11+ Growing Industries To Look Forward To In 2023

Software outsourcing can have a significant impact on growing industries. By outsourcing software development to offshore or nearshore companies, growing industries can access a larger pool of talented developers at a lower cost. This allows them to focus their resources on other core business activities such as sales and marketing, while still being able to deliver high-quality software products to their customers. Moreover, outsourcing software development can lead to faster product development cycles, improved efficiency, and reduced time-to-market, all of which can help growing industries gain a competitive advantage. However, there are also potential risks associated with outsourcing such as language barriers, cultural differences, and intellectual property concerns, which should be carefully considered before making the decision to outsource.

The year 2023 is expected to bring about significant changes in the world of business and commerce. Rapid advancements in technology, changing consumer behavior, and global events are all contributing factors to the growth of various industries. As we look forward to the next few years, several growing industries will take center stage.

If you’re on the lookout for the most profitable industries to invest in this year, you’ve come to the right place. This article will list down the 12 budding industries to consider and the careers involved in each. 

By the end of this read, you’ll have a clearer picture of where you’ll get the best out of the investment you make. 

12 Fastest Growing Industries To Look Forward To In 2023

1. Social Media Industry

Businesses (organizations, single traders, and partnerships) in the social media industry provide products that allow consumers to engage, produce, and share content. It allows entrepreneurs to reach a specific audience with sponsored content on sites like Pinterest, Facebook, Instagram, SmartMoneyMatch, Publicity Market Place, and other social media platforms.

Services usually include:

• Podcasting

• Microblogging

• Affiliate marketing

• Online communication

• Social media networking

• Photo and video-sharing networks 

Businesses leverage these marketing strategies with the help of virtual assistants to boost sales of products. This includes giving out their best promo codes and other promotional tactics to entice people to purchase their products.

Over a year, the Compound Annual Growth Rate (CAGR) measures the average yearly return on investment. There will be a CAGR of 39.7% in the worldwide social media market from 2021 to 2022, rising to $223.11 billion from its current value of $159.68 billion. 

The pandemic’s influence led to tight health protocols like social distancing and remote working as well as the cessation of commercial activities that resulted in operational difficulties for businesses. Unable to market their products personally, social media platforms are used to increase their brand awareness and sales. The market is predicted to grow at a CAGR of 39% to $833.50 billion by 2026.

The supply chain of smartphones and tablets and an increase in data usage will fuel the social media sector. As the number of internet-connected electronic devices like smartphones and tablets rises, so does the amount of time people spend on social networking websites.

Careers Involved

• Content manager

• Social media analyst

• Social media specialist

• Digital media supervisor

• Engagement coordinator

• Public relations manager

• Digital marketing manager

• Online community manager

Expert Advice

Whatever industry you choose to invest in, you should do thorough research and do a business assessment to make your risks as calculated as possible.

2. Travel Industry

With the ease of pandemic restrictions, travel plans are rising in many regions of the globe. This has resulted in a burgeoning tourism sector, improved economic conditions, and exponential growth. 

As the globe grows more secure, more people can travel, leading to an increase in the number of tourist goods, services, and luxury hotel accommodation bookings.

According to new data from the World Travel and Tourism Council, the global travel and tourism industry outpaced global GDP growth in 2018 for the eighth year in a row (WTTC). WTTC estimates that travel and tourism rose by 3.9% last year, outpacing global GDP growth by 3.2% and generating a remarkable $8.8 trillion global economy and 319 million job opportunities for the public.

Careers Involved

• Tour guide

• PR manager

• Travel agent

• Travel writer

• Event manager

• Transport officer

• Tourism manager

• Airline ground staff

3. Cleaning Industry

The cleaning industry is fast-growing, with increasing demand for cleaning services across various commercial, residential, and industrial sectors. According to a report by Grand View Research, the global cleaning services market share was valued at USD 74.3 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028 with the rise of clients and cleaning charge rates. 

The report also suggests that the rising demand for disinfection and sanitization services because of the pandemic is one of the key factors driving the growth of the cleaning industry.

The residential cleaning segment is one of the major contributors to the growth of the cleaning industry. As per a report by IBISWorld, the residential cleaning services market in the United States generated revenue of USD 5 billion in 2021, with an expected annual growth rate of 2.8% from 2021 to 2026. 

The commercial cleaning segment is also witnessing significant growth, with the increasing adoption of green cleaning practices and the need for disinfection and sanitization services. According to a report by Zion Market Research, the global green cleaning products market was valued at USD 10.09 billion in 2020 and is expected to grow at a CAGR of 4.6% from 2021 to 2028. 

