Insider Monkey published an article 10 Biggest Industries in the World in 2021. The article mentions those who were both negatively and positively affected why the pandemic and various lockdown restrictions.
The summary of the 10 Biggest Industries in the World in 2021 can be read below.
Even until now, the telecommunications industry is fast-driven. The demand for high-quality 5G networks and internet services skyrocketed with the pandemic and the switch to work from home and online learning setups. In the United States, as of 2020, T-Mobile has garnered up to $68 billion in revenue and recently launched its 5g network nationwide. Their competitor, AT&T, is the largest in ht US market, with an approximate revenue of $171.8 billion. Globally, the market value of the telecommunication industry is $1.74 trillion.
In 2020, manufacturing restrictions caused the sales and demand of the automotive industry to drop. In the European Union, there is now a high demand for electric vehicles. Manufacturing companies are offered subsidies and tax exemptions. In the US market, Ford Motor Co has plans to break through and compete with the rising EV market; their shares have increased by 182%. In total, the market value of automobile manufacturing is $3 trillion.
Like the automotive industry, Oil and Gas E&P was heavily affected by the pandemic. The largest company would be Saudi Aramco. In Q3, their net income declined by almost 44% and had only recorded a revenue of $11.8 billion. ExxonMobil, a company specializing in carbon capture and storage technology, also face uncertainty because of the still volatile market. However, their shares have increased by 79.2% over the last twelve months. Oil and Gas E&P has a market value of $4.6 trillion.
There was a massive increase in food spending through online means. Various companies in the food industry saw a surge in their revenue, such as Tyson Foods Inc who offers fresh produce and frozen meals; their shares have increased by 72.8%, and total revenue of $10.5 billion. Uber Technology’s Uber Eats shares have jumped by almost 200%. The delivery service sector has recorded a gross delivery booking of $10 billion in Q4. The market value of the Food Industry is at $5 trillion.
Information Technology has multiple sectors such as robotics, augmented reality, AI, data analytics, next-generation security software, and cloud software. The biggest companies would be Microsoft Azure, AWS, and Google Cloud. Microsoft is the most valuable, with a revenue of $43 billion in the cloud software alone. Globally, the marketing value of the IT sector is at $5 trillion.
Even with the switch to doing everything virtually, the health and insurance industry did not shy away from making their services available online and via online conferences. The most prominent insurance provider, Prudential Financial Inc, provides services digitally. The company revenue was said to be $57 billion. Cigna Corp, the most significant health insurance provider, has also done the same thing; its revenue is $160.4 billion. Life and Health Insurance’s market value is at $8.45 trillion.
The E-Commerce industry has hit an all-time high of 16.4% due to the pandemic. Many stores have also switched to e-commerce because of lockdown restrictions. The largest company would be Alibaba Group Holdings in China and Amazon in the United States. These two companies alone account for 13% of the global e-commerce market. E-commerce is valued at $9.09 trillion.
Just like insurance, commercial real estate has shifted digitally due to the lockdown; however, because of economic deflation, real estate deals fell by 36% and $306 billion in 2020. The total market value is $9.6 trillion
The construction industry accounts for approximately 13% of the world’s GDP. D.R. Horton, one of the largest homebuilders in the United States, is known for its tiny homes. It has a net sale of $6.4 billion, and its shares increased by 189.8%. The total market value is $12/5 trillion.
The biggest industry of 2021 would be financial services, as they support the others mentioned on the list to survive the effects of the pandemic. There has been an increase in digital wallets, online bills payment, and contactless payments. 2020 was the strongest year for PayPal Holdings Inc, with a revenue of $21.45 billion.
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