10 Biggest Industries In the World (2022)

The recent tech revolution in the global economy has led to massive growth in the global economy, created a few new industries and sent a few into extinction. The revolution has also led to advancements in various industries especially technology, science and health, and manufacturing, creating billions of Jobs worldwide. In light of this observation, we have compiled the 10 biggest industries in the world in 2022.

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1. Financial Services

The finance industry is the biggest industry in the world, with an estimated market capitalization of $22.5 trillion. As the name suggests, the financial services sector provides financial services to people and corporations. This industry is arguably the most important sector of the global economy, as its services are broadly needed in other industries.  Some of the biggest companies in the Finance Industry include Berkshire Hathaway, Allianz, China Construction Bank, AXA ICBC and JP Morgan Chase.

2. Construction

The construction industry, with a market capitalization of $12.5 trillion takes second place among the biggest industries in the world in 2022. The industry whose major function involves building, repairing, renovating, and maintaining infrastructures accounts for approximately 13% of the world’s GDP. Some of the biggest companies in this industry are the ACS Actividades de Construcción y Servicios S.A, Hochtief Aktiengesellschaft, VINCI and China Communications Construction Group.

3. Real Estate

Taking third place among the biggest industries in the world in 2022 is the real estate industry. The industry with a market capitalization of $9.6 trillion is an offshoot of the success of the construction industry. It involves the development, sales, marketing, brokerage and management of commercial and residential properties. The industry fluctuates depending on the economy but at the same time remains consistent since people always need homes and businesses need commercial space.

4. E-commerce

E-commerce is the act of buying and selling goods and services over the internet. The industry operates in different types of market segments and can be conducted over computers, tablets, smartphones, and other smart devices. With an estimated market capitalization of $9.09 trillion, the e-commerce industry takes the fourth place among the biggest industries in the world in 2022. Top players in the industry include Alibaba, Amazon, eBay, Rakuten and many more.

5. Insurance

The Insurance Industry takes fifth place among the biggest industries in the world, with an estimated market capitalization of $8.45 trillion. The insurance sector is made up of companies that offer risk management in the form of insurance contracts. This involves an insurer guaranteeing payment for an uncertain future event, while the insured pays a smaller premium to the insurer in exchange for the protection on that uncertain future occurrence. The insurance industry is generally regarded as a slow-growing, safe sector for investors.

6. Information Technology

The information technology sector is not just one of the biggest industries in the world in 2022, but one of the most crucial sectors in the global economy. The industry with an estimated market capitalization of $5 trillion is essential to the functioning of today’s society.  The Internet of Things, quantum computing, SaaS and PaaS, robotics, augmented/virtual reality, AI applications, data analytics, and Cloud computing are all a result of the industry. Some of the biggest dogs in the industry include Google, Apple, IBM, Oracle Microsoft and many more.

7.  Food Industry

Ranking 7th on our list of the biggest industries in the world in 2022 is food and agriculture. The industry is the complex network of farmers and diverse businesses that together supply much of the food consumed by the world population.  The food industry with an estimated market capitalization of $5 trillion covers all aspects of food production and sale. Some of the biggest players in the industry include Cargill, Archer Daniels Midland Company and Nestle.

8. Oil and Gas

The Oil and Gas sector with an estimated market capitalization of $4.6 trillion takes eighth place among the top 10 biggest industries in the world in 2022. The industry specializes in crude petroleum exploration, mining and extraction of oil from shale or sands and hydrocarbon liquids recovery. According to a report, the industry accounts for 3.8% of global GDP annually, which is a significant portion of the global economy. Saudi Aramco, Exxon Mobil, Chevron, Shell, and PetroChina are the biggest companies in the industry.

9. Automotive Industry

The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the biggest industries in the world, with an estimated market capitalization of $3 trillion. According to a report, the industry contributes roughly 3 per cent of all GDP output, annually. Some of the biggest companies in the industry are Ford Motors, Tesla, Toyota Volkswagen and many more.

10. Telecommunication

Concluding the list of the biggest industries in the world is Telecommunication, with an estimated market value of $1.74 trillion. This industry involves companies (telephone operators, satellite companies, cable companies, and Internet service providers) that make communication possible on a global scale. These companies have the infrastructure that allows data in words, voice, audio, or video to be sent anywhere in the world. Some of the largest companies in the sector are AT&T, Verizon, T Mobile and Nippon Telegraph & Telephone Corp.

Summary

For the sake of emphasis here is a summary of the10 biggest industries in the world in 2022.

1. Financial Services – $22.5 trillion
2. Construction – $12.5 trillion
3. Real Estate – $9.6 trillion
4. E-commerce – $9.09 trillion
5. Insurance – $8.45 trillion
6. Information Technology – $5 trillion
7. Food Industry – $5 trillion
8. Oil and Gas  – $4.6 trillion
9. Automotive Industry – $3 trillion
10. Telecommunication – $1.74 trillion