The Top 5 Fastest Growing Industries in 2023 Keep an eye on these industries this year.
Opinions expressed by Entrepreneur contributors are their own.
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. In this article, we'll take a look at the top five fastest-growing industries and discuss what makes them so successful. From technology to health care, these sectors are driving the economy forward and paving the way for a brighter future.
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.
As a result, shipping companies are hiring more people than ever, and your skills may allow you to join them. If you're looking for a career that allows you flexibility in scheduling while still maintaining a stable income while working remotely (or at least part-time), this industry might be right up your alley.
There are many benefits associated with being an independent contractor: flexible hours, no commute time, no dress code and a choice over how much work or money you want out of it (or how much time). These perks make it easy enough to fit into any lifestyle and succeed.
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, so do its medical needs — companies have to hire more doctors and nurses to meet those demands. More people are getting sick, which means that more people need treatment. This increase in demand has led to a rise in healthcare professionals' salaries and an influx of new patients into the field.
The influx of new patients who require medical attention due to new laws will also cause the demand for insurance policies to rise. For example, in 2019, many states mandated that employers cover their employees' contraception costs under their health plans. This development has significantly increased the demand for healthcare insurance among young people seeking birth control coverage.
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.
If you love to travel, consider a career as an agent or guide who helps others plan their trips. Ensure you're certified by your local government to become a tour guide (usually required for historical sites).
You could also be certified through organizations like 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 specializing in international flights and accommodations.
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 expanded — albeit less for wants and more for needs. However, e-consumerism is already showing a strong return, with 1 out of every five retail purchases occurring online and 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.