Careers Involved

• Custodian

• Dry cleaner

• Housekeeper

• Janitor/cleaner

• Carpet cleaner

• Window cleaner

• Industrial cleaner

• Biohazard remediation technician

• Environmental services technician

4. Biotechnology Industry

Since the recent pandemic, analysts have paid more attention to this economic sector because of its continued growth. The future is bright for the industry. Biotechnology is no longer a fringe issue; it is an essential link in the manufacturing cycle for many essential products.

Other than health care, food, and agriculture, biotechnology is leveraged in biodegradable polymers and other environmentally friendly applications. New medications can only be developed with the help of biotech items.

As a result of all of these elements, the sector has a very bright future. At a compound annual growth rate of 7.4%, the worldwide biotechnology industry is predicted to achieve over $700 billion by 2025.

However, investors should be aware of the risks involved. In the biotechnology industry, individual patents are often the foundation of new companies, and many of these start-ups go out of business quickly. There are better options for those searching for a low-risk investment.

Careers Involved

• Scientist

• DNA analyst

• Microbiologist

• Clinical technician

• Chemical operator

• Pharmaceutical manufacturer

• Business development manager

• Biomedical equipment technician

5. Real Estate Industry

It's safe to say that the real estate industry is about to enter a new subject area. Many rules that used to regulate this kind of investment have been overturned by the dramatic increase in the number of people working from home over the past two years.

As a result, commuters no longer need to live near business areas, and many firms are lowering the amount of working space they rent. On the other hand, mortgage interest rates are at historic lows right now, making it an excellent opportunity to invest in the industry.

In net-lease real estate investment trusts (REITs), real estate professionals lease the property to a single client who rents a room and all of the property's expenditures. This is one of the less risky choices for real estate funds.

Rent rises and high dividend yields are two ways to boost your income flow shortly. However, you should be aware that real estate investment is different from buying shares in a company.

Investing in real estate takes time, and most investors don't see any profits for 5 years or more after they make their first investment.

Careers Involved

• Mortgage broker

• Real estate agent

• Property developer

• Lease administrator

• Real estate appraiser

• Real estate associate

• Mortgage loan originator

• Commercial property manager

6. Artificial Intelligence Industry

The AI sector's growth is attributed to many other major industries that have just found the value of AI technologies. AI's involvement in many secondary sectors forecasts this industry to grow significantly over the next several years.

MarketsandMarkets predict a compound annual growth rate (CAGR) of 36.62% for the artificial intelligence (AI) industry by 2025. Investors in this field, like those in biotechnology, should exercise caution.

Artificial Intelligence (AI) is still a very volatile industry, and investors need to be flexible and aware of price swings regularly.

Careers Involved

• UX expert

• Researcher

• AI engineer

• Data analyst

• Software engineer

• Research scientist

• Data miner & analyst

• Natural language processing expert

7. Financial Technology Industry

Fintech, or financial technology, is another potential industry to invest in because of its economic growth. With the internet, software, mobile devices, or the cloud, these organizations provide alternative finance or banking choices that are easier to use than standard bank options.

Fintech has an incredible growth potential to develop new models of data that can be used to extend the credit landscape and make credit and cash more freely available. Fintech is nimble and improves the platform for the end user. Regulating these technologies in a balanced and risk-adjusted manner is essential.

Loan applications, monetary transactions, crypto trading, stock market engagement, and account maintenance are just a few of the many tasks that Fintech firms use technology to simplify. Payments through smartphones and the internet are just a few examples.

Over the next decade, the worldwide Fintech sector is expected to grow from $112.5 billion to $332.5 billion.

Careers Involved

• Data scientist

• App developers

• Product manager

• Compliance expert

• Quantitative analyst

• Blockchain developer

• Cybersecurity analyst

• Financial or business analysts

8. Pharmaceuticals & Healthcare Industry

The pandemic has shown how important healthcare is and how much room for expansion still exists in this vast business. The U.S. Bureau of Labor Statistics predicts that employment in healthcare vocations will rise by 15% between 2019 and 2029, resulting in an additional 2.4 million jobs.

Investors seeking a low-risk profile can also find some security solutions in the healthcare industry. A low-risk investment approach is to invest in pharmaceutical giants like GlaxoSmithKline or Pfizer, which are expected to gain from the industry's recent business growth in sales.

Careers Involved

• Dentists

• Podiatrists

• Physicians

• Optometrists

• Veterinarians

• Nurse practitioners

• Physician assistants

• Pharmaceutical ingredients supplier

9. Cyber Security Industry

The need for cyber security will continue to rise shortly because of the rapid speed of digital transformation and the escalating costs of data breaches. In addition, the demand will persist regardless of the state of the economy.

