The Top 20 Fastest Growing Service Industries in 2021
July 23, 2021
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.
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).
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 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).
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).
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).
The Top 20 Fastest Growing Service Industries