Industries with the Largest Number of Businesses in the US in 2020

1. Trusts & Estates in the US

Number of Businesses for 2020: 3,129,465

The Trusts and Estates industry is composed of trusts, estates and agency accounts administered on behalf of beneficiaries under the terms established in a fiduciary contract. Industry revenue, composed primarily of capital gains on trusted assets and ordinary dividends, exhibited a decline over the five years to 2020. The industry benefited from substantial yields in equity and fixed income markets in addition to appreciation in house prices, leading up to the spread of COVID-19 (coronavirus) in 2020. Overall, revenue is expected to decline at an annualized rate of 3.6% to $123.8 billion over the five years to 2020. Revenue is... Learn More

2. Taxi & Limousine Services in the US

Number of Businesses for 2020: 1,334,035

The Taxi and Limousine Services industry provides a range of nonregular transportation services through vehicles such as taxicabs, limousines and luxury sedans. Over the five years to 2020, rising consumer spending and private investment levels promoted industry demand. Moreover, the proliferation of ride-sharing applications, namely Uber Technologies Inc. (Uber) and Lyft Inc. (Lyft), enabled a wave of nonemploying operators to enter the market, bolstering industry growth significantly. As a result, industry revenue has increased at an annualized rate of 9.1% to $32.5 billion over the five years to 2020, despite an anticipated 10.6% revenue decline in 2020. In 2020, the... Learn More

3. Hair & Nail Salons in the US

Number of Businesses for 2020: 1,205,799

The Hair and Nail Salons industry comprises salons that offer haircuts, facials, makeup application services, hair modification treatments, such as perms and straightening procedures, and deluxe spa manicures and pedicures. Demand for industry services mirrors the broader economic performance as economic growth boosts consumer spending on personal care products and services. Specifically, new products and services have favorably contributed to industry revenue growth over the past five years. However, the industry has taken a hard hit by the COVID-19 (coronavirus) outbreak in 2020. Consequently, revenue has increased at an annualized rate of 0.1% to $57.9 billion over the five years... Learn More

4. Hair Salons

Number of Businesses for 2020: 959,332

The Hair Salons industry has benefited from rising consumer sentiment and per capita disposable income over the five years to 2019. These trends have also led to increased demand for ancillary services to standard haircuts, such as hair modification treatments (e.g. straightening procedures, perms and relaxing treatments), skincare services and others. Declining unemployment during the five-year period drove consumer spending and bolstered demand for price-premium personal care services. As a result, consumers have favored professional salon products and services, such as hair coloring services, over less costly alternatives sold at drugstores and supermarkets. Industry revenue is expected to increase at... Learn More

5. Real Estate Sales & Brokerage in the US

Number of Businesses for 2020: 941,877

The Real Estate Sales and Brokerage industry is closely aligned with the health of the residential and commercial real estate markets in the United States. Industry revenue is directly correlated with property prices and real estate transaction volumes, and agents are typically paid completely on a commission basis, receiving a fee only when they close a deal. Additionally, the residential market accounts for more than two-thirds of industry revenue, making the industry sensitive to fluctuations in housing prices and existing home sales.

In 2015, increasing per capita disposable income and historically low interest rates helped increase home affordability, which bolstered demand... Learn More

6. Performers & Creative Artists in the US

Number of Businesses for 2020: 919,609

The highly diverse Performers and Creative Artists industry comprises independent artists and performers, including freelance and bestselling writers, stage and A-list actors and painters, in addition to a dozen other artistic professions. An estimated 96.9% of industry operators are nonemployers (i.e. business with no paid employees) that make little money in return. However, top artists, such as famous authors and actors, are capable of earning millions of dollars annually and typically employ teams to maintain their image, but account for a slim portion of industry operators. Although favorable economic conditions persisted over much of the five years to 2020, bolstering... Learn More

7. Credit Counselors, Surveyors & Appraisers in the US

Number of Businesses for 2020: 904,403

The Credit Counselors, Surveyors and Appraisers industry has experienced significant revenue growth, growing an annualized 5.4% to $75.4 billion over the five years to 2020. The industry includes a wide variety of professional and technical service providers, including credit counselors, quantity surveyors, visual inspectors, weather forecasters, arbitrators and commodity inspectors. As a result, the industry is affected by a broad range of demographic and macroeconomic factors that have a material influence on the industry. The ongoing COVID-19 (coronavirus) pandemic is expected to benefit credit counselors in 2020. Amid widespread stay-at-home orders, many businesses have closed operations, creating a spike in... Learn More

8. Direct Selling Companies in the US

Number of Businesses for 2020: 860,079

Operators in the Direct Selling Companies industry retail a range of products from one person to another away from a fixed retail location. While intense external competition has negatively affected the industry over the five years to 2020, the industry has managed to achieve growth as a result of the strengthening national economy. Increased competition from mass merchandisers, department stores and online retailers has threatened the industry by providing a wider selection of substitute products at low prices in a convenient one-stop location. However, since many industry operators have no physical locations, the price advantage competitors have is minimized, which... Learn More

9. Janitorial Services in the US

Number of Businesses for 2020: 844,274

Operators in the Janitorial Services industry clean inner parts of transportation equipment, and residential and nonresidential spaces, among others. Demand for industry services has grown over the five years to 2020. Commercial cleaning services, the industry's primary product segment, increased over the past five years, as rising corporate profit led to an increase in business cleaning expenditure. Nevertheless, industry revenue declined marginally in 2020, as traditional industry services for commercial spaces experienced less demand. During 2020, COVID-19 (coronavirus) caused macroeconomic volatility leading all nonessential workers to quarantine and work from home. At the time of wiring this report, it is... Learn More

10. Management Consulting in the US

Number of Businesses for 2020: 818,173

Management Consulting industry revenue is anticipated to expand an annualized 2.0% to $251.2 billion over the past five years, while industry profit, measured as earnings before interest and taxes, is expected to decline. Management consultants provide advisory services to businesses, nonprofit organizations and public-sector agencies to assist in organizational design, corporate strategy, IT strategy, marketing and sales, and logistics. Over the past five years, the Management Consulting industry experienced strong growth during the beginning of the period as private business investment and government consumption and spending precipitated higher demand for advisory services. However, during the latter half of the period,... Learn More