In this article we are going to list the 15 fastest growing industries in the world. Click to skip ahead and jump to the 5 fastest growing industries in the world.
We all live in a world that is constantly changing. Every year, there are newer advancements and developments in various economic sectors, including the health, technology, and business branches of our economy. All these changes have major effects on entire global industries. An industry, by definition, is economic activity concerned with the processing of raw of materials and manufacture of goods in factories. This means that for every service in the world, there is an industry that is associated with it. Examples of major industries in the world are the tourism industry, car and automobile sales industry, paper manufacturing industries, etc. The development, investments secured, and growth of a certain industry over time is a clear indicator of its demand and need in the global market.
As the world becomes more advanced and interconnected than ever before, industries must adapt themselves according to the changing markets around them to stay on top. They may do this by introducing new marketing strategies, innovative products, or revising product designs. But sometimes, that is not enough, and industries, along with producing market-friendly products and services, need to invest their time on being prepared for the unknown. This need to stay vigilant during times of extreme unpredictability was best demonstrated with the recent pandemic to sweep the world. The coronavirus disease 2019, or as it is more commonly known, Covid-19 is a contagious disease caused by severe acute respiratory syndrome. Affecting 100 million people globally since the first outbreak in Wuhan, China in late 2019, the disease has had a major influence on the entire global economy. The contagious nature of the disease caused entire countries to be on lock-down for weeks on end, not only affecting the daily lives of millions of people worldwide, but also impacting businesses greatly.
Naturally, these measures of lock-down, although necessary for the safety of citizens, has had a detrimental effect on the industries of the world. Once thriving and profitable industries were suddenly counting their losses. Although the future for the disease is still uncertain, the world’s industries have bounced back since then, introducing new marketing strategies and tactics for their target audiences.
The rankings of the fastest growing industries have been compiled on the basis of their revenue growth. This number can reflect exactly how ‘in-demand’ an industry is in the world, and how many people are pursing employment in a particular field of that industry. Many people prefer to work in fast-growing industries for a number of reasons. Fast growing industries may be able to provide professionals with better opportunities. Fast growing industries generally mean that they are growing in size, which implies that there will be greater jobs and job security. The growth rate is also often reflective of the industry’s demand, which can signal that employers may pay employees at better rates. Lastly, fast growing industries are usually coming up with innovative measures to increase public interest. This can result in better job satisfaction. All these answers, better opportunities, increased demand, job security, and job satisfaction make for great reasons to work in a fast-growing industry.
Here we have a list of the 15 fastest growing industries in the world. The list has been referenced from IBIS World, the largest information publisher in the world with a database of 700 industries. So, let us take a look at our list of fastest growing industries in the world, starting with number 15.
15. HR and Recruitment Services
Revenue Growth 2019-2020: 7.7%
Starting off with number 15 we have the Human Resources and Recruitment Services industry, which outsources human resource and employment placement services to millions of prospective employees worldwide. This includes selection and placement of permanent and temporary staff, employee leasing, and listing of employment vacancies. This industry relies on economic conditions in major markets and labor demand worldwide in order to thrive. The industry relies on an organization’s demand for outsourcing its recruitment process. A major company in this industry is Dutch company Ranstad NV based in Diemen, Netherlands.
14. Cardboard Box and Container Manufacturing
Revenue Growth 2019-2020: 8.5%
With an expected market size of $69.7 Billion, the Cardboard Box and Container Manufacturing Industry is flourishing. In this industry, operators convert paper and old containers into cardboard boxes and other packaging solutions for many industries. Examples are manufacturing, agriculture, wholesale, shipping, retail, etc.
Copyright: bialasiewicz / 123RF Stock Photo
Revenue Growth 2019-2020: 10.4%
Tourism is defined as the act of spending time away from home primarily for recreation, business, or government proceedings. This industry also provides benefit to many other industries, including domestic and international air transportation, hotels and resorts, restaurants and food, etc. Of course, the industry has been devastated by the pandemic which could affect its growth significantly in 2020-2021.
