What industries are growing the fastest? Look no further. Below we have compiled a list of the fastest-growing industries over the past couple of years.
For job seekers, aspiring entrepreneurs, or those pursuing their education, it’s important to know where opportunities are most plentiful, both now and in the future. In the United States, many industries are thriving and are projected to grow in the coming years.
While opportunities abound in countless other sectors, it’s worth considering following a career path in the fast-growing industries that we will discuss in this article.
Top Fastest Growing Industries in The World
There are some types of businesses that are more profitable while others are stable and safe. Some industries tend to be faster growing than others. This list contains the fastest growing industries to help you find the business that is expected to grow faster in the next years!
Information Technology
In this digital age, it’s not surprising that information technology (IT) is a booming industry. From web development to cybersecurity to data science, the job and new business possibilities are endless.
The cybersecurity industry in particular is set to more than double in size by 2026 due to the increased need for data security protection from cyberhackers.
Opportunities also exist in healthcare technology, which includes the development of products like medical devices.
Check Out: List Of Software Development Companies In The USA
Construction
Fueled in part by the housing boom, the construction industry is thriving. New home construction is projected to increase into 2022 and beyond.
The construction industry will also benefit greatly from the recently passed infrastructure bill which includes massive infrastructure improvement projects to upgrade roads, railways, and airports.
The overall construction market in the U.S. is already worth over a trillion dollars and is expected to continue to thrive.
Personal Services
Personal services include anything from dog sitting to wedding planning to food delivery. While working in these industries does not generally make people millionaires, they can be surprisingly lucrative.
They also can provide opportunities for ambitious entrepreneurs who can leverage technology in personal services to create online businesses or app-based businesses.
An example might be a new, innovative food delivery app since the food delivery sector is growing by leaps and bounds.
Real Estate
Post-pandemic, real estate in the United States is thriving. Prices are rising as the supply can’t keep up with demand, and real estate professionals are benefiting from the active market and higher commissions.
Real estate investment opportunities also can be lucrative, whether in rental properties or house flipping. Becoming a real estate agent or broker, however, has lower barriers to entry. It takes very little capital and time to become a licensed broker and start a real estate brokerage.
Remodeling
The remodeling industry is also benefiting from the active housing market. People are buying homes and want to put on their own design stamps, but they don’t have the skills to do it on their own.
Painters, flooring and tile specialists, carpenters, drywallers, and general remodeling contractors are all benefiting. The remodeling industry is worth an astounding $112 billion in the U.S. alone, so learning remodeling skills can provide a wealth of opportunities.
Trucking
People are buying things – a lot of things – and those things need to be transported to and from various points. The trucking industry in the U.S. alone is worth over $200 billion and counting.
Opportunities exist both in the local trucking and long-haul trucking, and the current shortage of truck drivers is pushing up salaries for truck drivers. Recent supply chain issues are also increasing the demand for trucking services, which is good news for trucking business owners.
Healthcare
The need for healthcare services has always existed, obviously, but recent events have increased the demand. Nursing shortages abound as well, which is boosting salaries and opportunities. Home health care is also increasing in demand due to the aging population.
Home health agencies employ both medical professionals and non-medical home care workers who help clients with daily tasks, including bathing and dressing, so entrepreneurs can take advantage of this increased demand even if they are not medical professionals.
Financial Services
Financial services include bookkeeping, accounting, financial advisory services, and billing. As businesses rebound from the pandemic, their need for financial services is increasing.
Financial technology, also known as Fintech, is also exploding, with all varieties of financial apps popping up, including apps for trading securities and cryptocurrencies. This presents an opportunity for entrepreneurs who want to capitalize on the growth of both the IT and financial sectors.
Movie Theaters and Other Entertainment
In terms of revenue, movie theaters are the fastest growing industry in the United States, projected to increase by over 140% from 2022 to 2023. While this increase somewhat represents a rebound from the 2020 pandemic decline, it should not be ignored.
Also in the entertainment sector, concert and event promotion revenues are expected to double, as people are ready to get back out to have some fun. Waterparks are also expected to see a large increase.
Travel
Travel is also making a comeback, with airline revenues predicted to skyrocket. Hotels and travel agencies are also expected to see huge increases.
The largest opportunity, though, in the travel industry is in comprehensive online booking services. While it may be a tough industry for entrepreneurs to enter, competing with the likes of Expedia, it’s an opportunity to capitalize on the growth of the IT sector and the travel industry at the same time.
Check Out: List Of Top Travel Agencies In The World
Alcoholic Beverages
Even prior to the boom in alcoholic beverage sales during the pandemic, craft beers and spirits were growing in demand by leaps and bounds. Local breweries have popped up across the country in recent years aiming to ride the craft beer boom.
Globally, craft beer has been exploding and the market is expected to double by 2027. Craft spirits such as craft whiskeys are also booming, with craft distilleries in the U.S. increasing in numbers. Demand for ready-to-drink cocktails, in cans and bottles, is also increasing tremendously.
In Closing
The bottom line is, whether you’re seeking a job or looking for a business opportunity, there is a wealth of possibilities. It’s important to be aware of what industries are hot, but you don’t have to limit your options to fast-growing industries.
If you want to start a business, look for a problem in the market that you can solve. Some of the most successful businesses have actually come from entrepreneurs who solved their own problems. However, your best bet is to follow your passion and do what you love, and success will follow naturally.
