The Rise of Digital Nomads is Creating a Runaway Industry

The digital nomad lifestyle, once a niche choice, has become more mainstream in recent years. According to a recent article published by BBC Worklife, this shift is not only changing how many people work and live their lives, but it also is creating countless business opportunities. 

The numbers speak for themselves. According to the 2023 Digital Nomads Report published by MBO Partners, 17.3 million U.S. workers identify as digital nomads, with another 24 million aspiring to adopt the lifestyle in the coming years.  

One estimation from an independent 2023 survey stated that digital nomads contribute a staggering $787 billion to the global economy annually. 

This surge in popularity has led to a boom for businesses that specifically cater to digital nomads, according to BBC. SafetyWing, a startup offering travel health and medical insurance for remote workers, was cited as a prime example. The company is reported to have seen earnings of $24 million last year. Similarly, Selina was cited as another success story of a business capitalizing on the nomad boom. The global chain of hostels specifically targets digital nomads and saw its revenue jump to $183.9 million in 2022 — marking a reported 98.3% growth from the previous year. 

Social media has become a necessary tool for reaching the digital nomad community. These tools offer networking opportunities, job listings, and community-building groups tailored to remote work.  

With hybrid and remote work remaining popular around the globe, work and travel continue to become intertwined. The digital nomad trend seems poised for further growth as many countries around the world are now offering digital nomad visas — all competing to attract this new source of income and talent to their borders. Even Japan, a country traditionally known for having stricter policies, is considering digital nomad visas.  

The emergence of digital nomadism presents a golden opportunity for entrepreneurs to tap into a new market that’s impacting the workforce. As more professionals adopt remote work, the demand for services catering to digital nomads is expected to grow too.