In this article, we’ll take a look at the 10 Biggest Industries in the World in 2024. For a detailed overview of the recent trends and happenings in the global economic environment, read 24 Biggest Industries in the World in 2024.
10. Oil and Gas Integrated
Market Capitalization: 1555.52 billion
The oil and gas integrated industry is experiencing robust growth. Global oil markets are adjusting after recent turbulence, with a recalibration of crude oil prices and refined product cracks. However, the industry faces challenges due to an uneven distribution of fossil fuel investment and a concentration of clean energy investments in advanced economies such as China.
9. Diversified Insurance
Market Capitalization: 1693.72 billion
The industry has demonstrated resilience, particularly in response to the pandemic and geopolitical events. However, it faces challenges like rising inflation, interest rates, and loss costs. There’s a focus on emerging exposures such as cryptocurrencies and the metaverse, with life insurers emphasizing digital enhancements and new customer segments. The sector is also experiencing significant activity from private equity firms acquiring insurance agencies.
8. Diversified Banks
Market Capitalization: 2076.50 billion
Diversified banks include a range of companies that offer financial products and services to consumers and businesses, including insurance products, investment products, and securities. Rising interest rates are increasing banks’ income, prompting them to invest in future capabilities, though they also pose challenges for borrowers.
7. Software – Application
Market Capitalization: 2083.46 billion
With the development of cloud-based applications, the rise of artificial intelligence and machine learning integration, and an emphasis on cybersecurity, the software application industry is experiencing an increasing market demand. According to Precedence Research, the size of the global software application market is expected to reach around $328.3 billion by 2032 from $155.64 billion in 2022.
6. Internet Retail
Market Capitalization: 2218.71 billion
Internet retail is a booming industry that continues to grow over time. E-commerce spending continued to grow even after the surge during the global pandemic, with over 40% of North American customers saying they at least doubled their online shopping in 2021. Retail e-commerce sales in Latin America are projected to nearly double by 2025, reaching a total of $160 billion.
5. Drug Manufacturing Industry
Market Capitalization: 2609.12 billion
The drug industry heavily invests in research and development, focusing especially on chronic and rare diseases. Drug companies are now using advanced technologies like artificial intelligence (AI) and machine learning to help discover and develop new drugs.
4. Consumer Electronics
Market Capitalization: 3150.68 billion
The global market size of the consumer electronics industry was valued at $738.75 billion in 2022 and is projected to grow to $1,239.40 billion by 2030, as noted by Fortune Business Insights. With the presence of major brands like Sony, Samsung, and Panasonic, the Asia Pacific region is leading the market.
3. Semiconductors
Market Capitalization: 3725.48 billion
With semiconductors being essential components in a wide array of consumer electronics, industrial machinery, and communication devices, the semiconductor industry is a cornerstone of the global economy. Despite facing macroeconomic and geopolitical headwinds in recent years, leading companies in the sector like Intel, Samsung, and Nvidia have shown resilience.
2. Software – Infrastructure
Market Capitalization: 4276.28 billion
The infrastructure software market is dominated by players like Microsoft, Oracle, and IBM Corporation. North America is the largest region in this market. The Software as a Service (SaaS) segment within the industry is experiencing robust growth. Approximately 90% of organizations use at least one cloud service and are expected to increase their SaaS use in the coming year. The transition to the cloud and SaaS technologies is projected to drive a significant increase in IT spending, with around 65.9% of software spending going to SaaS technologies by 2025, according to Gartner.
1. Internet Content and Information
Market Capitalization: 4701.11 billion
The Internet Content and Information industry stands the largest industry by market cap. The rapid growth of mobile devices has been a key growth driver for this industry, as it led to an increased demand for internet content and applications. For instance, in 2019, more than 204 billion mobile apps were downloaded globally, generating revenue of $462 billion. Digital music and online gaming also contribute to the growth of this industry.
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