Global Biggest Industries by Employment in 2024

1. Global Commercial Real Estate

Employment number for 2024: 18,348,731

The Global Commercial Real Estate industry has declined over the past five years. Specifically, investor confidence slightly declined over the same period as COVID-19 severely constricted demand. As a result, industry revenue is expected to slightly decline an annualized 2.5% to $4.3 trillion over the five years to 2023, including an anticipated increase of 1.6% in 2023 as the economy recovers from the coronavirus pandemic.

The growth of a country's economy tends to boost industry revenue since business expansions and higher consumer spending often creates demand for industry services, such as office leasing, sales and brokerage services. The strong expansion of... Learn More

2. Global Consumer Electronics Manufacturing

Employment number for 2024: 17,828,885

Over the current period, consumer electronics manufacturers have faced declines. The outbreak of COVID-19 lowered consumer spending, manufacturing output and trade volumes in 2020. Many of the largest manufacturers have faced declines as competition from one another and smaller manufacturers has increased. Overall, industry-wide revenue has been falling at a CAGR of 0.3% over the past five years and is expected to total $1.6 trillion in 2023, when revenue will jump by an estimated 2.6% and profit will dip to 3.5%.

Semiconductor shortages have negatively impacted consumer electronics manufacturers, leading to climbing smartphone prices. Higher smartphone prices and only incremental... Learn More

3. Global Fast Food Restaurants

Employment number for 2024: 12,691,365

Over the five years to 2023, the Global Fast Food Restaurants industry has expanded despite changing consumer tastes and a recovering global economy. As disposable income rose, consumers increased spending on luxuries, such as eating out, boosting industry revenue. The industry also experienced steady and growing demand from emerging economies, which boosted the industry's overall performance. During the current period, the industry has also been forced to adapt to increasingly health-conscious consumer preferences. While major fast food retailers have responded by expanding the number of healthy options on their menus, the general trend toward health awareness has hurt overall demand... Learn More

4. Global Tourism

Employment number for 2024: 11,769,965

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

5. Global Apparel Manufacturing

Employment number for 2024: 11,434,364

Global apparel manufacturers have benefited from strengthening consumer spending in developed economies combined with rapidly growing emerging economies in recent years. However, sudden changes in how consumers shopped worldwide following the COVID-19 pandemic shifted its trajectory. Dips in global consumer spending and lockdowns dropped production at factories. Even as economies reopened, bottlenecks and supply chain woes punctured footwear production globally, while rising costs for everything from cotton to crude oil shot up production costs. Uneven economic recoveries, recession concerns and inflation continue to strain performance despite surging consumer demand. In all, industry-wide revenue has been declining at a CAGR of... Learn More

6. Global HR & Recruitment Services

Employment number for 2024: 10,937,141

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

7. Global Auto Parts & Accessories Manufacturing

Employment number for 2024: 9,610,000

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

8. Global Engineering Services

Employment number for 2024: 8,207,567

Engineering companies apply the physical laws and principles of engineering to design and develop structures, machines, materials, instruments and other processes and systems. Services also include providing advice, feasibility studies, designs and technical services for construction or development. The performance of the industry relies on investment trends and the overall health of the economy to fuel projects where engineering services are needed. Strong investment in major markets, such as the United States, Europe and East Asia, has driven industry growth in recent years. Global engineering services revenue has been expanding at a CAGR of 3.9% over the past five years... Learn More

9. Global Hotels & Resorts

Employment number for 2024: 7,688,845

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 2024: 7,270,342

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