Change is constant. With time comes innovations and advancements in technology triggers the rise of new or already existing industries. Job candidates, professionals, and business owners are always interested in the fastest growing industries as it could present investment opportunities, a lucrative salary, increased job stability, or more career advancement opportunities.
The United States is one of the most important markets being the largest importer in the world and having the power to influence the global economy. If you want to find exciting opportunities in new or existing fields, then knowing which industries are ‘red hot’ is important.
This article focuses on some of the fastest growing industries in the US. Enjoy.
- Airport Operations
It may sound surprising but airport operations are one of the fastest growing industries in the US in 2022. The players in this sector include businesses that operate domestic flights and international flights. Air traffic control and cargo handling services are also key members of this industry.
The market size of the airport operations industry is about $12bn which translates to a revenue growth of 66.1%. One of the main reasons behind this massive growth is the increasing levels of disposable income of individuals and corporations. With more disposable income, individuals and businesses tend to include air travel in their plans, something that has benefited the industry significantly.
- Travel Insurance
The growth of the air operations industry has some positive effect on the travel industry which has seen some interesting rises in recent times. The declining overall cost of travel also meant individuals and businesses are more willing to pay for risks associated with travel. Coverage is usually against canceled trips, baggage protection, emergency medical assistance, and personal effects protection, amongst others.
In 2020, the travel insurance experienced significant setbacks no thanks to the COVID-19 pandemic as many countries went on lockdown. However, the travel insurance is poised to make an elegant comeback and see an estimated revenue growth of 62.1% between 2022 and 2023. Not bad at all.
- Concert and Event Promotion
Concert and event promotion is a big industry in the US. Players in the industry are responsible for producing, promoting, and managing several live events and performances which could be concerts, public appearances, or sporting events.
Prior to the novel coronavirus, the industry has been enjoying a period of growth. Enter the coronavirus and the momentum was stopped. However, since lockdowns have been lifted and COVID-19 guidelines relaxed, the industry has been recovering. Experts predict that the concert and event promotion could see as much as 52.7% revenue increase in the next two years. Arms crossed.
- The Cannabis Industry
The rise of the cannabis industry is an interesting one since the industry is still at its infant stage. Thanks to the changing global stance on cannabis and favorable legislation in several US states, the cannabis industry is set for meteoritic rises.
Cannabis products such as supplements, concentrates, and foods are becoming increasingly accepted by consumers. There is also the Cannabis Dispensary and Delivery Services that deliver cannabis and cannabis products between establishments and end users. And while the COVID-19 pandemic stalled the progress of several industries, the cannabis industry benefited from the pandemic as demands for cannabis delivery services went through the roof.
Experts claim that the cannabis industry could see as high as 48% increase in revenue in the next two years. We might even see the industry surpassing these numbers if legislation continues to favor it.
- Online Gambling
Legislation hasn’t always favored online gambling in the US as many citizens were prohibited from opening an online gambling account. But this is changing as states such New Jersey, Michigan, West Virginia, and Pennsylvania are now allowing residents to gamble online in one form or another.
It’s easy to see why online gambling is appealing to so many people. There is the attractive bonuses and promotions, the wide variety of games to gamble on, personal privacy, and the convenience of gambling from the comfort of your home.
As more states legalize online gambling, the industry will experience further growth. As at now, the online gambling industry is estimated to see about 44.9% increase in gambling revenue between 2022 and 2023.
- Hotels and Motels
Yet, another industry that was hit hard by the pandemic. However, the industry is expected to make a comeback over the next couple of years as the economy recovers. Favorable economic situation means more people are able to spend on travel and vacation which will turn out to be profits for the hotel and motel industry.