Table of Contents
Global Commercial Real Estate
Global Management Consultants
Global Accounting Services
Global Insurance Brokers & Agencies
Global HR & Recruitment Services
Global Internet Service Providers
Global Fast Food Restaurants
Global Hotels & Resorts
Global Engineering Services
1. Global Commercial Real Estate
Number of Businesses for 2023: 7,031,496
The Global Commercial Real Estate industry has grown over much of the five years to 2022. However, investor confidence slightly declined over the same period, decreasing an annualized 0.2%. Additionally, the outbreak of COVID-19 (coronavirus) severely constricted demand as economic uncertainty skyrocketed. Particularly, industry revenue declined 7.2% and 4.0% in 2020 and 2021, respectively. As a result, industry revenue is expected to slightly decline an annualized 0.3% to $4.2 trillion over the five years to 2022, despite an anticipated increase of 1.1% in 2022 as the economy recovers from the coronavirus pandemic.
2. Global Management Consultants
Number of Businesses for 2023: 2,313,375
Global Management Consultants provide advisory services to clients to help improve organizational performance. Consultants focus on organizational design, process management and corporate strategy topics. Over the five years to 2023, demand for management consulting services has increased, despite the onset of the COVID-19 pandemic in 2020. However, industry profit is expected to decline as wage pressure, competition, and reduced demand weigh on profit growth in recent years. Global economic growth was the primary driver of industry revenue throughout most of the period.
3. Global Accounting Services
Number of Businesses for 2023: 1,590,203
Operators in the Global Accounting Services industry commonly provide a variety of services, such as the preparation of financial statements, the development of budgets and the review of auditing records for small, medium and large businesses. Stabilization and steady economic growth in developed nations and continued strength in many emerging nations have encouraged business creations and expansion, thereby increasing the potential pool of clientele for accounting firms. Therefore, industry revenue is expected to increase at an annualized rate of 3.0% to $573.8 billion over the five years to 2022, increasing 2.6% in 2022 alone.
4. Global Insurance Brokers & Agencies
Number of Businesses for 2023: 1,109,158
Global insurance brokers and agencies play a critical role in the insurance market by distributing policies and consulting insurance underwriters and consumers. The revenue is mainly transaction-based and hinges on policy pricing, insurance demand and the use of agents and brokers in the distribution process. The pandemic negatively impacted the insurance industry, mainly driven by weakening per capita income, plunging consumer confidence and harming the health of the corporate sector.
5. Global HR & Recruitment Services
Number of Businesses for 2023: 866,317
HR and recruitment companies rely on a businesses’ desire to outsource their recruitment process and human resource management activities. Their performance depends on their major market’s economies and the impact these conditions have on labor. Regulation, especially for temporary employees, can hamstring providers, as this makes it more difficult to operate. More liberal labor laws in developed nations have been essential to HR and recruitment companies’ growth. Large companies are now focusing on emerging markets that will undergo the same process in the future.
6. Global Tourism
Number of Businesses for 2023: 803,506
The industry will increase at a CAGR of 0.8% to $2.3 trillion over the five years to 2023, including a growth of 13.9% in 2023 alone. Global tourism has performed well during most of the five-year period, with emerging economies stimulating growth. Countries in Asia and South America have experienced robust growth in per capita income, which has enabled consumers in these regions to take overseas trips in increasing numbers. But because of COVID-19, industry revenue collapsed 40.1% in 2020.
7. Global Internet Service Providers
Number of Businesses for 2023: 752,597
Internet service providers have enjoyed growth over the current period. Consumers increasingly demanding faster internet speed in developed economies have boosted ISPs’ performance amid sluggish subscriber growth. While rising mobile data subscriptions have constrained growth for ISPs in some developing regions, fixed broadband expansion in developing countries like China and India has bolstered growth. The emergence of powerful personal and business internet applications has transformed how businesses and consumers operate and has also presented opportunities for ISPs to offer additional high-margin services, benefiting profit.
8. Global Fast Food Restaurants
Number of Businesses for 2023: 587,055
Over the five years to 2022, the Global Fast Food Restaurants industry has expanded despite changing consumer tastes and a recovering global economy. As disposable income rose during the period, consumers increased spending on luxuries, such as eating out, therefore also boosting industry revenue. However, full-service restaurants outperformed fast food establishments during this period, as many consumers had more disposable income. The industry also experienced steady and growing demand from emerging economies, which boosted the industry’s overall performance. During this period, the industry has also been forced to adapt to increasingly health-conscious consumer preferences.
9. Global Hotels & Resorts
Number of Businesses for 2023: 565,061
Over the five years to 2023, the Global Hotels and Resorts industry has expanded. Initially, strong growth before the pandemic occurred as consumers and businesses became more confident about their finances and spent more liberally on luxuries, including travel. This factor resulted in a substantial increase in hotel rooms and occupancy rates, two indicators of a hotel’s performance. Global tourist arrivals were also steadily increasing until a drastic drop in 2020 due to the worldwide spread of COVID-19. In 2020 alone, industry revenue declined 40.1% due to the pandemic effect.
10. Global Engineering Services
Number of Businesses for 2023: 455,894
Engineering companies apply the physical laws and principles of engineering to design and develop structures, machines, materials, instruments and other processes and systems. Services also include providing advice, feasibility studies, designs and technical services for construction or development. The performance of the industry relies on investment trends and the overall health of the economy to fuel projects where engineering services are needed. Strong investment in major markets, such as the United States, Europe and East Asia, has driven industry growth in recent years.
Source from IBISWorld
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