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1. Banking or Financial services

Market value: $22.5 trillion

Topping the list of the 10 biggest industries in the world in 2021 is financial services. The finance industry supported the rest of the industries on the list to financially survive the effects of the pandemic recession. The consequences of the COVID-19 pandemic pushed a sudden increase in digitization and digital participation in financial services in 2020. During the surge of the virus, there has been increasing use of digital wallets and online bills payment. In a survey published in April 2020 by The Strawhecker Group and Electronic Transactions Association, 27% of U.S. small businesses have seen an increase in customers using contactless payment apps. Even after the pandemic, 74 % of global customers claim they will use contactless payment systems as it is the new norm.

The year 2020 was one of the strongest years for the financial service business of PayPal Holdings Inc (NASDAQ: PYPL). The company had revenue of $21.45 billion in 2020 and processed a total of 15.4 billion payment transactions. In October 2020, PayPal started offering crypto services on its platform.

Although the pandemic caused Mastercard Inc (NYSE: MA) and Visa (NYSE: V) some short-term distress, the companies are thriving as they are shifting towards digital payments.

Trillion Dollar Zeitgeist: The World's 10 Richest Industries During the last year - as always - billions upon billions of dollars have been spent in various areas such as military spending, the war on drugs, healthcare… That's just to name a few. But exactly

BY ALEX MATSUO PUBLISHED JAN 09, 2014

During the last year - as always - billions upon billions of dollars have been spent in various areas such as military spending, the war on drugs, healthcare… That's just to name a few. But exactly how much money is circulating in the world today, and which big industries claim most of the world's wealth? The 'Information is Beautiful' have pulled statsistics from all over the world - from scientific studies, to government reports, to World Bank figures - to compile their annual “Billion Dollar-o-Gram”. The results, depicting the richest industries in the world today, are both surprising and a bit intimidating.

For some time now, the more jaded and cynical among us have been convinced that it isn’t the politicians running the world, but in fact the corporate industries are the ones who line the pockets of the government. Big money industries are pulling the strings, these cynics might claim, to ensure favourable bills are passed or denied. While we're not making that political point here, when you read how much money each industry is making it will almost certainly give you food for thought - especially if you’re a conspiracy theorist.

It's no surprise that some of the richest industries in 2013 are all based on at least one asset that we use in our lives every day. From computers to entertainment, to oil, to shopping, there isn’t an industry on this list that isn't universally applicable. The biggest industries in the world - and the ones that make the most money - are the industries that we give our hard-earned money to out of necessity, desire, or a nice mix of the two.

We at TheRichest are fascinated by money, not just for its material value but for the stories behind it - for what it so often represents. And indeed, the richest industries in the world that feature on our list tend to also be the most valuable, and that’s not from a monetary standpoint. They're value lies in the fact that they're needed to help society advance and function smoothly, and to connect us all with people around the world from the comfort of our own home. We've broken down the billion-dollar-0-gram to bring you information on ten of the biggest, wealthiest industries in the world which we believe, together, give a snapshot of the nature of the modern human race.

11 - BP - $132 Billion

According to Financial Times Global 500, BP (formerly known as British Petroleum) earned about $132 billion in their 2012-2013 year. This multinational oil and gas company made headlines in 2010 with the famous oil spill, now famously called the Deep Water Horizon Oil Spill, which is now considered to be one of the worst oil disasters in history. In the same year, BP had to deal with the Texas City Chemical Leak that resulted in 530,000 pounds of chemicals being released into the air in Texas City. Regardless of the setbacks and settlements, BP is still going strong and our reliance on oil - sadly, however immorally obtained - is still enormous. Until we become a society of sustainable, renewable energy users, the oil industry / oil magnates is likely to hold strong as one of the wealthiest industries in the world.

10 - EBay - $175 Billion

9 - Google - $187 Billion

Since its founding in 1998, Google generates most of their profits from AdWords and has become one of the main companies used by billions around the world - not only for their online experience, but also to help guide them through everyday life. Entering 2013, Google's market value was over $187 billion; as a company so deeply entrenched in our digital infrastructure, it seems this company's wealth can only keep growing.

8 - Microsoft - $224 Billion

7 - Walmart - $228 Billion

6 - Worldwide TV Industry - $364 Billion

5 - Apple, Inc - $500 Billion

4 - Big Pharma - Global Pharma Market - $950 Billion

3 - OPEC Revenue - $1027 Billion

Oil featured with BP earlier on our list, and here it is again at number two. The Organization of the Petroleum Exporting Countries earned over $982 billion in net oil export in 2012, and the number jumped significantly in 2013. There is no doubt that the world depends on oil not only for automobiles, but for machinery, heating, and more. Wars have been started over oil, and fortunes are made with the discovery of oil. It should be no surprise that the oil industry is the most well-known, profitable - and arguably notorious market in the world. Countries depend on oil to function, and costs continue to rise every year with rumours that the oil is beginning to run out. Once that time comes, it’s difficult to predict how society will function. But one things for certain; as long as we still need oil, this industry will remain one of the most lucrative on earth.

