What industries grew the most during 2022?
April 25, 2023
In this data digest, you will find the top 5 industries that showed the most growth during 2022, the largest industries by company count in general, and the countries that contributed most to the growth.
We used global company data from the largest professional network and conducted this analysis by:
- Filtering companies by industry.
- Combining the number of companies in respective industries
- Comparing the 2022 numbers to the 2023 numbers.
We chose to exclude data from China because our source of information is restricted in the country and we didn’t want to include potentially inaccurate data.
In total, 38,2 million companies were analyzed for this report.
Top 5 industries that grew the most during 2022
The industries that stood out the most during the analyzed period of time were:
- Retail. 266,000 new companies were founded and this industry grew by 15.6%. It could be assumed that retail business owners are trying to move most of their commodities to the digital space which requires certain know-how from developers, digital marketing specialists, and other professionals.
- Restaurants. 173,292 new companies were founded and this industry grew by 14%. Almost 3 out of 4 operators say that the restaurant business conditions are already coming back to normal and most of the focus is set on growth. It’s said that people’s desire for a restaurant experience is getting stronger and is expected to help this industry recover.
- Individual and Family Services. 141,166 new companies were founded and this industry grew by 10.1%. Neglect of children and the elderly is on the rise and it’s expected to drive the growth of this industry. On average, 1 in 6 elder people (over 60 years old) has experienced abuse.
- Construction. 116,329 new companies were founded and this industry grew by 5.5%. Manufacturing and mega infrastructure projects with a focus on decarbonization are one of the main reasons for construction industry’s growth. Also, the Russia-Ukraine war is expected to raise huge demands for repairs in Eastern Europe.
- IT Services. 105,465 new companies were founded and this industry grew by 11.5%. There is no surprise that the IT Services industry keeps growing. As automation increasingly gains more demand, this industry is not going to slow down anytime soon.
Which countries contributed the most to the 5 industries’ growth?
- Retail: United States (19.7% of all new companies)
- Restaurants: United States (57.6% of all new companies)
- Individual and Family Services: United States (40.1% of all new companies)
- Construction: United States (23.1% of all new companies)
- IT Services: India (15.6% of all new companies)
Top 5 biggest industries based on company count in 2022
Out of 257 industries that we analyzed, these are the top 5 that have the highest number of companies:
- Real Estate - 2,791,068 companies
- Medical Practices - 2,755,345 companies
- Construction - 2,208,583 companies
- Retail - 1,962,100 companies
- Individual and Family Services - 1,530,730 companies
To sum up, the 5 industries that have experienced the most growth were Retail, Restaurants, Individual and Family Services, Construction, and IT Services. The United States accounted for most of these industries’ growth.
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