The breakneck pace of growth in the software industry has begun to slow down in the past year. The recent software stock market crash it means that companies are tightening their purse strings and starting to be more focused on hiring or even firing developers.
For those of us in the industry, we need to understand that this slowdown is not a death sentence, but a natural part of the financial cycle that is telling us which fields within software are producing value (read: thriving) and which are not. . Being a software developer in 2022 can seem daunting, but if you know where to look, the opportunities are endless.
Industries to avoid (at least for now)
Snapchat, Patreon and Twilio all cut 10 to 20 percent of your staff this year, and these big players are solid indicators of overall market patterns. Looking at the list of companies that have had to make cuts, you can see that companies in the communication sector have stopped producing value at their previous rate, and this is also supported by market data. Collaboration technology in the workplace has seen a lot of growth recently with the explosion of Slack and Microsoft Teams, but that growth has started to pick up. decrease as well.
Also, a general trend to keep in mind is that direct-to-consumer brands tend to fare worse in times of recession because they have much less capital to work with that will allow them to weather the storm.
Therefore, to increase your chances of securing stable employment in 2022, I recommend staying away from the communications industry and focusing on companies with a directly B2B component of their business.
Recession-resistant industries to start looking for programming jobs
There are many industries that are growing rapidly and are hiring a lot of software engineers. According to 2021 Global Startup Ecosystem Report (GSER) of Startup Genome and the Global Entrepreneurship Network (GEN), the four fastest growing industries worldwide are block chain; advanced manufacturing and robotics; artificial intelligence (AI) and big data; and agtech and new foods. Additional reports that look more directly at software industry trends also find this bioinformatics e cyber security are sub-industries that show enormous potential for growth.
6 Industries to Target to Get a Programming Job in a Recession
- Advanced manufacturing and robotics
- Artificial intelligence and big data
- Agtech and new foods
- cyber security
The blockchain industry is expected to grow at a rate of 62 percent per year, from now until 2030. That means nearly 50 percent more jobs each year that passes, and with a projected market size of $65 billion by 2030, that means a lot of jobs. The blockchain industry focuses on building software that incorporates blockchain technology, a method of ensuring trust between two parties on the internet. The subcategories are Cryptocurrencies, NFTs, and Decentralized Processing. To get started in this field, the first step would be to start taking online courses to learn the basics of blockchain application programming and then look for an internship or software job. There are some universities that offer degree programs in blockchainbut they are few and far between.
Advanced Manufacturing and Robotics
The manufacturing and robotics industry is already worth $100 billion, and expected to grow 20 percent per year until 2026. This field is focused using robots to solve manufacturing challenges such as assembling car parts or performing other tasks normally performed by humans. The automotive industry is likely to be one of the most critical applications of industrial robots thanks to significant increase in investments in robotic processes. If you want to enter the field there is Master’s programs that will teach you what you need to know from the ground up, or you can pursue a career at a company that allows you to apply your software development experience to robotics.
Agtech and New Food
Agricultural technology (agtech) and the food industry are growing at a very steady pace and the demand for engineers is likely to increase even faster as the industry moves from manual to automated practices. The global agtech market is expected to grow approximately 10 percent annually, and sub-industries such as vertical farming are likely to grow even faster, at a rate of 26 percent year-on-year. The meat replacement industry is also expected to grow rapidly in the next decade, providing ample opportunities for software developers. You can even view agtech software jobs at Builtin to get an idea of the volume of demand for foodtech professionals.
AI and data analytics
This topic needs no introduction. Artificial intelligence and big data are expected to grow 13 percent annually and will provide ample jobs for software professionals. To become a candidate for jobs in this field, you learn a software language that is proficient in data analysis and machine learning such as Python, and then become familiar with intermediate statistics and machine learning concepts.
Bioinformatics is the combination of biology and information technology. It involves storage, distribution and analysis of biological data to support various applications in science and technology. The bioinformatics market is smaller than some of the others listed, and is predicted to be worth just 30 billion dollars by 2030, but it is a rapidly growing field. Although this field seems difficult to break into, a background in biology is not required.
Cybersecurity revolves around the creation of software systems designed to protect networks, devices, programs and data from attack, damage or unauthorized access. The cybersecurity industry is already very large, in 184 million dollars annually, and is expected to grow at a rate of 12 percent from 2022 to 2030. This is a very stable direction to take your development career, and many universities already have well established programs for those looking to enter the field.
In the midst of economic contraction, it can be difficult to see beyond the headlines to what is really happening in a specific industry. As with everything, the closer you look, the more complicated the picture. In the software development industry, some companies are stagnant while others are flourishing, and taking the time to research and understand emerging trends will set you up for success.