20 Jobs That Will be in Demand in the Next 5 Years
In this article, we will look at the 20 jobs that will be in demand in the next 5 years. We will also talk about the latest developments in the global job market. If you want to skip our detailed analysis, head straight to the 5 Jobs That Will be in Demand in the Next 5 Years.
Jobs are evolving due to technological advancements and shifting market demands. Roles in fields like artificial intelligence, cybersecurity, and renewable energy are in high demand. However, it is worth noting that motion picture projectionists, wind turbine service technicians, and nurse practitioners are 3 jobs projected to be the fastest growing over the next decade. To read more about such jobs, see the most in-demand jobs for the future. Conversely, routine tasks susceptible to automation may diminish, resulting in jobs that will be gone in the next 5 years. To find out more about such jobs, see dying professions you must avoid like a plague.
Most In-Demand Jobs in the US in the Next 5 Years
As we know how AI has been transforming several industries, generative AI skills have become highly sought after, leading to a surge in job opportunities. According to a study by research firm Lightcast, there have been 10,113 job postings related to generative AI in the past year. Interestingly, these job openings span various industries, indicating a widespread adoption of generative AI tools beyond tech companies.
Several major players are actively recruiting those with generative AI expertise. Chegg Inc (NYSE:CHGG) has the highest number of job listings, with 377 roles offering contract positions with hourly rates ranging from $40 to $120. Meta Platforms Inc (NASDAQ:META) follows closely with 330 job listings, focusing on AI research and projects like AI chatbots and smart glasses. Capital One Financial Corp (NYSE:COF), is also showing a strong interest in AI as it has 305 job listings as of now, which include roles like data scientist and generative AI engineer, with salaries exceeding $200,000.
Other notable companies in the hiring spree are Amazon.com, Inc (NASDAQ:AMZN) with 181 job listings, Accenture Plc (NYSE:ACN) with 168 job listings, and NVIDIA Corp (NASDAQ:NVDA) with 162 job listings.
It is also worth mentioning that Meta Platforms Inc (NASDAQ:META), after a recent wave of layoffs that affected over 20,000 employees, is set to reverse its cost-cutting measures. The company has announced plans to increase spending in 2024, focusing on hiring in critical areas, particularly artificial intelligence. Despite projecting expenses from $94 billion to $99 billion for 2024, up from $87 billion to $89 billion in 2023, Meta Platforms Inc (NASDAQ:META) reported positive financial results. Zuckerberg has emphasized several times that artificial intelligence is a top investment priority for 2024, indicating plans to hire more engineers and expand Meta Platforms Inc (NASDAQ:META)’s computing resources.
Is Hiring Slow in December 2023?
The notion that hiring slows down during the holiday season is debunked by both anecdotal evidence and statistical analysis. Despite the common belief that job searches should be put on hold between Thanksgiving and New Year’s, the data from the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS) challenges this perception. The hiring rate, representing the percentage of the civilian labor force hired each month, has remained relatively consistent over 23 years, showing no clear correlation with the time of year. Even in the strong job markets of 2021 and 2022, hiring rates were stable, further discrediting the holiday-induced slowdown myth.
Practically, for job candidates, the macro-level employment figures may not be as relevant as the specific opportunities they pursue. The low unemployment rate, which remained under 4.0% for 23 consecutive months, should be of little concern to individual candidates.
Photo by Shridhar Gupta on Unsplash
Our Methodology
To list the jobs that will be in demand in the next 5 years, we have looked at the projected net growth of jobs as a fraction of current employment between 2023 and 2027. We have relied on data for projected job growth as a fraction from the World Economic Forum’s Future of Jobs Report, 2023.
Please note that we have utilized the same order of jobs as they originally observed.
20. Software and Application Developers
Projected Jobs Created: 20%
The global application development software market is projected, by Precedence Research, to reach approximately $328.3 billion by 2032 from $155.64 billion in 2022. The market is anticipated to expand at a CAGR of 7.8% between 2023 and 2032. North America contributed over 41% of the market's revenue in 2022. The median annual wage for software developers was $127,260 in May 2022. It is one of the high-paying jobs in demand for the future.
19. Process Automation Specialists
Projected Jobs Created: 20%
Process automation specialists design, implement, and optimize automated solutions to enhance business efficiency. It is one of the jobs that will be in demand in the next 5 years.
