Never before has research and development been such as hot industry as it is today. With so many factors driving it forward, it seems as though innovation and technology have no limits in terms of investment dollars, interest, and even job growth. All you have to do is take a look at how technology has changed business models, processes, and even how people live. So as newcomers to the job pool start to look around for the best career path to take, research and development, along with innovation, could be the best option.
So how exactly are this rising interest and need for innovation affecting jobs? What jobs are in demand and where does it make sense to focus your efforts? Here we’ll take a look at a number of jobs that are really enjoying the change of tides if you will. Plus we’ll also take a closer look at how this trend played out over the past 10 years and where it is expected to go.
Research and Development/Product Development Management
With all the research and development taking place around the world today in just about every industry, and then those successful plans heading to development to be distributed to the marketplace, there is a real need for those who can manage these projects. Research and Development and Product Management Research and Development and Product Management is a job that is in demand and has a rather impressive average salary of $110,700.
In this role, you’ll be taking part in the research, planning, and the implementation of all protocols and programs. You will also be the one overseeing the development of brand new products.
The best way to break into this career is to ensure you’ve got the proper educational credentials. Take a look at the MS Engineering Management online degree program through Kettering University. The master of science program is meant to give you all the knowledge needed for project management, and also teach you the skills on how to apply that knowledge in a real-life setting.
Research and Development in the Education Field
Often when it comes to looking for a job in research and development it is academia that provides the answers. Getting a faculty position at a research institute, university, or laboratory is a goal for many looking into R&D. It allows you to continue doing what you love – which is research – but you’ll be sharing that passion with others and teaching. As a teacher, you’ll be mentoring, researching, collaborating with others, and even writing for scientific publications.[adsense]
Many of the higher-level R&D positions actually require candidates to have spent time teaching, so this can also be an excellent stepping stone to a future job.
Biotechnology Research and Development
If you’re looking to take part in cutting-edge technology, discoveries, and innovations then the biotech industry could be perfect for you. Many believe this industry is still in its infancy, which means there is so much still to be discovered. Experts are predicting that the biotech industry will be worth US$727.1 billion by the year 2025, which means there is a whole lot of money and interest being injected into it.
In terms of what biotech industries are experiencing the most growth, definitely look to the healthcare industry. This industry is expected to have the strongest growth of all as more and more products and tools are developed that will help give more personalized healthcare stats, diagnosis, and prognosis.
More specifically the areas of nanobiotechnology, DNA sequencing, fermentation, chromatography market, PCR technology, tissue engineering, and regeneration, and cell-based assay are all on the rise. To say that biotechnology is working towards transforming the healthcare industry is an understatement.
Then there is the fact that costs are actually decreasing, which is making it possible for more companies to get into the industry and do their own research and product development, and it just ends up being a very promising industry.
Mechanical Engineering – Look for Shorter Projects
Another way to break into the field is as a mechanical engineer researcher who is taking part in smaller or shorter-length projects. A great example is working in the automobile industry on a new model of vehicle. This is a project that will have a start and end date, will require all the important steps of R&D and then product development, will offer something cutting edge that customers want, and also looks fantastic on the resume.
By taking part in a short project, you’ll get hands-on experience, network and make new contacts, and gain the all-important insight that only happens once you are in the industry and getting your hands dirty.[adsense]
Research and Development Was Able to Sustain the Economic Crash
As you take a look at research and development over the past 10+ years, what is so impressive is just how well it has weathered the economic storms that have passed through. Take a look at how the business sector reacted to the economic crash in 2008, where everything dipped. That is everything but research and development.
All around the world, governments and private industries/investors have continued to pump money into R&D and drive the industry forward despite shaky economic times. So while other jobs and industries floundered, the R&D industry continued forging ahead.
Europe, in particular, hasn’t slowed in the least when it comes to investing in research and development. Germany saw an increase in public funding of 46% between 2008 and 2016. Meanwhile, here in the United States, there was an initial dip right after the crash, but then investments started to rise by 2010 and haven’t stopped since.
A Very Robust Industry
So when it comes to the research and development and product development industries, one of the best ways to describe its current state is “robust”. There is strong growth and interest from all sectors and all investors; there is also a lot of promise and excitement within the industry. All of this means job growth will continue to stay strong and stable.