Industries with the Highest Growth in Employment Global in 2023

1. Global Tourism

Employment Growth for 2023: 11.6%

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 Hotels & Resorts

Employment Growth for 2023: 10.9%

Over the five years to 2021, the Global Hotels and Resorts industry is anticipated to experience declining revenue. Initially, strong growth between 2016 and 2019 occurred as both consumers and businesses became more confident about their finances and spent more liberally on luxuries, including travel. This culminated in a substantial increase in both travel rates and hotel room and occupancy rates, two indicators of a hotel's performance. Global tourist arrivals were also steadily increasing between 2016 and 2019 until a drastic drop in 2020 due to the global spread of COVID-19 (coronavirus); in 2020 alone, industry revenue declined 39.0% due... Learn More

3. Global Travel Agency Services

Employment Growth for 2023: 7.7%

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

4. Global Airport Operation

Employment Growth for 2023: 6.4%

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 Airlines

Employment Growth for 2023: 6.2%

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 2022 as volatile fuel prices and growing competition, as well as the COVID-19 (coronavirus) pandemic, have placed downward pressure on airline ticket prices and freight shipping rates. At the same time, recent growth in global per capita income, in addition to other solid macroeconomic indicators, fueled demand for airline passenger transportation prior to the pandemic. Overall, industry revenue is estimated to decrease an annualized 0.6% to $785.6 billion over the five years to... Learn More

6. Global Casinos & Online Gambling

Employment Growth for 2023: 5.8%

Over the five years to 2022, the Global Casinos and Online Gambling industry shifted from the United States, specifically Las Vegas and Atlantic City, to China, more specifically, Macau. A wave of recent casino openings in Macau has propelled this shift. As of 2022, there are 36 casinos located on the island. Additionally, two mega casino developments in Singapore already rival casinos in Las Vegas, and Japan recently legalized casinos, raising the potential for billions of dollars in new investment. However, some Asian governments, such as that of China, limit domestic access to casinos. Furthermore, operators across the globe experienced... Learn More

7. Global Reinsurance Carriers

Employment Growth for 2023: 5.2%

The Global Reinsurance Carriers industry has encountered significant challenges over the five years to 2021. Some challenges include an operating landscape consisting of a soft pricing cycle, low interest rates, an increased occurrence of natural disasters and a global pandemic. All of these factors have contributed to the industry's poor performance. As a result, industry revenue is expected to decline at an annualized rate of 1.6% to $228.1 billion over the five years to 2021, including a decline of 5.5% in 2021 alone. This decrease in 2021 can be mainly attributed to the ongoing COVID-19 (coronavirus) pandemic. As businesses and... Learn More

8. Global Spirits Manufacturing

Employment Growth for 2023: 4.6%

The Global Spirits Manufacturing industry is anticipated to grow moderately over the five years to 2022 as the global economy recovers strongly from the COVID-19 (coronavirus) pandemic. Emerging markets such as China and India are anticipated to pick up the slack from declines in Eastern Europe resulting from political tensions and government intervention. Spirit consumption in emerging markets has grown, while consumers in developed economies have increased expenditure on spirits by trading up to premium products. Growth in developed economies has been fueled by the rising trend of ready-to-drink cocktails, which have staved off competition from alternative alcoholic beverages such... Learn More

9. Global Military Aircraft & Aerospace Manufacturing

Employment Growth for 2023: 4.6%

The Global Military Aircraft and Aerospace Manufacturing industry has grown slightly over the five years to 2022. Just prior to the current period, high levels of debt, underperforming economies and reduced involvement in combat operations forced most Western nations to reduce their spending on defense. However, increasing geopolitical tensions as well as a new administration in the United States resulted in a rebound in the industry, as the country started to increase defense spending, including more purchases of industry products such as military aircraft, missiles, satellites, radars and avionics. As a result, the industry is expected to grow at an... Learn More

10. Global Architectural Services

Employment Growth for 2023: 4.6%

The Global Architectural Services industry has contracted over the five years to 2021. Despite economic growth and an infusion of government-funded building projects in emerging nations fueling revenue early during the period, the industry did not fare as well during the latter half of the period. Plus, the ongoing COVID-19 (coronavirus) pandemic has decreased employment and consumer spending in developed economies, in addition to negatively affecting the global economic operating environment. As a result, industry revenue is forecast to decrease an annualized 2.6% to $181.1 billion over the five years to 2021. This, however, includes an anticipated revenue increase of... Learn More