Table of Contents
1. Global Commercial Real Estate
Number of Businesses for 2022: 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 2022: 2,214,053
Operators in the Global Management Consultants industry provide advisory services to a range of clients to help improve organizational performance. Consultants focus on topics such as organizational design, process management and corporate strategy. Over the five years to 2022, demand for management consulting services has increased, despite the COVID-19 (coronavirus) pandemic negatively affecting the industry in 2020. However, industry profit is expected to decline during the period as wage pressure, competition and reduced demand in 2022 weigh on profit growth. Between 2017 and 2019, global economic growth was the primary driver of industry revenue.
3. Global Accounting Services
Number of Businesses for 2022: 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 2022: 1,109,158
The Global Insurance Brokers and Agencies industry plays a critical role in the insurance market by distributing policies and consulting insurance underwriters and consumers. Given the transaction-based nature of the industry, revenue primarily depends on three factors, which include policy pricing, demand for insurance and the popularity of using agents and brokers in the distribution process. The industry has been hindered from the global economic uncertainty that has been caused by the COVID-19 (coronavirus) pandemic.
5. Global Tourism
Number of Businesses for 2022: 803,506
The Global Tourism industry is expected to decrease an annualized 4.3% to $1.3 trillion over the five years to 2021. Global tourism has performed well during most of the five-year period, with emerging economies continuing to stimulate growth. Moreover, 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. However, due to the COVID-19 (coronavirus) pandemic, industry revenue is expected to decline nearly 50.0% in 2020.
6. Global Internet Service Providers
Number of Businesses for 2022: 752,597
Increasing use of the internet has significantly benefited the Global Internet Service Providers industry over the five years to 2021. Expansion has been propelled by rapid advancements in digital infrastructure and services, particularly in developing economies where internet penetration remains low. The emergence of powerful personal and business internet applications has transformed how businesses and consumers operate, and has also presented opportunities for operators to offer additional high-margin services. Despite these advancements, industry profit has declined over the five years to 2021.
7. Global Hotels & Resorts
Number of Businesses for 2022: 590,836
Over the five years to 2021, the Global Hotels and Resorts industry is anticipated to experience declining revenue. Initially, strong growth between 2016 and 2019 occurred as both consumers and businesses became more confident about their finances and spent more liberally on luxuries, including travel. This culminated in a substantial increase in both travel rates and hotel room and occupancy rates, two indicators of a hotel’s performance. Global tourist arrivals were also steadily increasing between 2016 and 2019 until a drastic drop in 2020 due to the global spread of COVID-19 (coronavirus).
8. Global Fast Food Restaurants
Number of Businesses for 2022: 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 HR & Recruitment Services
Number of Businesses for 2022: 574,263
The Global HR and Recruitment Services industry relies on an organizations’ demand for outsourcing its recruitment processes and human resource management activities. Industry performance largely depends on economic conditions in major markets and the effect these conditions have on demand for labor worldwide. Labor market regulation, particularly relating to temporary employees, is also important to industry performance. While the liberalization of labor laws in developed nations has historically been essential to industry growth, large players have now focused on emerging markets.
10. Global Engineering Services
Number of Businesses for 2022: 455,894
Companies operating in the Global Engineering Services industry 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 during construction or development. Consequently, 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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