Industries with the Largest Number of Businesses in the US in 2024

1. Trusts & Estates in the US

Number of Businesses for 2024: 3,681,573

The Trusts and Estates industry comprises trusts, estates and agency accounts administered on behalf of beneficiaries under the terms established in a fiduciary contract. Industry revenue, composed primarily of capital gains on trusted assets and ordinary dividends, exhibited an increase over the past five years. The industry benefited from substantial yields in equity markets and appreciation in house prices during the current period. Over the past five years, revenue has climbed at a CAGR of 2.8% to $221.4 billion, including an expected 4.2% increase in 2023. Profit is expected to dip to 50.5% of revenue in 2023 from 51.1% in... Learn More

2. Taxi & Limousine Services in the US

Number of Businesses for 2024: 1,494,555

Taxi and Limousine services offer nonregular transportation through taxicabs, limousines and luxury sedans. Taxicabs and limousines are supported by per capita disposable income and consumer spending, while luxury sedans are supported by rising corporate profit and business activity. An important downstream market for both offerings is travel, typically to and from airports. All avenues of downstream demand were crushed during COVID-19 as the country was shutdown to attempt to slow the spread. Revenue fell at a CAGR of 1.5% to $49.5 billion, with a 2.8% increase in 2023 alone.

Taxi and limousine services have also seen a changing make-up of operators.... Learn More

3. Management Consulting in the US

Number of Businesses for 2024: 1,380,002

Providing varied services to diverse downstream markets with unique needs allows management consultants to weather changing economic conditions. Extreme shocks like the COVID-19 pandemic led to revenue declines, but sometimes clients need consulting services in bad times, which buffers revenue declines and ensures low revenue volatility. Bouncing back from the COVID-19 pandemic, industry-wide revenue grew at a CAGR of 1.1% to $329.9 billion over the past five years, growing 0.1% in 2023 alone.

Technological change in client markets will spur demand for various consulting services, but challenge profit margin growth. Advisory in the age of digital transformation requires employees with unique... Learn More

4. Hair & Nail Salons in the US

Number of Businesses for 2024: 1,355,013

The Hair and Nail Salons industry offers haircuts, facials, makeup application services, hair modification treatments, as well as deluxe spa manicures and pedicures. Demand for these services mirrors broader economic performance since economic growth boosts consumer spending on personal care products and services. New products and services have favorably contributed to industry revenue growth in recent years. However, COVID-19 caused revenue for Hair and Nail Salons industry to plunge in 2020. Although hair and nail salons have since reopened, hair and nail salon revenue has shrunk at a five-year CAGR of 2.3% to $67.4 billion through the end of 2023,... Learn More

5. Personal Trainers in the US

Number of Businesses for 2024: 1,167,424

The personal trainers industry operates in two general areas; the largest segment is located in gyms and other fitness centers, while the other segment is in-house operations, tailoring workouts and regiments to the individual client and their needs at home. This industry derives its demand from downstream consumer groups. The group with the highest demand for personal trainer services are the 35- to 50-year-old consumers. Due to the nature of the industry, consumers with a higher per capita disposable income are much more likely to purchase the discretionary good, that is, personal training. COVID-19 was a major roadblock for the... Learn More

6. Janitorial Services in the US

Number of Businesses for 2024: 1,122,796

Janitorial services companies rely heavily on economic growth for revenue, as commercial cleaning services make up more than two-thirds of janitorial services sales. When the economy is doing well, cleaning companies provide services on a more frequent basis and can charge higher prices, as their clients have more funds to spend. Households account for a smaller but still significant revenue share. Residential cleaning services are subject to fluctuations in mortgage rates, as lower rates tend to be linked to a higher number of home purchases. Over the past five years, janitorial services revenue is expected to grow at a CAGR... Learn More

7. Real Estate Sales & Brokerage in the US

Number of Businesses for 2024: 1,110,558

Real estate salespeople and brokers sell, buy or rent real estate for others. The industry is closely aligned with the health of the residential and commercial real estate markets in the United States. Revenue is directly correlated with property prices and real estate transaction volumes, and agents are paid completely on a commission basis, receiving a fee only when they close a deal. Also, the residential market accounts for most of revenue, making the real estate sales sensitive to fluctuations in housing prices and existing home sales.

Through the end of 2023, real estate sales have seen growth in line with... Learn More

8. Performers & Creative Artists in the US

Number of Businesses for 2024: 1,008,145

Performers and creative artists include independent artists, freelance and bestselling writers, stage and A-list actors and painters, in addition to a dozen other artistic professions. Over 96.0% of working artists don't employ any workers since revenue in this field can be difficult to come by. The top artists are the ones whose work is highly coveted and revered, and famous authors and actors are capable of earning millions of dollars annually. Some have the fame and financial means that requires them to employ teams to maintain their image, but these account for a slim portion of artists. Favorable economic conditions... Learn More

9. Hair Salons in the US

Number of Businesses for 2024: 949,718

Over the past five years, the Hair Salons industry has benefited from rising consumer sentiment and per capita disposable income. These trends have also increased demand for ancillary services to standard haircuts like hair modification treatments (e.g. straightening procedures, perms and relaxing treatments), skincare services and others. Nonetheless, the onset of the COVID-19 pandemic in 2020 led to the temporary closure of industry establishments and a significant decline in demand in 2020 as individuals had fewer reasons to get haircuts due to stay-at-home mandates and high unemployment. These economic trends caused industry revenue to decline at a CAGR of 2.4%... Learn More

10. Direct Selling Companies in the US

Number of Businesses for 2024: 911,441

Operators in the Direct Selling Companies industry retail a range of products from one person to another away from a fixed retail location. The COVID-19 (coronavirus) pandemic caused a substantial shift in the industry as mass layoffs propelled industry participation levels, resulting in heightened performance. However, intense competition from big-box retailers and e-commerce has negatively affected the industry, as competitors are able to offer a wider selection of substitute products at lower prices and in a convenient one-stop location. Nonetheless, industry revenue is expected to increase at an annualized rate of 5.3% to $65.1 billion over the five years to... Learn More