12. Cargo Airlines
Revenue Growth 2019-2020: 11.0%
The Cargo Airlines industry includes those businesses which provide air transport for commercial and private cargo on either scheduled or nonscheduled routes. Express services and postal system air transport are included in this industry, while courier services are not.
11. Beer Manufacturing
Revenue Growth 2019-2020: 11.3%
The beer manufacturing industry is responsible for the manufacturing of alcoholic beverages which use malted barley and hops such as ale, lager, malt liquor and nonalcoholic beer. Both bottled and canned beer manufacturing are included in the industry activities. The bulk of this industry is concentrated in China, North American, and European markets. Molson Coors Beverage Company (NYSE:TAP) is a leading beer manufacturer based in Chicago, Illinois in the United States.
10. Hotels and Resorts
Revenue Growth 2019-2020: 11.8%
The hotels and resorts industry includes accommodations in hotels and resorts with meal services, restaurants, and private facilities. Franchises and chain hotels and resorts are included, but other forms of accommodation, such as motels, camping grounds, bed and breakfast establishments, are not.
9. Management Consultants
Revenue Growth 2019-2020: 11.8%
The management consultants industry has been steadily growing since the past decade globally. In 2021, IBIS World reported a global market size of $692.3 Billion, with an expected growth of 10.4%. By definition, management consultants provide advice and assistance to organizations on strategic and organizational planning, financial planning and budgeting, marketing, human resource policies, and more. It is one of the most diverse markets within the professional services industry. Consultants helps identify problems and their solutions for organizations, and consultancy jobs are known to be among the highest paying in the world.
Revenue Growth 2019-2020: 13.2%
The Airlines industry is defined as airlines that transport passengers over scheduled or nonscheduled routes, both domestically and internationally. Transportation of cargo within passenger aircraft is included in this industry, but cargo-specific airlines are not. The industry forms a key part of the tourism and travel industry, and also creates many jobs such as pilots, flight attendants, and ground crew. The industry had been experiencing a steady growth before going through a sharp decline in 2020 due to the Covid-19 pandemic travel restrictions. Recently, the industry has picked up again as growth in global per capita income has caused increased demand in airline passenger transportation once again. Delta Airlines (NASDAQ:DAL) and American Airlines (NASDAQ:AAL) are among the biggest airlines in the world, and have suffered losses worth billions of dollars in 2020.
7. Commercial Aircraft Manufacturing
Revenue Growth 2019-2020: 13.7%
Commercial Aircraft Manufacturing is responsible for the production and completion of civilian aircraft. This includes aerospace engines, propulsion units, auxiliary equipment, and parts. Development of aircraft prototypes, manufacturer repair, maintenance, and overhauling are all included in this industry. However, military aircraft is not associated with this industry, it is only for civilian aircraft. With the emergence of low-cost carriers and increased air traffic, there has been a demand for newer aircraft models focused on reducing fuel consumption, which has led to growth of this industry. This industry is dependent on downstream demand from airlines, who serve as their prime customers. This is why, with the decrease in demand for air travel, this industry has also taken a hit. The Boeing Company (NYSE: BA) is a frontrunner of this industry.
Alexey Y. Petrov/Shutterstock.com
6. Automobile Engine and Parts Manufacturing
Revenue Growth 2019-2020: 13.9%
The automobile engine and parts manufacturing industry produces motor vehicle engines and other engine parts. These include valves, camshafts, crankshafts, fuel injectors, and pistons. This industry is linked with car production, and the increase or decrease of either will affect the other. In recent years, the industry has been focusing on engine efficiency, while simultaneously adapting to new industry standards as innovations such as electric and hybrid vehicles gain popularity. Operators in this industry manufacture and rebuild motor vehicle engines and engine parts. Industry activities include engine assembly, rebuilding, and parts manufacturing. Ford Motor Company (NYSE: F) is a top company in this industry based on size of market share.
