The world we live in is always changing. That means some industries rise, while others fall as new advancements are made, and new directions were taken. Not that long ago, the dominance of primary industries was unrivaled – with commodities like iron, coal, cotton, and wool in high demand.
Now, the leading industries are mostly involved with providing services or processed and manufactured goods. This has followed the path of society as it moved away from the industrial age and into a digital era. Of course, primary industries are still vital, but they have been eclipsed by the massive revenues earned from industries like tourism, hospitality, finance, and healthcare.
Different industries will perform better in different countries, depending on the needs of the people and how much trade they can provide to other countries. Averaging out over the globe, here are some of the best performing and fastest-growing industries in the world.
Health and Life Insurance
Health and life insurance policies are necessities for many families.
It’s not surprising that the insurance industry has the highest revenue. Global health and life insurance carriers reported yearly revenue of $4.3 trillion in 2020. However, this is actually a decrease of 2.4% over the past five years.
This is an industry whose performance fluctuates from country to country, with factors such as government legislation, unemployment, average wage, premium prices, and class system all affecting policy take-up. First-world countries have seen an increase in unemployment over the last 12 months, and this has caused demand for policies to decline. However, emergent countries have buoyed the industry, as being able to afford life and health insurance is seen as an indication of wealth, and the burgeoning middle classes have been quick on the uptake.
Even with a net decline in revenue, the health and life insurance industry is well ahead of its competitors and looks likely to retain the top spot on global industry lists for some time to come.
When ranking global industries by profit rather than revenue, it’s computer software that often comes out on top, specifically, systems and applications software. The most famous company that falls into this category is Microsoft, which saw profits of $73.5 billion last year alone.
However, this isn’t the only computer software industry to feature in the top ten most profitable industries: Entertainment software ranks at number 6 with a yearly profit of $65 billion. Encompassing sub-industries such as video games, DVDs, and Blu-rays, as well as website design, it’s easy to see why such an industry would be booming. Digital entertainment has been growing in popularity for many years, eclipsing all other forms. And as more options like virtual reality are explored, the entertainment software industry is going to be busy for a long time to come.
The move to online gambling has been a huge success.
Standing as one of the fastest-growing industries, the gambling industry is also one of the oldest. Its new growth is due to its movement into an increasingly digital era, as online operators take over from the more traditional land-based venues. Closely linked with the aforementioned entertainment software industry growth, the demand for online casino services in countries like the UK, Canada, and Australia has grown exponentially over the past decade.
High-quality operators like 888 Casino offer players a chance to take part in their favorite gambling games without having to leave the comfort of their homes. This is an attractive prospect for a generation of people who are finding their leisure time increasingly squeezed by work and life demands. Instead, they have the chance to escape into a world of vivid colors, marvelous animations, and thrilling anticipation with sites such as this exciting UK online casino.
This industry is also on the cusp of another boom, largely due to the fact that the American market is being opened up by new legislation, which would finally legalize aspects of online gambling. Some states have already legalized activities like online poker (Nevada) and online sports betting (New Jersey), with others set to follow over the next 18 months. The American gambling market is the second-largest gambling market in the world, even without an online presence, so with the addition of this new facet, revenues are set to explode.
Global Pension Funds
Longer life expectancies have inspired many people to plan better for old age.
Another universal service, pension funds, have shown a growth of 2.4% over the last year, largely down to favorable investment returns. Because pension funds are linked to the success of the global financial markets, they can be fairly volatile, rising and falling unpredictably from year to year. This is countered by the demand for the service, which ensures that there is always plenty of money being paid into the system.
Experts predict that this industry will continue to grow over the next five years as the call for individual pensions increases. People are no longer finding that state pensions are enough to sustain the style of living they have become accustomed to, so individual pension plans continue to increase. A rose outlook then, with the forecast of an increased cash flow ready to back future investments.
Industry success varies from country to country as demand for different services and products fluctuates. However, universal services that are available to everyone seem to be performing the best. Although uptake is never 100%, there is always more interest than in niche products.