You have to hand it to the good folks at Spotify who have made top 10 lists all the rage thanks to their Spotify Wrapped lists. For those of you who may not be familiar, each year around the beginning of December, Spotify sends each of their listeners a personalized list showing the five musicians, the five songs, and the musical genre that they listened to the most throughout the year.
It is in that same nostalgic spirit that we pulled together this year’s Vertical IQ Wrapped: the Vertical IQ Industry Profiles that were most-viewed by our users in 2024! Are there any that surprise you in this list?
10. Trucking companies
The 147,000 trucking companies in the U.S. provide transportation services for a wide variety of goods. The majority of truck loads are full truck loads (TL), meaning a single customer fills the entire trailer. About 27.5% of loads are less-than-full truck loads (LTL), where freight from multiple customers is consolidated into one trailer.
High failure rate
Small trucking start-ups have a high failure rate, with an estimated 85% failing before their second year of operation, according to the National Association of Small Trucking Companies.
Limited driver hours
The federal hours of service (HOS) rules dictate how long a driver can be on duty and behind the wheel.
9. Commercial building contractors
The 40,500 commercial building contractors in the U.S. coordinate resources and manage the building process for industrial, commercial, and institutional projects. About 71% of contractors are sole proprietors or entities without workers on payroll. Most commercial building contractors rely heavily on subcontractors.
Dependence on subcontractors
Commercial building contractors are dependent on subcontractors for specialized activities, such as electrical, plumbing, or mechanical work.
Competitive pricing environment
Most commercial construction jobs are competitive bidding situations, and price is a major deciding factor in which commercial contractor obtains the job.
8. Lessors of residential buildings
The 54,000 lessors of residential buildings and dwellings in the U.S. lease single-family homes, apartment buildings, and townhomes. The industry includes owner-lessors and firms that rent real estate and subsequently sublet the property to others.
Vulnerability to trends in the housing market and economy
The housing market is cyclical, and market conditions affect property income and values, and the ability to collect rent.
Capital-intensity of operations
The residential owner-lessor business is extremely capital intensive.
7. Law firms
The 159,000 law practices in the U.S. provide advocacy and advisory services to businesses, non-profit organizations, individuals, and government agencies. The practice of civil law accounts for 94% of the legal industry’s revenue, while criminal law accounts for only 4%.
Client cost-cutting
Businesses have cut their legal budgets, resulting in reduced spending on outside legal services.
Alternative fee arrangements
Driven by client demands for cost containment, firms are offering alternatives to the traditional billable hour model.
6. Landscaping services
The 113,000 landscaping services firms in the U.S. provide planting, fertilizing, mowing, leaf and snow blowing, edging and trimming, construction, cleaning, and pest removal services for commercial and residential customers. Landscaping for commercial properties makes up 53% of industry sales. Residential areas account for 33% of sales but are often the sole focus of small landscaping firms.
Ongoing equipment costs
Landscaping firms need money to purchase, maintain, and repair quickly depreciating equipment.
Worker documentation
Landscaping services rely on unskilled, low-wage workers to keep overhead low.
5. Full-service restaurants
The 219,000 full-service restaurants in the U.S. provide food services to patrons who order and are served by wait staff while seated and pay after eating, a practice known as “table service.” Firms may also offer catering services, food and beverage for off-premise consumption, and non-theatrical entertainment. The full-service restaurant industry includes chains, franchises, and independent operators.
Uneven demand
Customer traffic at full-service restaurants can vary by day of the week and time of day.
High labor turnover
Full-service restaurant operations are labor-intensive, and the quality of service is highly dependent on staff.
4. Restaurants
The 441,694 restaurant companies in the U.S. include full-service restaurants, quick-service restaurants (fast food, snack and non-alcoholic beverage bars), fast-casual restaurants, grills, buffets, and cafeterias. Franchise restaurants are individually owned and operated and benefit from marketing and operational assistance provided by a franchisor.
Competition for the food dollar
While the restaurant industry is highly competitive, eating establishments also compete with convenience stores, grocery stores, warehouse clubs, and home-cooking.
Emphasizing health and sustainability
Increasing consumer concern for health and the environment has led to growing demand for healthier and more sustainable restaurant menu options.
3. Auto repair shops
The 79,000 automobile repair shops in the U.S. fix vehicles with mechanical problems or restore a vehicle after a collision. The automobile repair industry is highly fragmented. Most out-of-warranty vehicles are repaired at independent shops. A vast majority of independent service shops are family-owned.
Declining collision sector
Once a highly-profitable segment, the collision and body repair sector is in what some industry experts have termed “irrevocable decline.”
Competition from dealers
Car dealerships are increasing their efforts to service and repair vehicles of all types.
2. HVAC plumbing contractors
The 105,000 HVAC and plumbing contractors in the U.S. provide installation, repair, and maintenance services for air handling and water management systems. Just over 60% of HVAC and plumbing contractors are solo operators. Contractors may specialize in residential, commercial, institutional, or industrial service.
Dependence on construction industry
Demand for HVAC and plumbing services is highly dependent on trends in the construction industry.
Increasing sophistication of HVAC systems
Demand for improved efficiency in the non-residential market has led to increasingly complex HVAC systems and automated monitoring programs.
1. Dental practices
The 122,700 dental practices in the U.S. are in the business of providing “oral health,” including hygiene or preventative care, restorative treatments, and oral surgery. 78% of dentists are in general dentistry, while orthodontists represent 5%, and oral surgeons and pediatric dentists each represent 4%. The rest are specialty practices, such as endodontists or periodontists. About half of dentists are in solo practices.
Weak economy lowers demand
Demand for dental services had been thought to be “recession-proof,” but the past recession and recent pandemic saw a drop in dental appointments and billings.
New treatment technologies
Technological advances continue to increase quality, enhance patient comfort, and speed the delivery of dental treatments.
Wondering how this top 10 ranking compares to last year’s most-viewed profiles? Check out 2023’s Industry Profile rankings.
As we bid farewell to this year and look ahead to 2025, we at Vertical IQ would like to extend our appreciation to our loyal customers and partners, as well as our own team of incredible teammates, all of whom have helped make this year a tremendous success. Wishing you and yours a joyful holiday season and a prosperous 2025!
All of the industry information found in this post came directly from Vertical IQ’s Industry Profiles. If you want even more in-depth Industry Intelligence on these and hundreds of other industries, contact us today to get started!