With the coming of the Pandemic, the growth of many industries was severely curtailed, or even halted. Other industries, however, experienced a huge surge of growth, and now that the Pandemic measures have been listed, the dynamic is changing again.
Some industries, like Technology, Online Retail and the Healthcare Industry have been growing fast since the pandemic started, while others, like the Travel, Food and Entertainment industries are experiencing renewed growth with the lifting of emergency safety measures.
Read on, and we’ll take a look at the Top 5 Industries for 2023.
What Are The Top 5 Fastest Growing Industries in 2023?
Every market analyst has their favorites, and it depends in part on how you approach the demographics and whether you’re looking at projected growth or growth that’s already been recorded.
In the broadest terms, these are the 5 industries expected to see the most expansion:
- Travel and Hospitality
- Health and Wellness Industry
- Electronic Development and AI Production
- Personal Brands and Services
- Online Retail and Logistics
There are subsets of each of these fields, and we’ll take a look at those in a closer exploration of the top growing industries.
1. Travel and Hospitality
The travel and hospitality industry is divided into 4-5 different sections:
- Food and Beverages
- Travel and Tourism
- Lodging
- Entertainment and Recreation
- Meetings and Events
Food and Beverages:
This segment of the Travel industry works involves restaurants, wineries, local markets, catering, and any other type of food services.
Wanting to book a reservation at a 5 star restaurant?
Looking to explore the options for local produce and delicacies?
These are examples of the food and beverages industry, and it’s a booming business, especially as people stretch their legs following the pandemic
Travel and Tourism:
This part of the Travel and Hospitality industry deals with things like reservations, travel plans, tour guides, and similar services.
Want to stay at a specific resort?
Planning a visit to a historic site or several local hotspots?
Travel and Tourism is the section of the industry you’ll be working with
Lodging:
Lodging deals with hotels and resorts, but not just with helping prospective customers book their rooms. It also involves things like maintenance, upgrades, expansions and everything else needed to keep those destinations ready for folks to visit.
They’re also in charge of making sure you have different amenities, everything from housekeeping to having a pool to play in and an exercise room to work out in.
Entertainment and Recreation:
Somebody has to plan the entertainment and enjoyment for guests. Whether it’s an Open Mic Night, or a Live Performance, the entertainment and recreation experts of the Travel and Hospitality will be doing the planning.
If you work scheduling entertainment in any capacity, this is your area of the industry.
Meetings and Events:
Many people travel for business, and whether it’s meetings, training seminars, or overseeing a project, traveling business men and women will work with individuals in this part of the industry to help sort out their meeting spaces, any catering, props or tools they might need.
These are the guys that help you reserve and set up the meeting rooms in the hotels, who you’ll call if you hit any unexpected snags.
2. Health and Wellness Industry
The health and wellness industry covers several different areas, including:
- Health Care Providers (doctors, nurses, dentists, etc.)
- Insurance Providers
- Vitamins and Supplements
- Fitness and Wellness
- Medical Equipment
Health Care Providers:
Health care providers of any stripe fall under this section of the Health and Wellness Industry. Doctors and nurses are the most well-known, but not the only members of this industry subset.
Dentists, psychologists, mental health care providers, physical therapists…all of these fall under the part of the industry devoted to Health Care Providers.
Others include: Dermatologists, Nutritionists, and Optometrists and Home Healthcare Providers.
Insurance Providers:
With health care comes insurance, and the insurance provider industry is one of the busiest out there. From those who represent doctors to those who develop the different policies and determine payouts, all of these guys are part of this subset of the health industry.
Vitamins and Supplements:
Many people are looking to increase their personal wellness through use of vitamins and supplements, making this a booming industry.
Some individuals provide raw materials for supplements and vitamins. Others work processing them in a consumable form, such as pills and gummies. There are also a lot of different supplement retailers that sell ready-to-consume supplements; one successful example is Huge Supplements.
Others do research, looking at how different supplements can be used, and for new potentially healthy options and supplements. Researchers also analyze the market to see where the demand is, and determine how best to fill it.
Fitness and Wellness:
Everyone who runs a gym or works as a personal trainer is part of this section of the Health industry.
So is everyone who works as a coach, or a teacher of martial arts, dance classes, yoga, or anything other activity devoted to physical movement and better physical condition.
So are those who teach about nutrition and other health related topics.
Medical Equipment:
Whether it’s developing, making, distributing, handling or maintaining medical equipment, folks who work with the myriad devices doctors need to take care of their patients are all a part of this segment of the Health Care industry.
It’s hard to say if technicians such as radiologists are part of this industry or the Health Care Providers, but they certainly also belong to the Health and Wellness industry.
