Chris Evans

15th January 2024

The Future Unfolds: Emerging British Industries Poised for Rapid Growth

The Future Unfolds: Emerging Industries Poised for Rapid Growth in 2024 

As 2024 unfolds, the global economic landscape continues to shift, revealing new opportunities in various sectors. Among these, several industries are emerging as powerful engines of new growth, driven by innovation, technology, and changing consumer preferences. This article explores four such industries, identified as the fastest-growing in 2024, offering a glimpse into their potential impact and opportunities for investors and entrepreneurs. 

Renewable Energy 

The renewable energy sector is experiencing a surge, propelled by global efforts to combat climate change and reduce dependence on fossil fuels. This industry is not just about solar and wind power; it encompasses a range of technologies including geothermal, tidal, and biomass energy solutions. 

Key Players & Opportunities: Companies at the forefront are those developing efficient, cost-effective renewable energy technologies and storage solutions. For investors, the focus should be on firms that are innovating in energy efficiency, scalability, and storage capabilities. 

Future Outlook: With increasing governmental support and public awareness, the renewable energy sector is poised for significant growth. Innovations in energy storage and grid integration are particularly promising, making renewable energy more accessible and reliable. 

The Plimsoll Angle: Plimsoll’s unique portfolio analysis of the renewable energy sector shows one company delivering average growth of 30%. However, over half of the 1000 leading companies in the sector are rated as Danger by Plimsoll. In such a rapidly evolving sector, companies can compromise their short-term financial health on the promise of future potential.  

However, it does leave the industry vulnerable to cuts in external funding, the renewables they provide being superseded by new innovations and changes in consumer demand. Watch out for consolidation in the renewable sector as fewer companies become more diversified across their solution offerings. 

Telehealth Services 

The Telehealth industry, a burgeoning sector even before the pandemic, has now firmly established itself as a cornerstone of modern healthcare. Offering remote medical consultations and services, it addresses the accessibility issues in traditional healthcare systems and is particularly beneficial in rural or underserved regions. 

Key Players & Opportunities: Companies that offer integrated telehealth platforms, combining AI diagnostics, virtual consultations, and digital prescriptions, are at the forefront. Investors should look for platforms that emphasize user experience, data security, and partnerships with established healthcare providers. 

Future Outlook: As technology continues to evolve, telehealth is expected to expand its scope, potentially integrating with wearable health devices and personalized medicine. This sector not only promises substantial growth but also significant social impact. 

The Plimsoll Angle: Plimsoll’s focused analysis of the tech enabled care industry in the UK shows one of surprising financial stability. Does this reflect the “spin off” nature of many companies and the high profits associated with healthcare in the early 21st century. 

The latest Plimsoll Analysis shows a market expanding at near 20% per annum while profit margins remain at near double digits. There is a cautionary tale though; 1 in 5 companies sold less in the latest year than the previous. Could this be a sign the innovation race in the health sector is seeing companies being left behind as new tech is rendering ideas redundant at an alarming rate.  

Watch out for consolidation as the purveyors look to corner the market in the most promising ideas. Plimsoll has already named 11 sub £20m start ups that look ripe for takeover. 

Cybersecurity Solutions 

In an increasingly connected world, cybersecurity has become paramount. With the rise in remote work, cloud computing, and the Internet of Things (IoT), businesses and individuals alike face heightened security risks. This industry focuses on developing robust solutions to protect data and systems from cyber threats. 

Key Players & Opportunities: Leading companies are those offering advanced threat detection, encryption technologies, and secure communication tools. Investors should eye firms that are innovating in AI-powered security solutions, IoT security, and blockchain applications for enhanced security. 

Future Outlook: As cyber threats evolve, the demand for advanced cybersecurity solutions is expected to grow exponentially. This industry offers vast potential for growth, innovation, and investment, especially in areas like AI, machine learning, and blockchain. 

The Plimsoll Angle: Plimsoll has analysed the Cyber Security market for an even greater period than the other markets in this piece. Its evolution has been extraordinary. Even the economic disruption of Brexit and COVID-19 did little to dampen demand as we become more interconnected.  

Growth in the market remains strong and sits above 10% in the latest year as the interconnected world demands security to its transactions. In fact, growth in the sector hasn’t fallen below 8% in any of the past 5 years, including the COVID years. However, there is growing evidence of overcrowding in the market and profit margins have fallen sharply in the latest year.  

As AI increasingly spreads into the sector and the major players look to consolidate their power, a wave of takeover looks likely in 2024. Check out the latest Plimsoll Analysis for the hot targets both in the UK and around the world. 

Educational Technology (EdTech) 

The EdTech industry is reshaping education, making it more accessible, personalized, and efficient. The shift to digital learning, accelerated by the pandemic, has opened up new avenues for education delivery, from nursery aged education right through to doctorates and professional development courses. 

Key Players & Opportunities: The sector is led by platforms that offer adaptive learning technologies, online course libraries, and interactive learning tools. Investors should focus on companies that blend educational efficacy with technological innovation and have a global outreach potential. 

Future Outlook: As digital natives become the primary learners, EdTech is set to grow exponentially. The integration of AI, VR, and AR into education platforms offers a glimpse into a future where learning is more immersive and customized than ever before. 

The Plimsoll Angle: The latest Plimsoll Analysis has assessed the EdTech sector to determine where it is heading in 2024 and beyond. Despite the home schooling, digital classroom revolution sparked during COVID lockdowns it took a year or two and the cessation of restrictions for the market to boom.  

Growth in the sector is now up around 20% per annum as those necessary innovations born of 2020 remain and are becoming increasingly more honed. The digitisation of education and the hybrid attendance model are now rewarding protagonist in the EdTech sector with profit margins approaching 20%. 

Will the AI revolution usher in a changing of the guard over the next decade? The market is already seeing a polarisation of performance. Of the top 300 companies analysed in the Plimsoll Analysis 109 are rated Strong while 103 are rated as Danger. Clearly the line between getting it right and wrong are fine. 


These four industries are just a snapshot of the dynamic small industry sector set to make significant strides in 2024. They embody the intersection of innovation, sustainability, and societal needs, offering exciting opportunities for investors and entrepreneurs. As we move further into the decade, keeping an eye on these industries will be key to understanding and capitalizing on the future of business and technology. 

Plimsoll provides a convenient, easy to digest analysis of the leading players in these industries or any of the nearly 2000 other sector specific studies. To see the winners, losers and latest trends in your industry please visit today. 

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