After over two years of health restrictions, social distancing measures, and extreme lockdowns as a result of the COVID-19 pandemic, the world is now finally recovering from this catastrophe, with people returning to work and businesses being able to thrive once again. As we near the end of the year, it’s time to start thinking about 2022 and projecting which industries will be able to swiftly rebound and develop significantly in the coming year.
Throughout history, the world has seen various recessions and depressions that have impacted the economy, and this has been exacerbated by the ongoing pandemic.
As a result, the expansion of several industries has slowed dramatically. Fortunately, however, certain industries have been able to maintain consistent revenue growth and are predicted to prosper in the next few years.
Despite the economy-stifling pandemic, certain companies are doing well because of ongoing technological advancements, thus becoming the fastest growing industries in the United States.
In addition to being the world’s largest importer, the United States is a target market for both developed and developing countries due to its position as the world’s largest source of foreign direct capital. With a population of 328 million people and a GDP of more than $19 trillion, it is one of the world’s most significant markets and, without a doubt, the most developed economy, with the ability to influence the whole global economy.
As vaccination spreads all over the world and we return to our normal routines, the following industries are projected to record critical growth in the coming months and beyond. With rapidly-increasing incomes and prolific workforces, the future certainly looks bright for these industries and markets.
Tourism and hospitality
The pandemic hit the tourism and hospitality industry really hard. With revenue declining, overall industry growth substantially slowed down through 2020 and 2021. However, as vaccination programs reach more people, authorities throughout the world have begun to reopen economies. Therefore, the tourism and airline industries are preparing to kick start things again.
Due to increased competition from international companies, the demand in the airline industry has experienced major changes in recent years and operators have been forced to cut down prices and rates. With the widespread recovery from the pandemic, however, the airline industry demand is expected to increase in the next five years, with a projected 61.3 percent year-over-year growth.
In the hospitality sector, hotels and casino resorts are also expected to bounce back in the same period, with specialists projecting a 57.8 percent year-over-year growth, thanks to an increased travel and overall consumer spending. Finally, the luxury travel industry is projected to grow by over 7 percent by 2026, reaching almost $500 billion in revenues over the five years.
However, land-based casinos are not the only ones predicted to prosper in 2022. Last year, with people forced to stay inside to comply with social distancing, many resorted to the online gambling industry, also known as iGaming, as a new entertainment option, with online casinos, sportsbooks, and even lottery games providing attractive, safe alternatives for both casual and hardcore gamblers.
With increasing revenues over the past few years, the iGaming industry has been attracting players from all over the globe, using the latest technological advancements to come up with unique experiences that provide a whole new world of betting options and gaming alternatives.
What was once considered a shady business has turned into one of the most popular activities and a major segment of the online entertainment industry, with specialists projecting global revenues to reach an astounding $93 billion by 2023.
Digital events and conferences
The days of slamming together an online event using Zoom calls – and having technical difficulties – might be coming to an end. However, virtual event hosting has grown into a full-fledged industry that will continue to thrive even when in-person events are completely restored.
Few people had considered virtual events before the pandemic, but this format has filled a unique and critical demand for enterprises and organizations of all sizes throughout the pandemic.
Companies have learned that switching events to a fully virtual or hybrid format allows many more people to participate than would otherwise be possible, and recent research revealed that event planners were seeing four to five times the participation in virtual events over their in-person counterparts.
Therefore, this newfound niche is expected to develop into an important market within the telecommunications industry.
Millions of Americans moved or bought houses in the last year, causing a surge in the home improvement and interior décor markets. Even those who stayed put, became bored of staring at the same old walls and wanted to change things up a bit.
Services that assist with everything from restorations and do-it-yourself jobs to interior redesigning are enjoying significant success. Home improvement sales increased almost 30 percent in recent months, improvements to outdoor spaces grew by 6 percent, and according to the 2021 Houzz & Home Study, spending on home improvement has increased by 15 percent in the past few months.
As a result, the home improvement industry is currently on a bright path, with a wide variety of potential business opportunities benefitting from an increased overall consumer spending.