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Disclosure: No position. 15 fastest growing industries in the world is originally published at Insider Monkey.
What are the top 10 largest industries? ›
- Global Consumer Electronics Manufacturing. 17,518,424.
- Global Commercial Real Estate. 17,164,710.
- Global Fast Food Restaurants. 13,458,146.
- Global HR & Recruitment Services. 11,988,376.
- Global Apparel Manufacturing. 9,675,672.
- Global Hotels & Resorts. ...
- Global Coal Mining. ...
- Global Tourism.
- Artificial Intelligence.
- Data Science and Analytics.
- Biomedical and Biotechnology.
- Mental health.
- Tourism and Hospitality.
- Digital and Internet Marketing.
- Enrol with MDIS Singapore.
The oil and gas exploration and production industry which is the fastest growing industry in the world expected to be driven by population increase, urbanization, growing living standards, and increasing economies around the world.Which industry is No 1 in the world? ›
Primary industry involves getting raw materials e.g. mining, farming and fishing. Secondary industry involves manufacturing e.g. making cars and steel. Tertiary industries provide a service e.g. teaching and nursing. Quaternary industry involves research and development industries e.g. IT.What are the 6 main industries? ›
Which are the major industries in the Indian Economy? Answer: The major industries in the Indian Economy are Iron & Steel, Textiles, Jute, Sugar, Cement, Paper, Petrochemical, Automobile, Information Technology (IT), and Banking & Insurance.What are the top 5 largest industries? ›
- New Car Dealers in the US. ...
- Health & Medical Insurance in the US. ...
- Hospitals in the US. ...
- Life Insurance & Annuities in the US. ...
- Commercial Banking in the US. ...
- Public Schools in the US. ...
- Supermarkets & Grocery Stores in the US. ...
- Property, Casualty and Direct Insurance in the US. $751.9B.
- Direct retail.
- Finishing contracting.
- Real estate.
- Architectural engineering.
- Financial services.
India's healthcare industry is expected to grow at a 39% CAGR to $372 billion by the end of 2022, thanks to the country's growing middle-class population, particularly among the younger generation, and rising financial literacy and awareness.Which industry will grow in future? ›
Over the past two years, information technology (IT), construction, personal services, food services and healthcare sustained the economy during the pandemic. The Bureau of Labor Statistics estimates that many of those industries will continue to experience exponential growth in this post-pandemic era.
Which industry will grow in 2022? ›
The consensus seems to be that the financial sector, industrial sector, capital goods will do well in 2022. Pharmaceuticals are also looking to make a mark, and a few experts have placed their bets on real estate and automobiles while others have advised against them.Which industries will grow the most in the next 10 years? ›
- Cloud Computing. ...
- Biotechnology. ...
- Data Analytics. ...
- Artificial Intelligence. ...
- Real Estate. ...
- Green Energy. ...
- Pharmaceuticals. ...
- Internet of Things.
The financial service industry has created the most number of millionaires since modern times, according to the Wealth Report. In the business of money, people make a lot of money. Behind the most successful ventures in the world are people and organizations skilled in deploying and growing money.
|Rank||Industry/Job sector||% of billionaires|
The Eight Core Industries, as stated above, includes Natural Gas, Coal, Refinery Products, Crude Oil, Cement, Electricity, Steel, and Fertilizers.What are the 8 types of industries? ›
- Agriculture; plantations;other rural sectors.
- Basic Metal Production.
- Chemical industries.
- Financial services; professional services.
- Food; drink; tobacco.
Other sectors making notable contributions to the economy over the last decade include construction, retail, and non-durable manufacturing.
- Healthcare. ...
- Technology. ...
- Construction. ...
- Retail. ...
- Non-durable Manufacturing.
