Kentley Insights has compiled the top 20 fastest growing service industries. In 2021, many of the fastest-growing service industries in the U.S. have benefited from the pandemic. Below are the 20 fastest-growing service industries based on their 5-year total revenue compound annual growth rate from 2016 to their 2021 forecast.
Technology
Over the past 5 years, most technology industries have been rapidly growing, and the pandemic gave a few of them an extra boost, as people were at home working and entertaining themselves. The technology industries making the top 20 fastest growing service industries are teleconferencing and video conferencing (#1), online publishers and search engines (#5), hosting and data centers (#6), and packaged software and games (#9).
Outdoors
When people got tired of being indoors, they sought refuge in the great outdoors, driving the growth of recreational goods rental (#3), drive-in movie theaters (#4), nature parks (#7), RV parks and campgrounds (#8), marinas (#9), and food trucks and street vendors (#14).
The Home
The pandemic closed indoor dining and gyms, which added growth to local messengers and delivery (#2) and home health equipment rental (#15). With historically low-interest rates, the boom in home selling and refinancing has been driving growth in appraisal and inspection (#13) and loan brokers (#17).
Financials
Over the past 5 years, the S&P 500 has more than doubled, while the NASDAQ has almost tripled, which has fueled securities brokerage (#10) and investment banking and securities dealing (#12). On the flip side, the continued income disparity has driven the growth in repossession services (#20).
The Future
In today’s world, tremendous innovation is creating the foundation for tomorrow’s industries, led by the growth of engineering and life sciences research and development (#16), along with biotech research and development (#19).
Below is the list, which can also be found at https://www.kentleyinsights.com/fastest-growing-services-industries/.
The Top 20 Fastest Growing Service Industries
|
1. |
Teleconferencing and Video Conferencing |
15.6% |
|
2. |
Local Messengers and Local Delivery |
14.8% |
|
3. |
Recreational Goods Rental |
14.2% |
|
4. |
Drive-in Movie Theaters |
14.1% |
|
5. |
Online Publishers and Search Engines |
13.0% |
|
6. |
Hosting and Data Centers |
12.1% |
|
7. |
Nature Parks |
11.4% |
|
8. |
RV Parks and Campgrounds |
11.0% |
|
9. |
Packaged Software and Games |
10.5% |
|
10. |
Securities Brokerage |
10.0% |
|
11. |
Marinas |
9.2% |
|
12. |
Investment Banking and Securities Dealing |
9.1% |
|
13. |
Appraisal and Inspection |
8.9% |
|
14. |
Food Trucks and Street Vendors |
8.1% |
|
15. |
Home Health Equipment Rental |
7.7% |
|
16. |
Engineering and Life Sciences Research & Development |
7.7% |
|
17. |
Loan Brokers |
7.4% |
|
18. |
Psychologists and Counselors |
7.4% |
|
19. |
Biotech Research and Development |
7.3% |
|
20. |
Repossession Services |
7.1% |
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