18. Database Architects
Projected Jobs Created: 22.5%
The average salary for a database architect is $131,163 per year in US. In 2023, the top companies hiring for database architect jobs are Amazon.com, Inc (NASDAQ:AMZN) and Oracle Corp (NYSE:ORCL)
17. DevOps Engineers
Projected Jobs Created: 22.5%
DevOps engineers, with an average annual salary of $104,095 in the US, have an important role in optimizing software development. They manage a plethora of responsibilities, including overseeing teams, shortening development cycles, and enhancing collaboration between operations and development units. While 75% hold a bachelor's degree, gaining experience through entry-level roles or certifications like Linux System Administration can be invaluable. It will be one of the highest-paying jobs in the next 10 years.
DevOps Engineering is also one of the most mentally stimulating jobs, according to Reddit.
16. Business Development Professionals
Projected Jobs Created: 22.5%
The business development specialist role shows major growth, with 50,860 job postings in the US in 2022 and 1,671 in North Carolina. The field demands diverse education levels: 56% require a Bachelor's degree, while 55% seek 0-2 years of experience. Usually, sales skills are crucial, as they are cited in 79% of postings. The average US salary for a business development professional is $61,397.
15. Commercial and Industrial Designers
Projected Jobs Created: 25%
Commercial and industrial designers play a major role in creating functional and appealing products. With 30,450 employees and an average hourly wage of $39.30 in the US, they contribute largely to industries like specialized design services and architectural and engineering. Top-paying areas are San Francisco-Oakland-Hayward, CA, with an hourly mean wage of $59.77, as per BLS.
14. Data Engineers
Projected Jobs Created: 25%
Data engineering is a highly pivotal field in the era of big data, as it involves managing 463 exabytes of daily data by 2025. Data engineers earn an average salary of $106,153, reaching up to $152,000. To enter this dynamic career, one must acquire skills in coding (SQL, Python), databases, ETL systems, and big data tools. It is one of the future jobs in demand in 2030.
13. Digital Marketing and Strategy Specialists
Projected Jobs Created: 27.5%
Digital Marketing and Strategy Specialists usually have proven experience in digital marketing and a profound understanding of traditional and digital marketing elements generally. They are proficient in analytics, tools like Adobe Creative Suite, and CRM, and also possess technical skills in HTML and CSS. Digital marketing is also one of the most in-demand freelancing skills in 2023.
12. E-commerce Specialists
Projected Jobs Created: 27.5%
Potential companies hiring for the role of e-commerce specialist are Amazon.com, Inc (NASDAQ:AMZN) and Shopify Inc (NYSE:SHOP). To read more about e-commerce, see our article on top countries with the largest e-commerce industry.
11. Blockchain Developers
Projected Jobs Created: 27.5%
Accenture Plc (NYSE:ACN) has recently invested in Parfin, a Latin American FinTech specializing in Web3 infrastructure services, making it Accenture Plc (NYSE:ACN) Ventures' first "Project Spotlight" investment in Latin America. Parfin is a key digital asset custody and management tools provider in the region and is developing Parchain which is a blockchain technology facilitating regulated entities' participation in decentralized finance (DeFi) and asset tokenization. Moreover, Accenture Plc (NYSE:ACN) is one of the big companies hiring blockchain developers.
10. Digital Transformation Specialists
Projected Jobs Created: 30%
Digital transformation specialists facilitate organizational change by leveraging technology to improve operations, customer experiences, and overall efficiency. They assess current processes, recommend digital solutions, and oversee implementation. It is one of the jobs that will be in demand in the next 10 years.
9. Agricultural Equipment Operators
Projected Jobs Created: 30%
According to BLS, in May 2022, agricultural equipment operators numbered 28,830 with a mean annual wage of $39,750. They drive and control equipment for agricultural tasks, with the highest employment in Support Activities for Crop Production (14,930 jobs, $37,000 mean wage). The state of Iowa has the highest employment level, with 2,370 operators earning $44,690 annually.
8. Big Data Specialists
Projected Jobs Created: 30%
Big data specialists manage and analyze large datasets, designing and maintaining scalable systems for data storage and processing. Unlike data scientists, big data specialists focus more on infrastructure to ensure a seamless data flow. It is one of the best careers for the next ten years.
7. Robotics Engineers
Projected Jobs Created: 30%
With an average salary of $87,640 per year, the profession offers competitive compensation, which may further increase for supervisory roles and individuals with advanced degrees. As companies continually embrace automation, robotics engineers will continue to design and implement automated systems.
6. Data Analysts and Scientists
Projected Jobs Created: 32.5%
The best data science companies in 2023 are Amazon.com, Inc (NASDAQ:AMZN), Microsoft Corp (NASDAQ:MSFT) and Alphabet Inc (NASDAQ:GOOG). Data analysts and scientists have jobs that will be in demand in 2025. To read more about data scientists, see the highest paying countries for data scientists.
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Disclosure: None. 20 Jobs That Will Be in Demand in the Next 5 Years is originally published on Insider Monkey.