Global Biggest Industries by Employment in 2023

1. Global Consumer Electronics Manufacturing

Employment number for 2023: 17,518,424

Revenue for the Global Consumer Electronics Manufacturing industry is expected to grow at an annualized rate of 1.7% to $1.6 trillion over the five years to 2022, including an increase of 4.6% in 2022 alone. Innovative products, falling prices, growing household incomes and rising consumer sentiment have supported demand for consumer electronics. However, the industry experienced revenue declines in 2020 amid the COVID-19 (coronavirus) pandemic, which caused a decline in global electronics consumption due to disruptive effects on global supply chains and economic activity. Nonetheless, rising consumer spending, the release of new products and the global economic recovery over the... Learn More

2. Global Commercial Real Estate

Employment number for 2023: 17,164,710

The Global Commercial Real Estate industry has grown over much of the five years to 2022. However, investor confidence slightly declined over the same period, decreasing an annualized 0.2%. Additionally, the outbreak of COVID-19 (coronavirus) severely constricted demand as economic uncertainty skyrocketed. Particularly, industry revenue declined 7.2% and 4.0% in 2020 and 2021, respectively. As a result, industry revenue is expected to slightly decline an annualized 0.3% to $4.2 trillion over the five years to 2022, despite an anticipated increase of 1.1% in 2022 as the economy recovers from the coronavirus pandemic.

The growth of a country's economy tends to boost... Learn More

3. Global Fast Food Restaurants

Employment number for 2023: 13,458,146

Over the five years to 2022, the Global Fast Food Restaurants industry has expanded despite changing consumer tastes and a recovering global economy. As disposable income rose during the period, consumers increased spending on luxuries, such as eating out, therefore also boosting industry revenue. However, full-service restaurants outperformed fast food establishments during this period, as many consumers had more disposable income. The industry also experienced steady and growing demand from emerging economies, which boosted the industry's overall performance. During this period, the industry has also been forced to adapt to increasingly health-conscious consumer preferences. While major fast food retailers have... Learn More

4. Global HR & Recruitment Services

Employment number for 2023: 10,436,002

HR and recruitment companies rely on a businesses' desire to outsource their recruitment process and human resource management activities. Their performance depends on their major market's economies and the impact these conditions have on labor. Regulation, especially for temporary employees, can hamstring providers, as this makes it more difficult to operate. More liberal labor laws in developed nations have been essential to HR and recruitment companies' growth. Large companies are now focusing on emerging markets that will undergo the same process in the future. COVID-19 put a halt to positive momentum in recent years, as businesses seeking to cut costs... Learn More

5. Global Apparel Manufacturing

Employment number for 2023: 9,675,672

Demand for the Global Apparel Manufacturing industry is highly dependent on disposable income and the overall economic well-being of the region in consideration. Over the past decade, the industry has benefited from an increasing number of consumers opting to buy more garments at lower prices, driving both industry revenue and profit. This trend has been sustained by significant offshoring of apparel manufacturing from industry establishments in developed countries to developing economies, which has significantly lowered production costs, reducing the overall price of apparel and making apparel products increasingly affordable to an expanding consumer base. Consequently, international trade is of paramount... Learn More

6. Global Coal Mining

Employment number for 2023: 8,918,489

Coal mined by the Global Coal Mining industry plays a vital role in the world's ability to generate electricity and manufacture steel. Coal's position in global electricity markets stems from its relative accessibility, affordability and distribution across the globe. The world's largest coal producers are China, the United States and India, with these countries expected to retain their positions for the foreseeable future. Industry revenue is a function of global production of industry products alongside global coal prices, with prices being closely tied to global economic conditions. Over the five years to 2022, prices of thermal and coking coal have... Learn More

7. Global Tourism

Employment number for 2023: 8,684,644

The industry will increase at a CAGR of 0.8% to $2.3 trillion over the five years to 2023, including a growth of 13.9% in 2023 alone. Global tourism has performed well during most of the five-year period, with emerging economies stimulating growth. Countries in Asia and South America have experienced robust growth in per capita income, which has enabled consumers in these regions to take overseas trips in increasing numbers. But because of COVID-19, industry revenue collapsed 40.1% in 2020. The global outbreak had an enormous effect on all tourism-related industries as many countries suspended international travel and limited the... Learn More

8. Global Auto Parts & Accessories Manufacturing

Employment number for 2023: 8,060,047

Revenue for the Global Auto Parts and Accessories Manufacturing industry has decreased at a CAGR of 6.3% over the past five years – including stagnating in 2023 alone – and is expected to total $1.9 trillion in 2023, when profit is set to drop to 5.3%. The auto parts aftermarket has helped generate revenue as average vehicle ages have increased. Demand for this segment tends to rise with the number of vehicles in use, and therefore, as more individuals take to the roads, demand for replacement parts increases.

The problems with the global supply chain due to COVID-19 deeply affected industry... Learn More

9. Global Hotels & Resorts

Employment number for 2023: 7,903,412

Over the five years to 2023, the Global Hotels and Resorts industry has expanded. Initially, strong growth before the pandemic occurred as consumers and businesses became more confident about their finances and spent more liberally on luxuries, including travel. This factor resulted in a substantial increase in hotel rooms and occupancy rates, two indicators of a hotel's performance. Global tourist arrivals were also steadily increasing until a drastic drop in 2020 due to the worldwide spread of COVID-19. In 2020 alone, industry revenue declined 40.1% due to the pandemic effect. The pandemic has enormously influenced all tourism-related industries, as many... Learn More

10. Global Commercial Banks

Employment number for 2023: 7,683,306

The industry closely follows global economic performance since demand for loans is heavily influenced by business and consumer confidence as well as the level of activity that requires financing. The strong global economic performance fueled by the United States and emerging markets, such as China and South East Asia, are expected to improve from increased aggregate private investment, which has supported loan origination. Global commercial banks revenue has been growing at a CAGR of 0.8% over the past five years – including an estimated 0.1% drop in the current year – and is expected to total $2.8 trillion in 2023,... Learn More