Key Highlights
- The tertiary industry accounts for approximately 63% of global GDP as of 2022
- In developed countries, the tertiary sector comprises over 70% of employment
- The value added by the global tourism and hospitality industry reached $4.7 trillion in 2022, representing 5.4% of the world GDP
- The education services sector within tertiary industries generates approximately $6 trillion annually worldwide
- The health care and social assistance sector makes up about 8% of the UK’s GDP
- The financial services sector is responsible for roughly 12% of GDP in the United States
- E-commerce logistics, a part of the tertiary industry, grew by 15% annually from 2019 to 2022
- The global professional, scientific, and technical services industry grew by an average of 4% annually from 2018 to 2022
- The retail sector within tertiary industries employs over 600 million people worldwide
- The personal services segment of the tertiary sector sees annual growth of about 3.5%
- The global real estate services market size was valued at approximately $11 trillion in 2021
- The telecommunications sector contributed around 4% to global GDP in 2022
- In 2023, the global airline industry revenue was approximately $538 billion, accounting for services in the tertiary sector
Did you know that the tertiary industry now accounts for approximately 63% of global GDP, driving a diverse and rapidly expanding economic landscape that shapes our daily lives in countless ways?
Economic Sectors and Industry Contributions
- The tertiary industry accounts for approximately 63% of global GDP as of 2022
- In developed countries, the tertiary sector comprises over 70% of employment
- The education services sector within tertiary industries generates approximately $6 trillion annually worldwide
- The health care and social assistance sector makes up about 8% of the UK’s GDP
- The global professional, scientific, and technical services industry grew by an average of 4% annually from 2018 to 2022
- The retail sector within tertiary industries employs over 600 million people worldwide
- The telecommunications sector contributed around 4% to global GDP in 2022
- In 2023, the global airline industry revenue was approximately $538 billion, accounting for services in the tertiary sector
- The global advertising market is projected to reach $794 billion by 2024, a key component of the tertiary industry
- The proportion of tertiary industry employment in China increased from 36% in 2000 to over 54% in 2022
- The global information technology services sector is worth over $1.5 trillion, with a growth rate of approximately 7% annually
- The global conference and exhibition industry generates roughly $30 billion annually, with continued annual growth of around 4%
- Personal care and beauty services contributed approximately $550 billion to the global economy in 2022
- The global pet care services market is valued at around $232 billion and is expected to grow annually by 6.4% through 2026
- The global landscape architecture and urban planning industry generates around $45 billion annually
- The global legal services industry generates over $800 billion in revenue per year
- The largest share of tertiary industry employment is in wholesale and retail trade, comprising approximately 28% of tertiary employment globally
- The global sports event management industry is valued at around $80 billion, with an annual growth rate of about 5%
- The global event planning industry was valued at $6 billion in 2023, with expected growth of 4% annually
- Over 50% of the world's population now resides in urban areas where tertiary service industries dominate economic activity
- The tourism sector contributed approximately 10% of global GDP in 2022, supporting a vast network of tertiary services
- The global event security services industry is expected to reach $15 billion by 2025, reflecting increased demand for safety at large events
- The global digital marketing industry is valued at over $330 billion in 2023, with continuous annual growth, heavily influencing advertising services
- The global public relations industry is projected to grow to $22 billion by 2024, playing a significant role in tertiary services
- The global franchise industry, a major component of retail services, generated an estimated $163 billion in sales in 2022
- The global recycling management services sector is valued at over $50 billion and is growing as part of tertiary environmental services
- The global education services market, including private tutoring and university education, was valued at over $6 trillion in 2022
- The global mobile app market, which services various tertiary industry sectors, surpassed $350 billion in 2022, a growth rate of 14%
- The global rental services market, including equipment and property rentals, is estimated to be worth around $2.5 trillion in 2023
- The global conference and convention center industry generates revenues of approximately $25 billion annually, with steady growth
- The global digital payments industry, which supports tertiary services like retail and transportation, exceeded $10 trillion in transactions in 2022
- The global professional training and coaching services industry grew by 6% in 2022, reaching over $320 billion
- The worldwide demand for sustainability consulting within the tertiary industry increased by 12% in 2022, reflecting growing eco-conscious consumer behavior
Economic Sectors and Industry Contributions Interpretation
Entertainment
- The entertainment and media industry (a part of tertiary services) is projected to reach $2.4 trillion globally by 2023
Entertainment Interpretation
Entertainment, and Personal Services
- The global music streaming sector, a part of the entertainment industry in tertiary services, crossed $30 billion in revenue in 2022, with an annual growth rate of around 18%
Entertainment, and Personal Services Interpretation
Financial Services and Business Support
- The financial services sector is responsible for roughly 12% of GDP in the United States
- The financial technology (fintech) sector within tertiary industries saw a growth of 23% in 2022, reaching a total valuation of over $310 billion
Financial Services and Business Support Interpretation
Real Estate, Logistics, and Infrastructure
- E-commerce logistics, a part of the tertiary industry, grew by 15% annually from 2019 to 2022
- The global real estate services market size was valued at approximately $11 trillion in 2021
- The logistics services sector within tertiary industries is projected to grow at 6% annually through 2025, reaching over $1.2 trillion globally
- The global courier and logistics segment within tertiary industries is expected to grow by 7% annually through 2025, reaching over $800 billion
Real Estate, Logistics, and Infrastructure Interpretation
Technology and Digital Industry Developments
- The global cybersecurity services market was valued at approximately $150 billion in 2022 and is expected to grow annually by 10%
- The education technology (EdTech) industry experienced a 17% CAGR from 2018 to 2023, reaching a market size of over $350 billion
- The global online education market is projected to reach $350 billion by 2025, with online degree programs being significant contributors
- The global cloud computing services industry grew by 19% in 2022, reaching a valuation of over $300 billion, influencing service reliant tertiary sectors
Technology and Digital Industry Developments Interpretation
Tourism
- The health tourism market is projected to reach $60 billion by 2030, driven by healthcare services
- In 2022, the global hotel industry generated roughly $600 billion in revenue, demonstrating significant recovery post-pandemic
Tourism Interpretation
Tourism, Entertainment, and Personal Services
- The value added by the global tourism and hospitality industry reached $4.7 trillion in 2022, representing 5.4% of the world GDP
- The personal services segment of the tertiary sector sees annual growth of about 3.5%
- The global beauty and personal care industry is forecasted to grow to $716 billion by 2025, driven largely by service sector growth
- The global coffee shop industry is valued at over $45 billion worldwide, with customers primarily seeking tertiary hospitality services
Tourism, Entertainment, and Personal Services Interpretation
Sources & References
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