3. Electronic Development and AI Production
Electronic Development and A.I exploration covers many fields, among them the following:
- Software Development
- A.I Development and Programming
- Virtual Reality and Metaverse
- 3D Printing, Development and Testing
- UAV Manufacture
- Hardware Development
- Electric Vehicles and Robotics
Software Development:
Software and programming is a field that’s growing and evolving every day, and as such, it needs an ever-expanding team of experts and developers to keep up with it all. Experts in every modern programming language are in demand, to develop everything from simple code to complex programs.
A.I. Development and Programming:
A.I. is one of the most radically controversial technology fields, but it’s also one of the most popular and well-represented.
While true A.I and its development is subject to much speculation and debate, there’s no question that people are lining up to use the programming innovations that come from the elusive search for true A.I development.
Virtual Reality and Metaverse:
Virtual reality and the metaverse are new markets in the Electronics Development industry, which means there’s a lot of room for growth, and a lot of potential new jobs and options for exploration.
New developments in Virtual Reality technology are appearing every day, and this area of the industry isn’t likely to slow down any time soon, whether you work for the programming side, the hardware side, the marketing side, or any other portion of the VR industry.
3D Printing, Development, and Programming:
With the development and marketing of the 3D printer, this has become a new way to turn out and test different designs and developments for a relatively low cost.
3D printing has been around for a while, but new uses are found every day, so it’s still an excellent industry to look into.
UAV Manufacture and Production:
Unmanned Aerial Vehicles are considered a goal to help keep men and women safe. They have many different applications, and thus, plenty of room for industry growth.
Hardware Development:
Every day, new ideas for technology tricks and toys are pitched and developed. And where the software developers help with the programming, hardware developers provide the items to be programmed.
Electronic Vehicles and Robotics:
Electric cars and hybrid vehicles are a growing industry, as people develop more and more interest in clean energy transport and better fuel efficiency.
Robotics has an application in many fields, from construction to surgery to being part of the electronic vehicle development.
4. Personal Brands and Services:
Personal brands and services refers to small, individually managed services, which can be managed with an umbrella company, or as a form of self-employment. They include:
- Personal Trainers
- Personal Brand Development
- Personal Website and Marketing Services
- In-Home Cleaning and Maintenance Service
- Consultants
Personal Training:
Personal trainers are also part of the Health and Wellness industry, but they offer a personal one-on-one service, which makes them part of the personal service industry.
Personal Brand Development:
If you’re starting a new business, you’ll need to develop your brand, and there are people who specialize in helping new entrepreneurs do just that. They’ll help you develop your image, your slogan, and your business plan, so you have everything you need starting out.
Personal Website and Marketing Services:
Website developers and marketing advisors fall into this category, and with personal services and self-employment on the rise, these members of the Personal Services industry are highly valued.
In-Home Cleaning and Maintenance Services:
For those who need a maid or maintenance services, they’ll be contacting someone in this subset of the Personal Services industry.
This group includes house cleaners, plumbers, and handymen and women of all types.
Consultants:
Whether you’re talking to a psychic hotline, a business consultant, or a financial advisor, this is the segment of the Personal Service industry that you’ll be working with.
Consultants can cover a wide variety of topics and industries, which makes it an ever-expanding field to work in.
5. Online Retail and Logistics
Online Retail and Logistics is one of the fastest growing and largest industries in the world. Segments of this industry include:
- Online Platforms
- Online Advertising and Marketing
- Inventory Management
- Shipping and Handling
Online Platform Development and Maintenance:
To get started in online retail, you need a space from which to sell your products, and that’s where this industry comes in.
New providers of quality website design and maintenance are emerging every day, as are people searching out their services.
Online Advertising and Marketing:
Marketing and advertising is a growing field. If you’re planning on selling something on a site like Etsy, you might want to consult someone in this industry.
Advertising and marketing are essential for success in online retail, which makes this an industry with plenty of business and room for growth.
Inventory Management:
If you’re only selling a small number of items, or a trinket here and there, this might not be critical. However, if you’re really working on becoming an online entrepreneur, keeping track of what you have available is essential.
Inventory management is the field that makes sure you have the supply to meet the demand, and in demand with everyone from Amazon to the smallest one-person store.
Shipping and Handling:
This field contains the postal services such as USPS, UPS and FedEx. Anyone who works in finding, packaging, labeling, moving or delivering parcels from online sales is a part of this industry.
With more people choosing online shopping over going to stores, this industry is growing fast, and not expected to stop any time soon.
Final Thoughts:
Whether you’re looking for an employment opportunity or an investment opportunity, these are the industries and their subsets where there’s a lot of opportunity in 2023.
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Johan Wallman
