The Pandemic Fueled the Top 20 Fastest Growing Service Industries

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The Pandemic Fueled the Top 20 Fastest Growing Service Industries

July 27
09:55 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.

Technology

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).

Outdoors

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 Home

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).

Financials

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).

The Future

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). 

Below is the list, which can also be found at https://www.kentleyinsights.com/fastest-growing-services-industries/.

The Top 20 Fastest Growing Service Industries 

1.

Teleconferencing and Video Conferencing

15.6%

2.

Local Messengers and Local Delivery

14.8%

3.

Recreational Goods Rental

14.2%

4.

Drive-in Movie Theaters

14.1%

5.

Online Publishers and Search Engines

13.0%

6.

Hosting and Data Centers

12.1%

7.

Nature Parks

11.4%

8.

RV Parks and Campgrounds

11.0%

9.

Packaged Software and Games

10.5%

10.

Securities Brokerage

10.0%

11.

Marinas

9.2%

12.

Investment Banking and Securities Dealing

9.1%

13.

Appraisal and Inspection

8.9%

14.

Food Trucks and Street Vendors

8.1%

15.

Home Health Equipment Rental

7.7%

16.

Engineering and Life Sciences Research & Development

7.7%

17.

Loan Brokers

7.4%

18.

Psychologists and Counselors

7.4%

19.

Biotech Research and Development

7.3%

20.

Repossession Services

7.1%

Kentley Insights is the leader in data-rich market research reports covering 1200+ industries. To learn more, visit KentleyInsights.com or visit the entire report catalog at https://www.kentleyinsights.com/market-research-reports-store/.

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Company Name: Kentley Insights
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State: Colorado
Country: United States
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