Whether you’re an investor interested in expanding your portfolio, a business owner looking to enhance your business operations or for a job seeker, you must be looking for the most profitable niche.
The healthcare and social assistance, construction, personal services, and food industries sustained the economy during the pandemic. The Bureau of Labor Statistics estimates that most enterprises will continue to experience sustainable growth in the post-pandemic era.
These industries, therefore, generate several profitable opportunities for businesses.
Most business owners and aspiring professionals want to enter a stable industry with unlimited opportunities. Fortunately, many enterprises are experiencing an upward trend in growth and stability as the economic landscape in the US strengthens.
Stay with us as we cover 12 of the fastest-growing industries in US:
1. Healthcare and Social Assistance
Even before the pandemic came into full swing, the Bureau of Labor Statistics (BLS) projected healthcare and social assistance as one of the fastest-growing industries in the United States.
The pandemic only helped to drive the growth forward by exposing the gaps in the US healthcare sector. It revealed shortages in essential medical equipment and hospital beds and problems in insurance-based models to support equitable care. Collectively, these limitations have pushed the industry and government to bring critical differences in healthcare.
Another prominent reason behind the growth of the healthcare and social assistance industry is the rising aging population in the United States. What that spells for healthcare business owners is opportunity.
Medical entrepreneurs can leverage the rise of the healthcare and social assistance industry and boost business growth. For instance, the market for healthcare apps is expanding, so the moment is now for SaaS companies to reach out to hospitals and healthcare facilities. Moreover, those involved with the manufacturing or distribution of medical equipment can also find excellent prospects because the pandemic has brought to light the shortage of essentials in hospitals.
2. Leisure and Hospitality Industry
The leisure and hospitality industry is expected to grow at an annual rate of 1.3 percent from 2021 to 2031. According to BLS, more than 1.9 million jobs are projected to be added during this period.
It is the right time for B2B businesses involved with marketing and advertising, fresh produce, staffing solution, equipment manufacturing, and software development to tap into the industry and grow visibility around their business.
Now that the doors are opened and restrictions have been removed, the leisure and travel industry is working hard to recover from the losses and looking for new ways to deliver a greater b2b customer experience. And any B2B business that can help them in this endeavor will find themselves in a profitable position.
3. Travel & Tourism Industry
The travel and tourism industry is one of the fastest growing industries in America, which is expected to reach US $190.40 Billion in 2023. The largest segment to witness growth in the travel industry is hotels, tour operators, airlines, holiday packages and more.
Since the ease of COVID-19 travel restrictions and the vaccine launch, the travel industry has experienced a constant rebound in performance, which is said to enhance in upcoming years.
It is no surprise, thus, that the travel industry is a lucrative market for most B2B salespeople. After all, the travel demand has become nearly insatiable, especially after the pandemic, and the industry is trying hard to keep up, paving new opportunities for enterprising sales professionals.
For Instance, B2B decision-makers at service companies and retail brands can target hotels or homestays to offer wholesale bedding, security, bathroom supplies, cleaning and maintenance, IT support, and even marketing or advertising services.
4. Information Technology Industry
The Information Technology industry is experiencing sustainable development, and new trends are emerging every year, making it one of the fastest-growing industries in United States.
The pandemic has thrust organizations into the future, dramatically accelerating digital adoption and changing business models. As a result, the IT industry has withstood the pandemic-driven disruptions and flourished. Demand for IT solutions such as cloud services, network security, and automation has steadily risen, which supports businesses to strive and succeed in the post-pandemic era, where everything is taking place digitally.
Notably. AI has rapidly risen to help businesses in marketing and growth. AI-powered analytics tools aid in analyzing large amounts of raw data from customer behavior, such as purchase history, website interactions, and social media engagement. It is then compiled into digestible insights and visuals that help marketers improve targeting, messaging, and campaign effectiveness. AI can also help personalize by using data to deliver customized experiences and content to individual prospects.
5. Educational Services
The United States Educational Services industry market size, as measured by revenue, was about US $1.1 Trillion in 2020 and is expected to reach US $3.1 Trillion by 2030, growing roughly at a CAGR of 4.2%.
The rise of the US education industry is majorly due to three primary factors, namely:
- Growing labor force participation
- Increasing global competition for jobs
- Mergers and acquisitions
Moreover, with the rise in demand for educational workers and blended modes of learning, the desire for US education abroad, and increased education financing are reasons pointing towards the expansion of the United States education sector.
