5 Biggest Industries in the World in 2021

1. Financial Services

Market value: $22.5 trillion

Topping the list of the 10 biggest industries in the world in 2021 is financial services. The finance industry supported the rest of the industries on the list to financially survive the effects of the pandemic recession. The consequences of the COVID-19 pandemic pushed a sudden increase in digitization and digital participation in financial services in 2020. During the surge of the virus, there has been increasing use of digital wallets and online bills payment. In a survey published in April 2020 by The Strawhecker Group and Electronic Transactions Association, 27% of U.S. small businesses have seen an increase in customers using contactless payment apps. Even after the pandemic, 74 % of global customers claim they will use contactless payment systems as it is the new norm.

The year 2020 was one of the strongest years for the financial service business of PayPal Holdings Inc (NASDAQ: PYPL). The company had revenue of $21.45 billion in 2020 and processed a total of 15.4 billion payment transactions. In October 2020, PayPal started offering crypto services on its platform.

Although the pandemic caused Mastercard Inc (NYSE: MA) and Visa (NYSE: V) some short-term distress, the companies are thriving as they are shifting towards digital payments. 

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You can also take a peek at the 15 Most Valuable App Companies and 10 Best Hong Kong Stocks To Buy For 2021.

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