The world is changing rapidly, and with it, the industries that drive the global economy.
In recent years, some industries have seen explosive growth while others have slowed or disappeared entirely. Here are the top five fastest-growing industries and what makes them so successful.
1. Shipping and Delivery Services
The rising popularity of online purchases has led to an increased demand for shippers and is fast securing its place as the growth industry front-runner.
The American Shipper reports that as much as 8% of all retail sales are made online, or $394 billion.
With an increasing number of people purchasing items from websites like Amazon and eBay, there will be an increased demand for individuals who can transport these items from one location to another since the pandemic. It is predicted by many economists to be the fastest-growing industry world-over within the next year.
2. The Healthcare Industry
The healthcare industry is projected to expand by 19%, making it the second-fastest growing sector.
The reason for this growth is the increasing demand for Healthcare Insurance and the need for more people to fill jobs in the healthcare industry.
As our population grows and ages, so do its medical needs — more people are getting sick, which means that more people need treatment.
Related: Telemedicine is the New Normal in the Health Care Industry
3. Travel and Food Industries
With the growing population and interest in traveling after years lost to the pandemic, dream jobs that combine travel with food and culture are set to land in third place.
Related: The Travel Sector Is Getting Upgraded
4. Online Retail
As more consumers turn to online platforms for shopping, businesses are quickly adapting to meet this demand. Companies like Amazon, Walmart and Target invest heavily in online efforts to serve their customers better. With more people using the internet to shop and take advantage of discounts, the online retail sector is expected to grow significantly this year.
The convenience of shopping online through the pandemic has significantly increased spending with 1 out of every five retail purchases occurring online totalling an estimated end-of-year worth of $1.1 trillion.
5. The AI Revolution
The future of the global economy lies in Artificial Intelligence (AI). AI is expected to be one of the fastest-growing industries of 2023, already valued at $328.34 billion.
AI has begun to revolutionize many industries, such as healthcare, finance and transportation. Through automation, improved data analysis capabilities and predictive analytics, AI is helping businesses become faster and more efficient while cutting costs. With its potential for tremendous growth and its ability to revolutionize existing industries, AI is set to be one of the most important drivers of economic growth not just today but for coming years.