Top 5 Fastest Growing Industries

As worldwide events continue to change and shape the way we act and feel, economies follow this flow. The same goes for the industries that help support this economy.

For example, there was a rapid decrease in the travel industry in the past few years and an increase in traffic on social platforms. Of course, this meant increased revenue for social media providers and websites. As a result, this industry started to boom.

Still, as lockdowns die down around the world and fade out of the main topic, other industries are now starting to grow. Check out our list to find out which 5 industries are growing the fastest currently!

#5: Global Casinos and Online Gambling

With an estimated 5.7% revenue growth in 2023 and 2024, global casinos and online gambling take the fifth spot on our list. It’s not hard to believe considering gambling is becoming more and more popular as a pastime.

However, this growth didn’t come overnight. Casino patrons have experienced a slow shift over the last few years from searching for where the biggest casino in the world is to finding the online casino that best suits their needs.

Additionally, while the focus originally started in the United States, it has spread across the globe. Currently, the market’s focus is mostly in Asia, where many successful casinos have been established both online and offline. 

Overall, it seems as though the online gambling and global casino industry is experiencing some steady growth.

#4: Global Commercial Aircraft Manufacturing

Although the pandemic took its toll on this industry as well as the travel industry, revenue seems to be steadily rising with a 6.3% projected growth in 2023-2024.

The term global commercial aircraft manufacturing is self-explanatory. This industry deals with the design, manufacture, and overhaul of commercial aircraft such as planes and helicopters. 

The upkeep of these aircraft is also important. As the travel industry also continues growing and rising as quickly as it is now, aircraft will require further maintenance.

Another important aspect of this industry is the research and development of new parts. The hope is that these parts and improvements will also make commercial flights safer and easier to take.

#3: Tourism

Another branch of the travel industry that encompasses international visitors spending across national borders travel. The reasons for this are not clearly defined and could be for business or for leisure. Tourism is third on the list with estimated revenue growth of 10.8%.

The tourism industry relies on tourism expenditures such as transportation, accommodation, food, and recreation.

As borders open up and travel starts to become more encouraged, the growth of this industry is also natural. Visitors and foreigners need places to stay, places to eat, and sights to see while on their trip.

With the global economy strengthening, we can also expect the tourism industry to quickly grow and change along with it.

#2: Global Travel Agency Services

For travelers that don’t have the means or the ideas to plan out a trip for themselves, a travel agency is a perfect option. As a result, this industry’s expected revenue growth over the next two years stands at 11.8%.

Travel agencies can help beginner travelers interested in seeing the world take their first steps. They can also help those looking for a good deal to cross another travel destination off their checklist.

Although this is another industry that has experienced a decline due to global events in the past few years, the travel agency services industry is making a steady recovery.

#1: Global Airport Operation

Taking the first spot on the list is the airport operation industry with an impressive 16.2% revenue growth in 2023 and 2024. 

As the name explains, this industry encompasses businesses that provide aeronautical and some nonaeronautical services. This means international, national, and civil airports, as well as public flying fields. It also encompasses supporting operators such as parking services and retail stores. 

With an increase in passengers, we can also expect airlines and airports to increase flight capacity and frequency. In turn, this will result in bigger revenue, although it also means bigger fees for passengers.

Related Articles

Leave a Reply

Back to top button