This is a great time for edutech companies to dive into the industry to scout opportunities that boost their growth and revenue. For instance, those involved with ed-tech will find various institutions and schools looking for software that helps to make education more flexible, accessible, and personalized.
5. Personal Care and Service
Personal care and service is one of the fastest-growing industries in the United States, expected to reach $592.6 billion by 2027.
Professionals in this industry offer a wide range of services, including pet care, wedding planning, parking assistance, and dating. Additionally, this industry includes food delivery, beauty spa, hair salon, and other related professions. According to the Bureau of Labor Statistics report, the personal care industry is expected to generate 544,800 new jobs. Moreover, job opportunities for hairstylists, barbers, and cosmetologists is expected to increase by 11% by 2031.
7. Solar Power Industry
The solar power industry revenue has increased at a CAGR of 20.7% and has reached $20.8 Billion, making it one of the fastest-growing industries in US.
High levels of government incentives are largely responsible for the growth. Federal government incentives and laws to encourage green energy nationwide has promoted investment in solar power via various grants and incentives.
The solar power industry is a great place for aspiring B2B business owners to establish themselves. Moreover, with government backing, new B2B solar companies can minimize their entry costs while already established companies can develop new technologies.
8. Financial Services Industry
The financial services industry comprises banking credit, mortgages, accounting, and investing. It is one of the economy’s most important and influential sectors. The recent advancements in technology are partially responsible for the growth of this industry since finance professionals can now do their work using the internet and specialized software.
So, with traditional financial companies becoming more inclined towards technology, it has opened up many opportunities for SaaS companies. Software related to accounting, bookkeeping, HR and payroll, and advanced reporting, among others, are experiencing quite a surge.
According to an estimate by the Bureau of Labor Statistics, professionals such as auditors and accountants are expected to witness an increase of 6% in employment by 2028, which will further boost the need for these software tools.
9. Construction Industry
Increased access to credit, relatively lower interest rates, and improved disposable income have all been critical factors in supporting construction as one of the fastest growing industries in America. Large-scale urban development projects are also supporting the construction industry rise, as are hospitals and healthcare facilities.
If you run a B2B firm targeted toward the construction industry, now is the time for you to reach out and spark conversions to generate potential leads. The construction industry is inclined towards adopting a variety of new technologies. B2B enterprises dealing with CAD software or Construction Management Software can find a pool of B2B buyers to purchase their software as technology has become an essential part of many major construction companies.
10. Transportation Industry in the USA
The Transportation industry revenue has increased at a CAGR of 2.0% to reach $1.6 Trillion over the past five years.
People are all set to spend more on travel and vacation, boosting demand for passenger transportation services such as airline, passenger rail, cruise, and car services. As a result, some of the fastest growing occupations in the industry include taxi drivers (28.5%), oil and gas roustabouts (23%), and logisticians (27.7%). Furthermore, owing to the above reason, airplane pilot employment rates are also expected to receive a 6% increase by 2028.
Moreover, the rising disposable income among general demography is further enabling them to spend more on local transportation, such as buses, taxis, and public transit.
The fact that the general demography is purchasing more goods, is stimulating the need for retailers, manufacturers, and distributors to move cargo.
11. Real Estate Industry
Another of the fastest growing industries in US is real estate, estimated at US $2.3 Billion in 2023. Despite the crisis of COVID-19, residential real estate in the US is quickly bouncing back to its pre-pandemic levels. Many home buyers are taking advantage of the low-interest rate to take a step forward with the American Dream by purchasing their first home. Owing to these, sales of homes have increased, which has accelerated the growth of the real estate industry as well.
12. 3D Printing Manufacturing Industry
The 3D printer manufacturing industry is a surprising entry into the fastest-growing industries in the United States. It has experienced momentous growth over the past five years, developing at a CAGR of 14.6% to reach $7.7 Billion in 2023. The advent of COVID-19 led to massive supply disruptions, pushing the government and the public to consider new applications of 3D printing.
As such, the Biden Administration of 2022 launched an Additive Manufacturing Forward Program to focus on advancing the adoption and development of 3D printing technologies in the United States. This is good news for additive manufacturing or consulting services as they can find a large market of interested B2B prospects to expand their business.
Summing Up
While the pandemic disrupted the growth of many US industries, these few have bounced back quite quickly and are growing sustainably. The reasons for their development are increased disposable income and ease of COVID restrictions, digital transformation, and government initiatives.
So, for SMEs and large enterprises, as well as job seekers, it is important to keep an eye on these fastest-growing industries in US. Such insights will help them make informed decisions about their growth and prepare for a brighter future.