Industries

The global construction industry is expected to more than double in size between 2020 and 2030, growing by nearly one trillion U.S. dollars. The global construction market size reached a value of approximately $13.6 trillion in 2023 and is further estimated to grow at a CAGR of 6.5% between 2023 and 2028 to reach $16.1 trillion by 2028. The industry is facing challenges such as the impact of geopolitical events, the need to reduce greenhouse gas emissions, and the increasing demand for energy in developing countries.

The National Retail Federation (NRF) forecasts that retail sales will grow between 4% and 6% in 2023, hitting between $5.13 trillion and $5.23 trillion, with e-commerce sales projected to rise 10 to 12%, increasing between $1.41 trillion and $1.43 trillion. While there are challenges to growth, such as a slowing economy, rising interest rates, and increased regulatory scrutiny, there are also factors that are expected to drive growth, such as pandemic-induced digitalization of merchants and continuing consumer engagement in the digital realm.

The global healthcare market is projected to reach $57.86bn in 2023, with an annual growth rate (CAGR 2023-2027) of 10.40%. The healthcare services market size was valued at $10.3 Trillion in 2021 and is projected to reach $21.1 Trillion by 2030, growing at a CAGR of 8.27%. The healthcare sector continues to face challenges such as rising healthcare costs and increasing number of cancer cases in North America. Trailing effects of the pandemic have also accelerated the adoption of digital technology and telemedicine, which are expected to drive further disruption and change in the market.

The global legal services market is expected to grow significantly. The global legal services market size was valued at $901.8 billion in 2020 and is expected to grow at a CAGR of 4.8% from 2021 to 2028. The market is highly fragmented, with a large number of small players operating in the market, and the top five competitors in the market made up to 4.32% of the total market in 2019. The Asia Pacific region accounted for a significant market share in 2020, due to the expeditious implementation of regulatory and legal requirements, particularly in China and India.

The global transportation industry is expected to grow at a CAGR of 3.6% through 2030, with the transport and logistics sector expected to see growth of 4% in 2023 and 3% in 2024, leading global economic recovery from the pandemic over the medium-term and growing faster than the manufacturing or service sectors. The global transportation industry market reached $7.31 trillion in 2022 and is expected to reach $11.1 trillion by 2030 growing with a CAGR of 5.4% during the forecast period 2023-2030, with the adoption of advanced technology and the development of overseas markets expected to boost transportation and logistics market expansion.

The global technology industry is projected to grow significantly in the coming years, with estimates ranging from $8.51 trillion to $11.47 trillion by 2026, and a CAGR of 7.75% to 25.73% depending on the report. The industry is driven by advances in digital technologies, which hold considerable potential to lift the trajectory of productivity and economic growth, and to create new and better jobs to replace old ones. The industry faces challenges such as issues around supply chains, workforce, and innovation, now exacerbated by considerable macroeconomic and global uncertainties.

The global cybersecurity market is projected to grow significantly in the coming years with an expected compound annual growth rate (CAGR) of 15.9% driving the industry towards an industry valuation of $660.7 billion by 2030. Growth is driven by the increasing adoption of enterprise security solutions and the growing number of cyberattacks and data breaches. Key players in the market include IBM, Cisco, Symantec, McAfee, and Trend Micro, and the market faces challenges such as the shortage of skilled cybersecurity professionals and the high cost of cybersecurity solutions.

The global energy market is a vast and complex system that includes various segments such as oil and gas, coal, nuclear, and renewable energy. The shift towards renewable energy is driven by the need to reduce carbon emissions and mitigate climate change, but the transition to renewable energy sources faces challenges such as high costs, intermittency, and the need for energy storage solutions. The market is undergoing significant changes, and new players are entering the market, with the energy mix predicted to rapidly shift towards power, synfuels, and hydrogen, representing 32% of the global energy mix by 2035 and 50% by 2050.

The global financial services market is expected to grow at a CAGR of 6% between 2023 and 2028, reaching $37.5 trillion by 2027. The market is highly fragmented, with a large number of small players operating in the market, and the top five competitors in the market made up to 4.32% of the total market in 2019. The financial services sector is accelerating its adoption of digital technology, and financial institutions and startups are sharpening their technology and expanding remote services.