Entrepreneurship

Top 5 Fastest Growing Industries for 2023

Opinions expressed by entrepreneur associates are their own.

The world is changing rapidly, and with it the industries that drive the global economy. In recent years, some industries have experienced explosive growth, while others have slowed down or disappeared altogether. In this article, we’ll take a look at five of the fastest growing industries and consider what makes them so successful. From technology to healthcare, these sectors drive the economy forward and pave the way for a brighter future.

Related: These are the 10 fastest-growing jobs in the US

1. Shipping and delivery services

The growing popularity of online shopping has led to increased demand for dropshippers and is quickly securing its place as a leader in a growing industry.

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 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 it will be the fastest growing industry in the world in the coming year.

As a result, shipping companies are employing more people than ever, and your skills may allow you to join them. If you’re looking for a career that allows you scheduling flexibility while still maintaining a steady income while working remotely (or at least part-time), this industry could be right for you.

There are many benefits to being an independent contractor: flexible hours, no commute, no dress code, and a choice of how much work or money you want out of it (or how much time). These benefits make it easy to fit into any lifestyle and succeed.

2. Health 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 health insurance and the need for more people to fill positions in the health industry. As our population grows, so do its medical needs – companies need to hire more doctors and nurses to meet those demands. More and more people are getting sick, which means more people need treatment. This increase in demand has led to an increase in the salaries of healthcare workers and an influx of new patients into the field.

The influx of new patients who need medical attention due to the new laws will also cause an increase in the demand for insurance policies. For example, in 2019 many states required employers to cover the cost of contraception for their employees as part of their health plans. These developments have significantly increased the demand for health insurance among young people seeking birth control coverage.

Related: Telemedicine is the new normal in the healthcare industry

3. Travel and food industry

With a growing population and interest in travel after years lost to the pandemic, dream jobs that combine travel with food and culture will take third place.

If you love to travel, consider a career as an agent or tour guide who helps others plan their trips. Make sure you are certified by your local government to become a tour guide (usually required for historic sites).

You can also be certified through organizations such as the San Francisco Institute of Professional Tour Guides or the International Institute of Travel and Tourism Studies (IITTS). If you do not want to work directly with tourists, but still want to help with travel, become an agent of a company specializing in international flights and accommodation.

Related: The travel sector is improving

4. Online retail

As more consumers turn to online shopping platforms, 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 and 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 during the pandemic has expanded significantly – albeit less out of desire and more out of necessity. However, e-consumption is already showing a strong comeback, with 1 in every five retail purchases made online and an estimated year-end value of $1.1 trillion.

5. AI revolution

The future of the global economy lies in artificial intelligence (AI). AI is expected to be one of the fastest growing industries in 2023, already valued at $328.34 billion. AI has begun to revolutionize many industries, such as healthcare, finance and transportation. Through automation, enhanced data analysis capabilities and predictive analytics, AI helps businesses become faster and more efficient while reducing costs. With its potential for massive growth and its ability to revolutionize existing industries, AI should be one of the most important drivers of economic growth not only today but in the years to come.

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