Global Fastest Growing Industries by Revenue Growth (%) in 2023

1. Global Tourism

2023-2024 Revenue Growth: 18.6%

The industry will increase at a CAGR of 0.8% to $2.3 trillion over the five years to 2023, including a growth of 13.9% in 2023 alone. Global tourism has performed well during most of the five-year period, with emerging economies stimulating growth. Countries in Asia and South America have experienced robust growth in per capita income, which has enabled consumers in these regions to take overseas trips in increasing numbers. But because of COVID-19, industry revenue collapsed 40.1% in 2020. The global outbreak had an enormous effect on all tourism-related industries as many countries suspended international travel and limited the... Learn More

2. Global Travel Agency Services

2023-2024 Revenue Growth: 14.4%

Global travel agencies' revenue has grown despite core services dramatically changing due to consumers using online channels to research and book travel. Online booking agents now play a much more significant role alongside traditional brick-and-mortar travel agencies. International tourism thrived before COVID-19, but it severely cut into revenue in 2020, followed by a rebound in 2021 as the economy returned to normal. Global travel agencies' revenue has expanded at a CAGR of 2.5% to $474.7 billion through the end of 2023, including a 9.9% increase in 2023 alone.

Brick-and-mortar travel agencies have reinvented themselves to remain relevant and competitive as online... Learn More

3. Global Hotels & Resorts

2023-2024 Revenue Growth: 13.6%

Over the five years to 2023, the Global Hotels and Resorts industry has expanded. Initially, strong growth before the pandemic occurred as consumers and businesses became more confident about their finances and spent more liberally on luxuries, including travel. This factor resulted in a substantial increase in hotel rooms and occupancy rates, two indicators of a hotel's performance. Global tourist arrivals were also steadily increasing until a drastic drop in 2020 due to the worldwide spread of COVID-19. In 2020 alone, industry revenue declined 40.1% due to the pandemic effect. The pandemic has enormously influenced all tourism-related industries, as many... Learn More

4. Global Airport Operation

2023-2024 Revenue Growth: 10.8%

Airport operators have faced complex operating conditions in recent years. Rising levels of airline passenger traffic before the COVID-19 pandemic enabled airports to earn significant revenue through passenger charges and services provided directly to airlines. At the same time, improving economic conditions increased corporate profit and fueled global manufacturing activity, causing airlines to operate more flights to transport greater quantities of cargo. The COVID-19 pandemic completely disrupted the industry in 2020, causing revenue losses of more than 40.0% in that year alone. Global airport operation revenue has increased at a CAGR of 1.5% to $254.7 billion through the end of... Learn More

5. Global Cheese Manufacturing

2023-2024 Revenue Growth: 9.2%

The value of global cheese manufacturing has expanded through the end of 2023, primarily as a result of stable demand for dairy products, improved per capita consumption of cheese worldwide and continued product innovation. Overall, IBISWorld estimates that global cheese manufacturing revenue has strengthened at a CAGR of 7.1% to reach $158.1 billion through the end of 2023, boosting 4.8% in 2023 alone. While global cheese manufacturers endured volatility through the end of 2023, they managed to remain fairly resilient amid COVID-19 disruptions during the latter half of the period. Strong global growth in recent years has greatly bolstered global... Learn More

6. Global Public Relations Agencies

2023-2024 Revenue Growth: 7.8%

Revenue public relations agencies largely depends on the incomes of businesses and consumers. Clients use these agencies for a variety of reasons, including managing a company's image or promoting products to target certain demographics. Agencies have dedicated a greater proportion of their budgets to public relations in place of traditional advertising in recent years, they have effectively manipulated the power of digital media. Burgeoning consumer markets across emerging countries have contributed to growth in developing regions. Despite this, the COVID-19 pandemic severely ate into advertising revenue, as the economic uncertainty caused companies to tighten their budgets. Revenue isn't expected to... Learn More

7. Global Semiconductor & Electronic Parts Manufacturing

2023-2024 Revenue Growth: 7.7%

In the Global Semiconductor and Electronic Parts Manufacturing industry, demand for downstream consumer electronics, automobiles, computers and industrial machinery has risen, as global per capita income and internet connectivity expanded over the five years to 2023. However, fluctuating product and input prices have led to volatility, particularly as memory prices plummeted before the pandemic. The industry swelled during the pandemic because of favorable pricing as shortages alongside rising demand for certain electronic goods, like laptops and tablets. Overall, industry revenue is anticipated to shrink at an expected CAGR of 1.2% to $1.3 trillion over the five years to 2023, including... Learn More

8. Global Graphic Designers

2023-2024 Revenue Growth: 7.6%

Graphic designers create visual concepts by hand or using computer software to communicate ideas, craft brand images and captivate consumers. Companies also produce and design layouts for advertisements, brochures, magazines and corporate reports. Demand for design services is driven by downstream markets, which include consumer goods manufacturers and advertisers. Rising global per capita income and consumer spending have led to increasing corporate expenditures over the five years to 2023, though the COVID-19 pandemic caused a temporary decline in 2020. Revenue is forecast to rise at a CAGR of 2.9% to $49.7 billion over the five years to 2023, including growth... Learn More

9. Global Respiratory Ventilator Manufacturing

2023-2024 Revenue Growth: 7.6%

Products produced by the Global Respiratory Ventilator Manufacturing industry have long been a staple of the global healthcare sector. Demand for ventilators has historically been stable since they are a life-saving device for patients with limited breathing function. While hospitals do not usually need a significant number of ventilators, the COVID-19 (coronavirus) pandemic caused demand for ventilators to skyrocket in 2020. Patients with severe coronavirus symptoms often need to be ventilated because their lungs become so inflamed that they are unable to provide the body with enough oxygen. While ventilation is not always successful, early in the pandemic, it was... Learn More

10. Global Airlines

2023-2024 Revenue Growth: 7.1%

Despite rising levels of airborne passenger and cargo traffic throughout much of the period, revenue for the Global Airlines industry has declined over the five years to 2023 as volatile fuel prices and growing competition, as well as COVID-19, have placed downward pressure on industry revenue. At the same time, recent growth in global per capita income and other solid macroeconomic indicators fueled demand for airline passenger transportation before the pandemic. Overall, industry revenue is estimated to decrease an annualized 3.8% to $762.8 billion over the five years to 2023, despite an expected expansion of 5.3% in 2023 alone, stemming... Learn More