1. Alcohol Industry - $1161 Billion

Of this larger valuation of the industry at over $1000 billion, beer actually makes up for $523 million of the total - almost half of the overall value of the alcohol industry. Despite growing concerns of alcohol dependency and the existence of programs such as Alcoholics Anonymous, this is one the oldest industries and bets are it will continue to stay stable at the top of our list.

https://www.therichest.com/rich-powerful/trillion-dollar-zeitgeist-the-worlds-10-richest-industries/

2. Construction Market value: $12.5 trillion

Ranking 2nd on the list of the 10 biggest industries in the world in 2021 is the construction sector. The construction industry accounts for approximately 13% of the world’s GDP. It serves the world by building houses, schools, malls, mills, factories, roads, and infrastructures. Although the construction industry is worth trillions of dollars, the sector has grown only 1% in the last 20 years. The construction industry has faced challenges in 2020 mainly due to the temporary halt of manufacturing facilities for construction materials. But the industry is to come back bigger and stronger with nations pushing for zero-net emissions by 2050. Biden’s $2 trillion initiative to develop carbon-free power production by 2035 is one of the industry’s growth drivers.

D.R. Horton, one of the largest homebuilders in the United States, thrived through the pandemic, as demand remained high despite a small supply of affordable homes. D.R. Horton Inc made a net sales of $6.4 billion building 20,418 homes in the first quarter of 2021. Shares of D.R. Horton Inc (NYSE: DHI) increased by 189.8% over the past twelve months.

Lennar Corp (NYSE: LEN) is also a leading US-based house construction company. The Miami-based construction company built over 52,000 homes in 2020 making a total revenue of $22.5 billion. Shares of LEN increased by 226.5% over the past twelve months.

3. Commercial Real Estate Market value: $9.6 trillion

Surviving the pandemic, the commercial real estate sector ranks 3rd on the list of the 10 biggest industries in the world in 2021. Commercial real estate offices shifted to digital operations due to the lockdown. Due to economic deflation and an unpredictable pricing climate, global commercial real estate deal volume fell 36% year over year to $306 billion in the second quarter of 2020.

Brookfield Asset Management (NYSE: BAM) is the world’s largest real estate company headquartered in Toronto, Canada with $602 billion total assets under management and $77 billion deployable capital. Shares of BAM increased by 64% over the past twelve months.

Zillow Group (NASDAQ: Z), based in Seattle, is an e-commerce site for commercial real estate where a consumer can buy, rent, sell a property. The Zillow Group owns a range of rental and purchases listing sites and applications and it makes revenue by offering property management companies to promote their listings. In the fourth quarter of 2020, Zillow’s revenue amounted to $789 million with over 2.2 billion website visits. Shares of Z increased by 446% over the past twelve months.

Market value: $9.09 trillion

Ranking 4th on the list of 10 biggest industries in the world in 2021 is the e-commerce industry which hit an all-time high of 16.4% of overall global retail sales as countries locked down and stores were forced to close based on data from McKinsey. In the first half of the decade, the global e-commerce market is projected to expand at a compound annual growth rate of 8.1%, with Asia Pacific, Europe, and the Middle East rising faster than the United States.

Chinese e-commerce giant Alibaba Group Holding (NYSE: BABA) holds the largest market for online retail shopping globally as it operates through Taobao.com (15%) and Tmall.com (14%) while the largest online retail company in the US, Amazon.com (NASDAQ: AMZN) accounts for 13% of the global market. Alibaba’s revenue in the quarter that ended in December 2020 was $29.9 billion in the core commerce alone.

5. Life and Health Insurance Market value: $8.45 trillion

The health insurance industry ranks 5th on the list of the biggest industries in the world in 2021. According to Deloitte’s industry study, the life and health insurance industry will expand by 3% in 2021, but volume will not return to where it was before until after the fourth quarter of 2022. Even in the middle of a pandemic, the life and health insurance industry remained resilient as they continued doing business over video conferencing platforms. According to a survey conducted by LIMRA, 98% of financial services respondents believe their customers are becoming more interested in purchasing services online and using video engagement tools.

One of the biggest insurance providers Prudential Financial Inc. (NYSE: PRU) provides services online where the consumers will be guided by a financial advisor in purchasing their insurance digitally. On top of that, Prudential has lowered the paramedical test criteria for new life plans with a face value of $3 million or less in certain cases to limit in-person appointments. Shares of PRU increased by 110% over the past twelve months. In 2020, the company’s revenue was $57 billion.