Gartner predicts a CAGR of 8.5% for the worldwide information security industry over the next five years, bringing the total value to $170.4 billion. Cloud security, endpoint security, network security, infrastructure protection, antivirus measures, and many more are all forms of cyber security products and services provided.

Entering the market will need you to make significant investments in improving your team's talents and knowledge to keep up with the rapidly evolving legislation, business climate, and cybersecurity risks. Also, be prepared to face stiff opposition. Having a distinct position in the market is essential.

Careers Involved

• Cryptanalyst

• Cryptographer

• Security analyst

• Security engineer

• Security architect

• Security consultant

• Security administrator

• Security software developer

10. Green Energy Industry

This area is more conservative than either the biotechnology or AI sectors, yet it has witnessed tremendous development over the last several years. Between 2000 and 2018, the Center for Climate and Energy Solutions estimates that renewable energy in the United States grew by 100%.

We can see that the growth rate expands much more now. Governments in the West have lately committed to achieving economy-wide net-zero emissions.

There is no consensus on an exact date, although most countries want to meet this goal by 2050. This seems like a long way off, but if the necessary investments are made, the Green Energy industry is expected to see a boom in the next decades.

In addition, this will assist a broad variety of businesses, including those involved in the development of energy-efficient products like hybrid vehicles, solar panels, wind turbine generators, rainwater harvesting systems, and smart appliances.

Careers Involved

• Biochemistry

• Bioinformatics

• Forensic science

• Production managers

• Chemical engineering

11. Services Industry

Image Source

The service economy covers a broad range of services and products. Firms classified as service providers do not engage in the extraction or production of raw materials. Many recent shifts in the service industry can be traced back to factors such as outsourcing, automation, and digitally-based businesses.

The demand for services is increasing with a solid middle class and an increasing number of wealthy families, an economic sector that is growing with fewer resources to operate. As a result, services including health care, education, marketing, consulting, and entertainment are in high demand among consumers and showing tremendous growth in the market share.

For greater efficiency, many corporate tasks can be outsourced to a third-party service provider. A company can focus on its core competencies by using outsourcing services. In the realm of professional services, they are known as core activities. They include:

• Finance

• Technology

• Accounting

• Management

• Service delivery

• Human resources

• Sales and marketing

• Product development

• Quality assurance support

• Creative graphic design services

As a result of disruptive technology and the capacity to run a company without regard to a physical location, the digital age has created new opportunities for service-based development.

Small businesses are no longer constrained by the local economy and can sell their services to a broader audience online.

Careers Involved

• Chef

• Security

• Bartender

• Food server

• Customer service

• Marketing associate

• Management and personnel

12. Software Industry

Because of the outbreak, companies have gone digital and tapped software outsourcing firms to either build their business online with web designs or digitize work processes through apps. Some of the in-demand software sectors right now include:

12.1 Telemedicine Software And Apps

Telehealth has taken momentum because insurance companies are increasingly covering the costs of telemedicine appointments. Patients will continue to choose virtual appointments and avoid hospitalizations, which will force doctors to use telemedicine. Don't overlook the possibility of e-records or e-prescriptions service innovation.

This sector is being fueled by several other important consumer variables, as well. Traveling to visit a doctor or sitting in a medical center's waiting room for hours is a waste of time for people. Having an appointment with a doctor scheduled in advance on their phone eliminates the need to pay for an Uber or pricey parking.

12.2 Web-Based Conferencing

Slack, Zoom, and Skype can be used for video and call recording. You can have clear online communication whether for personal or business use through these online apps.

12.3 Antivirus Software

Most companies are requiring that their workers install anti-malware software on their computer systems and laptops since cyber-attacks are on the rise and workers will continue working from home.

Careers Involved

• Data scientist

• Quality analyst

• Game developer

• Back-end developer

• Front-end developer

• Full-stack developer

• Mobile test engineer

• Application developer

Conclusion

When considering a new business venture, conduct intensive research to learn about the industry, its competitors, and investment risk levels. You can also opt to invest in an industry you really like so your interest in working in the investment will be sustainable. 

When doing your research, join global investment communities so you can learn more about each industry from actual people who have investment experience. It will also help you keep in the loop for the latest industry know-how. 

Are you ready to get started on your investment journey? We at 4Finance will provide you with expert advice from industry leaders so you’ll be better informed about which investment path to take. Expand your financial network today by signing up for free.

Author Bio

Burkhard Berger is the founder of Novum™. He helps innovative B2B companies implement revenue-driven SEO strategies to scale their organic traffic to 1,000,000+ visitors per month. Curious about what your true traffic potential is?