LONDON, Jan. 17, 2020 /PRNewswire/ — The retail and wholesale market will be the world’s largest market in 2020 at $73,571 billion. Looking forward, the retail and wholesale market is expected to reach a value of nearly $96,511 billion by 2023. The growth is due to increasing disposable income, low oil prices, emerging markets growth, and technology development. Asia-Pacific owns the biggest share of the retail market with a forecast of $35,593 billion this year, as per the data in the Global Market Model.
At quite a distance from the first, ranking second is the financial services market (https://www.globalmarketmodel.com/financial-services.aspx), consisting of the revenues of financial or money related services by entities that engage in activities such as lending, investment management, insurance, brokerages, payments, and fund transfer services. The financial services market is expected to reach a value of nearly $29,035 billion by 2023. The growth is due to the increasing demand for insurance and loans, increasing demand in end user investments, and global economic growth.
The figures are based on the Global Market Model’s data, showing the Top Ten Markets which are grounded on information from noteworthy trends, drivers, and restraints to forecast the next ten years. This article summarizes the largest global markets as forecasted for the inaugural year, 2020.
The construction market comes third, with the buildings construction segment making the biggest contribution at $7,149 billion. The global construction market is expected to grow to nearly $17,076 billion by 2023. Growth in the historic period resulted from strong economic growth in emerging markets, low interest rates, and technological advances; it looks to carry forward in a similar manner.
Fourth is the services market, where Asia Pacific takes the lead with $4,317 billion. The services market is expected to reach a value of nearly $15,772 billion by 2023. The growth is due to increased disposable income in many developed and developing countries, which is driving the demand for personal, commercial, and real estate services.
At fifth place, the agriculture market consists of sales of animal and crop produce and other support services by entities that are involved in animal produce, crops, and rural activities. The agriculture market is expected to reach a value of nearly $14,038 billion by 2023. The growth is due to the low interest rate environment, emerging markets growth, and global economic growth.
Following these markets by size are the information technology market to be at $8,495 billion in 2020, the healthcare services market to be at $7,614 billion, the metal and mineral manufacturing market to be at $7,158 billion, the paper, plastics, rubber, wood and textile manufacturing market to be at $7,063 billion, and the oil and gas market to be at $6,985 billion in 2020.
The market sizes here are based on the gains each industry has made through the revenue it is generating. All the data for these rankings has come from our Global Market Model– the world’s most comprehensive database of integrated market information.
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