Understanding what drivers will contribute to growth over the next few years will inform your business strategy. According to the World Economic Forum’s “The Future of Jobs Report 2018,” the top 10 business trends that will impact business growth through 2022, include:
Increasing Adoption Of New Technology
The top five strategic business drivers through 2022 are technology-related. It’s no surprise that the Fourth Industrial Revolution and the new technologies that define it will spur business growth, job creation and demand for specialist skills.
The Increasing Availability Of Big Data
According to the stated investment intentions of companies surveyed for “The Future of Jobs Report,” 85 percent of respondents are likely to expand their adoption of user and entity big data analytics by 2022. This will inform decisions and make for smarter and more pointed innovations and investments.
Advances In Mobile Internet
Everywhere you look, someone’s face is buried in a smartphone. And that’s no different all around the world. According to GSMA Intelligence’s “Global Mobile Trends 2017,” two-thirds of the global population are mobile subscribers. Mobile now has the greatest reach of any technology. This connectedness leads to life-enhancing services for developing countries, including greater access to education and health services. The opportunity in developed nations for mobile consumerism will also play a part.
Advances In Artificial Intelligence (AI)
AI is already being used to increase efficiency, improve productivity and better performance in manufacturing, technology, healthcare and other industries. The MIT Sloan Management Review’s “2017 Artificial Intelligence Global Executive Study and Research Project” found that 85 percent of executives believe AI will help their businesses obtain or sustain competitive advantage.
Advances In Cloud Technology
According to the stated investment intentions of companies surveyed for “The Future of Jobs Report 2018,” 72 percent of respondents are likely to expand their adoption of cloud computing by 2022. This will make businesses more agile, collaborative, efficient and scalable while reducing costs.
Shifts In National Economic Growth
Combined with technology, socio-economic trends will have an effect on business growth through 2022. National growth trajectories will have the greatest impact in industries like aerospace, supply chain and transport; infrastructure; and mining and metals.
Expansion Of Affluence In Developing Economies
Increasing access to technology and education will provide greater opportunities in developing countries and therefore contribute to the expansion of the middle class. It will have the biggest effect on the following industries: aviation, travel and tourism; chemistry, advanced materials and biotech; and global health and healthcare.
Expansion Of Education
The increased access to education is partly due to technology adoption rates, as well as the expansion of the middle class. The industries most impacted by this socio-economic trend are aviation, travel and tourism; mining and metals; and professional services.
Advances In New Energy Supplies & Technologies
Decarbonization, emerging markets and resilience are to thank for increased demand in renewable energy. Coupled with advanced computing power, new energy supplies and technologies will drive business development in many industries.
Expansion Of The Middle Class
According to the World Economic Forum, the world has reduced the number of people living on less than $1.25 a day by one-half and the world is on track to meeting the Organisation for Economic Co-operation and Development’s (OECD) 2010 forecast that the global middle class could double by 2020 and triple by 2030. It is argued this is due to urbanization, including greater access to education, technology and opportunity.