AI projects reaching an astounding $25 billion in 2023, according to Stanford University research, the industry shows no signs of slowing down. The AI market is projected to reach $407 billion by 2027, driven by widespread adoption across sectors, marking AI a hot industry for those looking at an upcoming job search.
Healthcare
Healthcare continues to dominate job creation, with the Bureau of Labor Statistics projecting it will account for 45% of all U.S. job gains over the 2022-2032 decade. The sector’s growth spans multiple areas, from personal care aides to nurse practitioners and medical service managers. Healthcare is a great industry to look into, even if you don’t have a traditional healthcare background, as healthcare organizations will need operational and technological support as they continue to scale.
E-commerce
E-commerce has further solidified its position as a cornerstone of the retail economy, with the Census Bureau reporting that the industry reached a valuation of $1.1 trillion at the end of 2023, and that number keeps climbing. E-commerce accounts for 16.2% of global retail sales as of Q3 of this year, totaling $288.8 billion for Q3 alone, a 7.5% increase from 2023’s Q3 numbers, representing a significant shift in consumer shopping habits. This growth in e-commerce has created robust demand for roles in logistics, supply chain management, and digital marketing.
Cybersecurity
The cybersecurity sector has become increasingly critical over the last few years with the fluctuation of remote, hybrid, and return-to-office shifts. The industry has responded to a troubling $8 trillion in cyber attack losses in 2023 with robust growth in security solutions. The Bureau of Labor Statistics projects a 32% growth in information security jobs over the coming decade, with information security and cybersecurity professionals commanding average annual salaries exceeding $120,000.
Travel
The travel industry has shown remarkable recovery after the pandemic, with the World Travel & Tourism Council reporting an increase of 27 million global tourism jobs in 2023. Air travel, hotel occupancy, and international tourism have returned to near pre-pandemic levels, and could hit a new record this Thanksgiving, as about nearly 80 million Americans are expected to travel at least 50 miles away from home during the holiday. The travel industry is vast and incorporates hospitality, transportation, and tourism, and many roles are needed across all sectors within this industry, from sales, marketing, development, logistics, customer service, and more.
Construction
As organizations invest in infrastructure upgrades, commercial office space focused on employee engagement during return-to-office mandates, and leveraging sustainability practices, the construction industry is in demand. Construction companies that are innovative and provide unique solutions, such as mobile offices, modular and shared spaces, and buildings that can be adaptable for multiple uses, will be in high demand. This industry will be in need of creative tradespeople, innovative leaders, and real estate experts who will be able to partner with organizations looking to grow their physical footprint.
Advanced Manufacturing
With the rise of automation, robotic processing, and 3D printing, advanced manufacturing transforms production by driving productivity, efficiency, and total units produced. Advanced manufacturing is responsible for producing cutting-edge products across almost every industry and is creating a host of new roles from supply chain management, engineering, systems and team management, technology, process improvement, and more.
Green Energy
The renewable energy sector has maintained strong momentum, accounting for 10% of global GDP growth, approximately $320 billion, in 2023, according to the International Energy Agency. The Inflation Reduction Act’s substantial funding for clean energy projects has created numerous opportunities across the sector, from solar panel installation to engineering and supply chain management. It remains to be seen if this will continue to be a growth industry during the upcoming administration.
Key Factors Driving Industry Growth
There are several key factors that have fueled explosive growth in these industries:
Technological Advancement:
Technological advancement is the most significant driver, transforming how businesses operate and consumers engage with products and services. The rapid evolution of AI, machine learning, and renewable energy technologies has created new possibilities for automation and efficiency while developing entirely new business models and service offerings.
Changing Consumer Preference:
Changing consumer preferences have played a pivotal role, particularly in accelerating digital adoption and environmental awareness. The post-pandemic shift in consumer behavior has permanently altered how people shop, work, and access services, benefiting industries that facilitate digital interactions and remote capabilities like telehealth and e-commerce.
Government Policy:
Recent government policy and regulatory support have provided crucial momentum, particularly in sectors like green energy and healthcare. The financial support for clean energy has created a robust foundation for sustainable industry growth, while healthcare legislation has helped expand access to services and drive innovation in patient care and medical treatments.
