Global Growing Industries in 2023-2024

The global economy is entering a marked slowdown on many levels in the face of the threat of new COVID-19 variants and caused by inflation. A significant slowdown in major economies – including the US and China – will negatively affect external demand in emerging and developing economies. Meanwhile, rising inflation – which is hitting low-income workers particularly hard – restrains monetary policy. Across the world and in advanced economies, inflation remains at its highest level since 2008.

Global growth is expected to slow significantly from 5.5%. in 2021 to 4.1% in 2022 and 3.2 percent. in 2023 as pent-up demand fades away and fiscal and monetary support unfolds around the world.

Below you will find the 20 largest industries from the Datantify database which are expected to grow:

1. Restaurants

The restaurant industry will grow as the global economy improves in the five years to 2026. The growing international expansion of US fast food chains will be a major driver of industry growth. All over the world, along with the urbanization of cities, the number of restaurants opening is steadily increasing.

The global number of restaurants in the Datantify database: 1,961,452

2. Clothing 

The clothing market includes all segments of clothing produced for individual end customers. Compared to the global market, the USA generates the most revenues. The apparel industry will continue to grow globally. As economic conditions in both developed and emerging economies continue to improve, global per capita disposable income is likely to increase, allowing buyers to buy more clothing.

The number of clothing stores in Datantify database: 1,175,320 

3. Grocery Stores

The global food and grocery retail market will continue to grow in the coming years. The use of online channels to sell grocery delivery home delivery is one of the main reasons for the increase caused by isolation in the pandemic. The supermarket and grocery store industry is the largest sales channel in many countries.

The number of companies in the Datantify database: 927,950

4. Hotels & Resorts 

The hotel and resort industry includes accommodation, with or without meal services. Strong growth in the hotel and resort industry is expected in the coming years. Consumers are likely to return to more frequent travel when remote work has become a standard and they will plan vacation trips much more often.

The global number of hotels in the Datantify database: 863,497

5. Bank

The global banking industry will hold its growth trend as the world economy continues to grow forward. Interest rates will rise after they were lowered during the coronavirus pandemic. In addition, in emerging markets, economic and technological developments will lead to an increase in banking activity. In this industry, operators offer their clients deposits and extend commercial, consumer and industrial loans.

The number of companies in the Datantify database: 820,229

6. Pharmacy

The entire pharmaceutical market can be broken down into prescription or medical products and over-the-counter drugs. The industry includes companies that produce biological, pharmaceutical and medicinal products in various forms. The global pharmaceutical industry and drug production will increase in the coming years. Moreover, as the incidence and diagnosis of chronic diseases increases, operators are expected to benefit from the demand for treatment of these diseases.

The number of companies in the Datantify database: 813,027

7. Hair Salons

This industry includes salons that primarily offer services in the field of hair care, such as haircuts, styling and hair coloring. It is not uncommon for hairdressing salons to sell retail cosmetic products. This industry is projected to return to growth in the coming years as the number of clients that were previously limited to full-service hairdressing is lifted.

The number of salons in the Datantify database: 596,804

8. Hospitals

The hospital market includes licensed inpatient care facilities. This industry includes general hospitals, specialist hospitals and psychiatric hospitals. Revenues in this market are expected to grow. Globally, most of the revenue will be generated in the United States.

The number of hospitals in the Datantify database: 595,434

9. Real Estate Agency

The real estate market comprises land, resources, buildings and roads, and other public utility systems. The property consists of two-level flats, townhouses, single-family houses, condominiums, cooperative flats, four and three. One of the key drivers of market growth is rapid urbanization around the world. Demand for high-quality housing and infrastructure is conducive to the growth of the real estate market.

The number of agencies in the Datantify database: 585,741

10. Constructions

The construction market in the world will grow in this decade. Housing construction will contribute to the short-term recovery, while infrastructure spending is driving medium-term construction projects. Urbanization will further accelerate growth in emerging markets.

The number of companies in Datantify database: 577,808

11. Furniture

The furniture market focuses on various items and goods aimed at creating a comfortable usable space. Furniture is usually made of various materials depending on the design or customer needs. Furniture revenues are growing and this growth is expected to continue at around 5% per annum over the next five years.

The number of furniture stores in Datantify database: 443,396

12. Law

The legal services market includes law firms and in-house legal teams. The size of the global legal services market was valued at $ 849.28 billion in 2020 and is expected to grow between 2021 and 2028. In addition, the corporate segment is expected to be the dominant service segment during the forecast period as disputes over organizational discrimination and harassment, audits, and patent and copyright infringement will continue to grow. 

The number of lawyers in Datantify database: 402,365

13. Travel Agency Services

As the economy recovers from the coronavirus pandemic, the global travel agency industry is forecast to start growing in the coming years. The number of international tourist arrivals around the world will increase. The travel agency industry includes companies that sell tours (including developing accommodation and airline packages).

The global number of travel agencies in the Datantify database: 395,218

14. Tourism

The tourism industry will experience a global recovery in five years as global economies strengthen. Tourism is defined as international visitors who spend various trips outside their home country. The main industries that benefit from tourism spending are domestic and international air transport, lodging services, food service, drinking places, car rental and travel agencies.

The number of tourist attractions in Datantify database: 225,029

15. Electronics Manufacturers

Global production of consumer electronics in a competitive industry is driven by innovation. Innovation can help increase total industry sales. Increasing competition and falling prices for industrial products are conflicting trends. Despite this, the industry is expected to develop faster in the coming years.

The number of companies in the Datantify database: 40,379

16. Casinos & online Gambling

Online casinos and gambling is an industry that offers table games and various types of slot machine gambling. The industry also includes legal online casino games. The income of the online casino and gambling industry will accelerate in the coming years.

The number of casinos in the Datantify database: 32,087

17. Airport Operators

The rise in air travel and global consumer spending heralds benefits for the airline industry in the coming years. Major airlines will increase capacity and frequency of flights generating significant revenues for global airport operators. The industry includes companies that operate international, national and civil airports or public flying fields.

The number of airports in the Datantify database: 17,717

18. Oil & Gas exploration Production

The oil and gas industry studies, develops and operates oil and gas fields. The performance of the global oil and gas exploration and production industry will suffer in the coming years as a result of increased demand for alternative forms of energy such as solar and wind energy. The operators will also have to face competition from biofuels.

The number of companies in the Datantify database: 13,953   

19. Environment Renewable Natural Resources

Global renewable electricity capacity is predicted to increase by more than 30% by 2024 compared to 2020 levels. renewable sources will increase. Renewable energy has great potential to reduce prices and dependence on fossil fuels in the short and long term.

The number of companies in Datantify database: 3,474

20. Commercial Aircraft Manufacturing

The aircraft manufacturing industry is predicted to grow as the economy is expected to recover. This industry includes the production of complete civil aircraft including aircraft engines, propulsion units, auxiliary equipment and parts. Commercial activity is said to increase with the intensity of competition. 

The number of aircraft manufacturers locations in the Datantify database: 338

Conclusion

Despite the economic slowdown, many industries will develop in the next few years. Along with using technology solutions, people all over the world can buy products and use online services. It is a prospect for many industries that offers development opportunities.

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