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The world is changing rapidly, and with it the industries that power the global economy. In recent years, some industries have experienced explosive growth, while others have slowed down or disappeared completely. In this article, we take a look at the top five fastest growing industries and discuss why they are so successful. From technology to healthcare, these industries are driving the economy forward and paving the way for a brighter future.
Related: These are the 10 fastest growing jobs in the US
Table of Contents
1. Shipping and Delivery Services
The rising popularity of online purchasing has led to increased demand for shippers and is quickly securing its place at the forefront of the growth industry.
The American skipper reports that as much as 8% of all retail sales are made online, or $394 billion. With more and more people buying items from websites like Amazon and eBay, there will be an increased demand since the pandemic for individuals who can transport these items from one location to another. Many economists predict that within a year it will be the fastest growing industry in the world.
As a result, shipping companies are hiring more people than ever before, and with your skills you may be able to join them. If you’re looking for a career that allows you to schedule flexibly and still maintain a stable income while working remotely (or at least part-time), this industry may be for you.
There are many benefits to being an independent contractor: flexible hours, no travel time, no dress code, and a choice about how much work or money you want out of it (or how much time). These benefits make it easy enough to fit in and succeed in any lifestyle.
2. The healthcare sector
Healthcare is expected to grow at 19%, making it the second fastest growing sector.
The reason for this growth is the increasing demand for health insurance and the need for more people to fill healthcare jobs. As our population grows, so do its medical needs – companies need to hire more doctors and nurses to meet those demands. More people are getting sick, so more people need treatment. This increase in demand has led to an increase in healthcare professionals’ salaries and an influx of new patients into the field.
The influx of new patients requiring medical care due to new laws will also increase the demand for insurance. For example, in 2019, many states mandated that employers cover their employees’ birth control costs as part of their health plans. This development has significantly increased the demand for health insurance among young people seeking contraception.
See also: Telemedicine is the new normal in healthcare
3. Travel and food industry
With the growing population and the interest in travel after years lost to the pandemic, dream jobs that combine travel with food and culture will land in third place.
If you enjoy traveling, consider a career as an agent or tour guide helping others plan their travels. Make sure you are certified by your local government to become a tour guide (usually required for historic sites).
You can also be certified by organizations such as the Professional Tour Guide Institute of San Francisco or the International Institute of Travel & Tourism Studies (IITTS). If you don’t want to work directly with tourists but still want to help with travel, become an agent for a company that specializes in international flights and accommodations.
Related: The travel industry is being 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 are investing heavily in online efforts to better serve their customers. With more people using the internet to shop and take advantage of discounts, online retail is expected to grow significantly this year.
The convenience of online shopping during the pandemic has expanded significantly, albeit less for wants and more for needs. However, e-consumerism is already showing strong returns, with 1 in 5 retail purchases online and estimated to be worth $1.1 trillion by year-end.
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 by 2023, already valued at $328.34 billion. AI has revolutionized many industries such as healthcare, finance and transportation. Through automation, enhanced data analytics, and predictive analytics, AI helps companies become faster and more efficient while saving costs. With its potential for massive growth and its ability to revolutionize existing industries, AI will become one of the key drivers of economic growth, not only today but also in the years to come.