Demographic Shifts:
Demographic shifts have emerged as another significant growth driver, particularly in healthcare and related services. An aging population, combined with increased life expectancy, has created sustained demand for medical services, home care, and innovative health technologies.
Industries Facing Major Layoffs and Declining Growth
Technology
The technology sector has faced perhaps the most significant headwinds in 2024, with widespread layoffs affecting industry giants and smaller players. Tech companies have been particularly aggressive in workforce reductions, with major players like Google, Microsoft, Amazon, and IBM all announcing significant reductions in force. Cisco Systems alone cut 7% of its global workforce as part of a restructuring plan in August of this year, while Amazon has conducted multiple rounds of layoffs across divisions, including AWS, Prime Video, and MGM Studios.
Automotive
The automotive industry has shown significant signs of stress, particularly in the electric vehicle segment. Tesla announced plans to cut more than 10% of its global workforce in April, citing duplication of roles and the need for organizational streamlining. This was followed by Lucid Motors reducing its workforce by 6%, highlighting the challenges facing EV manufacturers in an increasingly competitive market.
Media and Entertainment
Media and entertainment companies have experienced substantial contractions throughout 2024. Paramount Global cut 3% of its workforce, roughly about 800 jobs, as the company navigates the decline of traditional cable television. The Los Angeles Times laid off 94 journalists, while Pixar Animation Studios reduced its workforce by 14%, impacting about 175 employees. These cuts reflect the industry’s struggle to adapt to changing consumption patterns and the shift toward streaming services.
How Job Seekers Can Navigate a Job Search in 2025
As businesses evolve, job seekers need a strategic approach to capitalize on emerging opportunities. There are many ways to do that, but here are the top ones to have in mind:
Develop a Job Search Plan
Start by developing a comprehensive job search plan that aligns with current market demands. High-growth areas like cybersecurity, manufacturing, and healthcare services deserve particular attention as these sectors continue to show demand. Be sure to set goals in your search, like specific salary expectations, desired benefits, and preferred work arrangements, and determine what is a non-negotiable and what you can negotiate on to enable you to focus on what’s most important to you and your career growth.
Research the Industry
Beyond understanding basic company information, investigate workplace culture, industry trends, work policies, and technological adoption rates. Learn how you can make an impact within your industry or a new one by pointing out your transferable experience, the impact you’ve made at past companies, and leading with your results and achievements. Additionally, with only 10% of job listings offering remote options despite receiving 46% of applications, carefully evaluate your flexibility requirements regarding work arrangements and factor this into your search strategy.
Develop your Personal Brand
Develop your personal brand with particular emphasis on impact, results, transferable skills, and soft skills. With 79% of leaders believing technical skills have a five-year shelf life, companies increasingly value adaptability, executive communication, and leadership potential. Your personal brand is not just your resume but how you’re showing up and contributing to your industry. Create a powerful LinkedIn profile with content that showcases these abilities, and ensure your digital presence aligns with your career objectives. Cohesive, clear, and direct branding will help eliminate confusion for hiring managers and recruiters. If you’re struggling, hire a career coach or resume writer that you trust to tell your career story with you. The investment can have long term benefits for your career beyond landing your next role.
Leverage How Companies Want To Hire Job Seekers:
While online job boards remain the go-to for job seekers in their search, it’s increasingly becoming the lowest return on your time and energy investment. Between ghost jobs, automatic rejection emails, and recruiters inundated with resumes copied and pasted from the job description, networking has become increasingly important when it comes to landing your next role. Attend industry conferences, participate in professional communities, and leverage LinkedIn for industry connections.
84% of companies believe that employee referrals are the most cost-effective way to hire, according to a study done by Aptitude Research, and referrals are ranked as the number one top source of hire. Employee referrals also account for a 62% reduction in time-to-fill a role, a 24% improvement in the candidate experience, a 2X improvement in first-year retention, and a 2X more likely improvement in the quality of the hire. This shows that companies see the value in employee referrals across strong and weak economies, and referrals tend to be the highest-valued hire.
If you’re considering entering a job search at the beginning of the year, having the right strategy is important, which includes understanding what industries will be in demand, how to adapt to these career shifts, maintaining a clear focus on your objectives, and leveraging the right strategy to separate yourself from the crowd of job seekers clogging the job boards by leveraging networking and referrals.