In the current era, the ability to thrive in business and industry is becoming increasingly more challenging. There seem to constantly be forces at play conspiring against societal progress by providing uncertainty in people’s minds and lives. World events, changes of political heads, technology, global pandemics, these forces are attempting to stunt the forward steps human beings are trying to make.

However, there is still a bright light at the end of the tunnel. Despite these forces lurking in the background, there is still a lot of potential to extract in business and industry and new ways to thrive. The Midlands has always been a region that has provided key industry for the UK economy, but due to recent developments mainly in the digital world, the face of some industries is set to undergo a significant facelift.

Manufacturing and Engineering

One industry that has always been at the heart of the Midlands is manufacturing and engineering. Coventry and Warwickshire are known as the epicentres of many aspects of engineering, including automotive, rail, aerospace, and motorsport. The area employs tens of thousands of people, but with the digital dawn currently engulfing the world, manufacturing, and engineering as many know it is due to change, with more digital processes being slowly implemented into everyday operation.

The increased and more efficient use of big data assisted by AI, augmented and virtual reality, and advanced robotics is set to take engineering into a new dimension, which will ultimately increase productivity, while also creating a raft of new opportunities for people in the local area.

Casino

Some might be surprised to read that the casino industry commands a strong presence in the Midlands. Outside of the capital city, Birmingham houses some of the best casinos in the country, with the Genting International Casino regularly appearing in the top five casinos in the UK. While casinos like Genting, and the Grosvenor in Coventry continue to welcome people through their front doors, there is a new branch of casino play developing, again with the aid of digitalisation.

Online casinos are beginning to steal a lot of the limelight away from land-based casinos, with more people involved in the industry quickly realising its potential, and the advantages online casino can offer. Not only are there over 175 online casinos currently licensed in the UK, but many other EU casinos at the Daily Star can be accessed from the UK to supplement the growing industry.

The Gross Gambling Yield (GGY) in 2023 was £4 billion, with the majority generated from online slots games. This figure is only expected to grow exponentially alongside the expected growth in popularity of online casino action, especially once augmented and virtual reality game play is fully implemented. Newly digitalised versions for classic games such as blackjack, roulette, poker, and slots are expected to capture the imagination of more casino enthusiasts and drive more providers to further boost the online casino industry.

FinTech

As another industry gaining more exposure and importance due to the advancements made in digital processes, FinTech professionals, of which there are roughly 11,000 in the Midlands, are shaping the financial future. From mobile banking to peer-to-peer transfers, and even cryptocurrency, companies involved in the financial sector are facing a new wave of innovation to try and implement into their daily systems.

Traditional forms of banking like physically going to a local branch are slowly being banished to the past, with mobile apps and other methods of sending money involving text messages and QR codes featuring more regularly in everyday society. As a result of the increase in this activity, more public and private funds are providing more investment and support for FinTech companies.

This is good news for those involved in this industry, with the Midlands further enhancing its representation in the financial sector following the relocation of HSBC’s headquarters to Birmingham. HSBC were not the only big bank to choose Birmingham as their desired location to base operations. Goldman Sachs also relocated operations to Birmingham in September 2022.

Conclusion

With the world becoming more digital, industries across the board are set for a challenging few years. However, with many looking to embrace the challenge and adopt the digital advances happening almost organically around us, there is a greater emphasis placed on adapting, as opposed to changing.