The order of the 11 sectors based on size is as follows: Information Technology, Health Care, Financials, Consumer Discretionary, Communication Services, Industrials, Consumer Staples, Energy, Utilities, Real Estate, and Materials.What are the 14 industries in the industrial sector? ›
- Aerospace & Defense Industry.
- Air Freight & Logistics Industry.
- Airlines Industry.
- Building Products Industry.
- Commercial Services & Supplies Industry.
- Construction & Engineering Industry.
- Electrical Equipment Industry.
- Industrial Conglomerates Industry.
Industrial Products (capital goods, raw materials, component parts, major equipment, accessory equipment, operating supplies, and services).
How many industries are in the world? ›
GICS breaks out the world's companies into the 11 highest level categories, described in greater detail below. These 11 sectors are broken down further into 24 industry groups, 68 industries, and 157 sub-industries. This method concentrates on grouping companies based on their primary business activity.Who has the best industry in the world? ›
|Rank||Economy||Industrial output in 2016 (billions in USD)|
Sectors of Economy: Primary, Secondary, Tertiary, Quaternary and Quinary.Which industry will boom in 2022? ›
The consensus seems to be that the financial sector, industrial sector, capital goods will do well in 2022. Pharmaceuticals are also looking to make a mark, and a few experts have placed their bets on real estate and automobiles while others have advised against them.Which industry will grow in next 5 years? ›
- Healthcare and Insurance Sector. ...
- Renewable Energy Sector. ...
- IT Sector. ...
- Real Estate Sector. ...
- Fast Moving Consumer-Goods Sector (FMCG) ...
- Automobile Sector.
10 Most Profitable Business Industries
- Technology. ...
- Healthcare. ...
- Automotive. ...
- Sustainable Energy. ...
- Internet. ...
- Retail. ...
- Agriculture. ...
- Space Exploration.
Artificial Intelligence (AI)
According to an International Data Corporation (IDC) report, India's AI industry is predicted to reach $7.8 billion by 2025, rising at a CAGR of 20.2%. By the end of 2025, the AI software category will have dominated the market, growing at a CAGR of 18.1% from $2.8 billion in 2020.
- Healthcare. The healthcare industry is one of the most profitable worldwide. ...
- Renewable Energy. ...
- Cybersecurity. ...
- Cloud Computing. ...
- Data Science. ...
- Artificial Intelligence. ...
Examples are Solar, Wind, Biomass, and Hydroelectricity. According to Allied Market Research, the global renewable energy market will grow from $928 billion in 2017 to $1.5 trillion by 2025.Which sector will grow in next 10 years? ›
Over the next 10 years, the infrastructure sector in India will need to continue its growth momentum and is likely to maintain a growth rate anywhere between 7-10%, a very healthy sign.
Which sector grows most 40 years? ›
- Though all the three sectors had a growth over thirty years, maximum growth was seen in the tertiary sector.
- This is because in any place services like banking, telecom, telegraph, transportation health care facilities like hospitals are very much required and mandatory.
|1||Motion Picture and Video Exhibition||71%|
|2||Scenic/Sightseeing Transportation, Land||65%|
|3||Insurance and Employee Benefit Funds||62%|
|1||Consumer financial services|
|3||Miscellaneous financial services|
|4||Laboratory analytical instruments|
- Primary sector of the economy (the raw materials industry)
- Secondary sector of the economy (manufacturing and construction)
- Tertiary sector of the economy (the "service industry")
- Quaternary sector of the economy (information services)
- Quinary sector of the economy (human services)
Some of the most desirable employers in the world are tech companies- Google, Apple, Microsoft, and more. This industry is stable and well-established, but is also responsible for some of the most exciting innovations that are occurring in the world right now.
By 2030, the talent surplus will be most visible in industries like financial services (with a surplus of 1.1 million professionals), technology, media, telecommunications (with a surplus of 1.3 million professionals) and manufacturing (with a surplus of 2.44 million professionals).