Cigna Corp (NYSE: CI) is one of the largest health insurance companies with over 70,000 employees serving clients worldwide. The company is one of the biggest health insurers that benefited the most from the pandemic. Cigna had revenue of $160.4 billion in 2020. Shares of CI increased by 69% over the past twelve months.

https://www.insidermonkey.com/blog/5-biggest-industries-in-the-world-in-2021-925230/

6. Information Technology Market value: $5 trillion

Ranking 6th on the list of the biggest industries in the world in 2021 is the information technology sector. The information technology sector has helped businesses survive the pandemic recession. According to the research firm IDC, the global information technology industry is set to hit $5.2 trillion in 2020. The emerging tech sectors including the Internet of Things, quantum computing, SaaS and PaaS, robotics, augmented/virtual reality, AI applications, data analytics, and next-gen security software are the main drivers for revenue growth. Cloud computing landed the most applied branch of technology during the pandemic.

According to Markets and Markets' in-depth market research, the global cloud computing industry was valued at $371 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 17.5% to $832 billion by 2025. The biggest cloud computing players are Microsoft Azure (NASDAQ: MSFT), AWS (NASDAQ: AMZN), and Google Cloud Platform (NASDAQ: GOOG). Microsoft is the most valuable cloud computing company in the world. In the second quarter of 2021, the company had revenue of $43 billion where revenue in the cloud business alone was $14.6 billion. Shares of MSFT increased by 68.8% over the past twelve months.

7. Food Industry Market value: $5 trillion

Ranking 7th on our list of the biggest industries in the world in 2021 is food and agriculture. The world saw a huge uptick in food spending through online channels after the COVID-19 crisis. American food company Tyson Foods Inc (NYSE: TSN) which offers chicken, beef, pork, and frozen meals had a revenue of $10.5 billion in the first quarter of 2021, down from $10.8 billion in 2020. Shares of TSN increased by 72.8% over the past twelve months.

While Uber Technologies Inc (NYSE: UBER) is not a food manufacturer, we listed the company under the food sector because of UBER’s strong food delivery business. Uber Eats is now larger than the primary ride-hailing service of the company with delivery gross bookings of $10 billion in the fourth quarter of 2020. Shares of UBER jumped by 280% over the past twelve months.

8. Oil and Gas E&P Market value: $4.6 trillion

The global oil and gas exploration and production industry account for 3.8% of global GDP in 2019, which is a significant portion of the global economy. Companies that specialize in crude petroleum exploration, mining and extraction of oil from shale or sands and hydrocarbon liquids recovery make up this sector. The oil industry was heavily impacted by the pandemic where the price of crude oil crashed in 2020.

Saudi Aramco, the most valuable oil and gas company in the world, was not safe from the impacts of COVID-19. Due to stifled demand and a decline in crude prices, the oil giant posted a net income of $11.8 billion in the third quarter of 2020, a sharp decrease of 44% from the previous year.

ExxonMobil (NYSE: XOM) had a revenue of $20 billion in the upstream sector in 2020. XOM’s oil and gas business faces uncertainty with the volatility of the market. But the company commercialized its carbon capture and storage technology, ExxonMobil Low Carbon Solutions, intending to achieve zero net emissions. Shares of XOM increased by 79.2% over the past twelve months.

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9. Automobile Manufacturing Market value: $3 trillion

Ranking 9th on the list of the 10 biggest industries in the world in 2021 is automotive manufacturing. The year 2020 was horrible for the auto industry due to manufacturing restrictions. According to new data from Inovev, global automotive manufacturing dropped by 21% in the first ten months of 2020 as a result of the coronavirus outbreak, compared to the same period in 2019. On the other hand, electric vehicles (EVs) are gaining demand in the European Union as government offers cash incentives. In Germany, privately-held EVs registered before the end of 2020 will be eligible for a 10-year tax exemption, while EVs with an original cost under €40,000 will be entitled to a €9,000 subsidy until December 2021. Electric vehicle purchasers in France could be eligible for up to €12,000 in subsidies.

Automotive maker Ford Motor Co (NYSE: F) is one of the largest car manufacturers in the world which plans to dominate the rising EV market in the EU among other automakers such as Volkswagen and BMW. In February 2021, Ford was able to deliver over 3,700 units of its all-electric SUV Mustang Mach-E across the US. Ford’s revenue in 2020 came in at $127 billion, down from $155.9 billion in 2019. Shares of F increased by 182% over the last twelve months.

10. Telecommunication

Market value: $1.74 trillion

One of the biggest industries in the world in 2021 is telecommunications. The rise of work-from-home trends and in-house entertainment have resulted in a surge in data traffic. The industry is the lifeline for millions of small businesses and individuals working remotely or online. The trillion-dollar industry is driven by the increasing demand for 5g network and internet services.

In 2020, T-Mobile US (NASDAQ: TMUS) achieved $68 billion in total revenue, up from $45 billion in 2019. The Washington-based wireless giant launched its nationwide 5g network in 2020. On the other hand, AT&T (NYSE: T) is the largest telco in the US accounting for approximately 40% of the market. The company’s revenue in 2020 was $171.8 billion.

https://finance.yahoo.com/news/10-biggest-industries-world-2021-150703784.html