Profitable, successful American industries are continuing to thrive in the New Year. The United States could potentially experience a significant economic turnaround in the coming years. Many unique markets and sectors are currently performing at an all-time-high. Plus, profits and sales are beginning to return to pre-pandemic levels. As a finance expert or investor yourself, you should know what successful markets to follow in 2023. This way, you can make a financial plan, predict market performance, and forecast global industry fluctuations. Read on to learn about the most profitable US industries and markets thriving worldwide.
The entertainment industry continues to thrive in 2023. Last year, the market was expected to reach nearly $7.5 billion. Revenue is predicted to continuously increase at a compounded annual growth rate (CAGR) of over 6.5% — surpassing $10 billion in the next five years. Altogether, the United States entertainment market is valued at more than $715 billion dollars. Of course, this accounts for roughly 7% of total gross domestic product (GDP). As a leading industry, the entertainment market currently employs more than 1.3 million Americans too. Surely, the entertainment industry is thriving in the US – as well as the rest of the globe in 2023.
Oil And Gas
The US oil and gas industry continues to show signs of upwards growth in 2023. Oil and gas innovations that reduce fluid transfer costs and minimize artificial lifting expenses have significantly impacted profitability. Thanks to technologies like fit-for-purpose Electric Submersible Pumps, market leaders in this field can maximize return on investment, accelerate production, and extend operating range. These advanced solutions are well-suited to the market’s most complex and challenging applications – such as heavy oil welling, surface fluid transfers, harsh environments, and unconventionals. Certainly, the oil and gas industry continues to thrive across the globe in 2023.
Online eCommerce Retail
The eCommerce retail is additionally driving the United States economy in 2023. Made up of major marketplaces that sell clothing, consumer staples, electronics, and other merchandise online – this industry is currently showing tremendous signs of growth. Rapid industry growth is largely fueled by secure payment process gateways, accelerated checkout processes, and convenient shopping. Also, more American households simply prefer shopping online, compared to going to a store. In the past five years, the eCommerce sector has grown at a yearly rate of approximately 15%. Indeed, examine how the online eCommerce retail market will continue to thrive in the new year.
The technology industry continues to play a dominant role in the United States economy. By the end of the decade, employment in information technology (IT) is expected to increase by over ten-percent. This is faster than nearly every other occupation in the American job market. With new innovations in mixed reality (MR), deep learning, big data, and cyber security – these tech professionals are always in high-demand. The rapid growth in this domestic industry has effected nearly every state in the US. Of course, it has especially impacted tech-driven economies in California, New York, Texas, and Massachusetts. Definitely, evaluate how the United States technology market will thrive in the new year.
The industry for grocery stores and supermarkets continues to rise in 2023. During the pandemic, these shops were classified as essential businesses. This allowed markets to remain open throughout the pandemic – generating sales, serving customers, and earning revenue. Naturally, this categorization has enabled market leaders and industry professionals to reach all-time-high performance levels in recent years. Industry expansion is also fueled by a constant rise in disposable income, motivation for premium groceries, and higher returns on individual items. Absolutely, look at how the United States market for grocery supermarkets is expected to grow in the new year.
There are several United States industries to watch in 2023. For a start, consider how the entertainment and media markets are driving economic growth across the country. In addition, the oil and gas sector continues to surge in 2023 – largely due to new powerful technologies like electric submersible pumps. You should also familiarize yourself with growth patterns and trends in the online eCommerce retail sector. Of course, there are also significant growth expectations stemming from the grocery supermarket industry. Industry innovation here comes from changes in customer shopping preferences, and increase of disposable income, and availability of new locations. You should also expect constant growth and innovation from the technology market. Advanced gadgets, futuristic virtual reality (VR) innovations, and powerful applications make this sector a dominant force. Follow the points above to learn about the most profitable US industries and markets thriving worldwide.