The Top 20 Fastest Growing Service Industries in 2022
October 10, 2022
Kentley Insights has compiled the top 20 fastest-growing service industries. In 2022, many of the fastest-growing service industries in the U.S. have benefited from the pandemic but are facing headwinds with the potential recession ahead. Below are the 20 fastest-growing service industries based on their 5-year total revenue compound annual growth rate from 2017 to their 2022 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. Things haven't slowed down at all as tech dominates the top spots. The technology industries making the top 20 fastest-growing service industries are teleconferencing and video conferencing (#1), online publishers and search engines (#2), software and games (#4), and hosting and data centers (#5).
The Supply Chain
As e-commerce and the pandemic changed buying behaviors, the supply chain was mucked up by the pandemic driving up rates which fueled the growth in ocean shipping and freight (#7), freight packing and logistics services (#8), local freight trucking (#9), port and harbor operations (#11), long-distance freight trucking (#14), and support activities for transportation (#16). As the economy slows down and supply chains free up, look for many of these industries to face headwinds.
Arts & Entertainment
As we came out of the pandemic people wanted to be entertained which has stimulated the growth of independent artists, writers, and performers (#12), publishing (#15), and media representatives (#18).
In today’s world, tremendous innovation is creating the foundation for tomorrow’s industries, led by the growth in scientific research and development (#17), which is fueled by tomorrow's leaders wanting educational testing and consulting (#19).
The Top 20 Fastest Growing Service Industries