Developing your business strategy depends on understanding what drivers will contribute to growth over the next few years. In the World Economic Forum's "The Future of Jobs Report 2018," the following are the top 10 business trends that will have a significant impact on business growth through 2022:
1 1. Adoption of new technologies is increasing
Over the next five years, technology will remain at the top of the list of strategic business drivers. With the Fourth Industrial Revolution's emerging technologies, new business opportunities, employment opportunities, and the demand for specialists are sure to improve.
2 2. Big data is becoming increasingly available
As indicated by the investment intentions of companies in “The Future of Jobs Report,” 85 percent of respondents intend to expand their use of user and entity big data analytics by the year 2022. The results will inform investment and innovation decisions and make them smarter and more focused.
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3 3. Mobile Internet: Advances and prospects
You see someone's face buried in their smartphone everywhere you look. The situation is the same everywhere. The Global Mobile Trends 2017 report of GSMA Intelligence reports that two-thirds of the world's population is mobile subscribers. Today, mobile technology is more widespread than all other technologies combined. Connecting developing countries to the Internet can improve their quality of life through additional benefits such as improving access to education and health care and enhancing living in developing countries more enjoyable. Furthermore, the development of mobile consumerism in developed nations will be of importance.
4 4. Artificial Intelligence (AI) Technology Advances
Manufacturers, technology companies, healthcare providers, and other industries are already using AI to improve efficiency, increase productivity, and improve performance. According to the MIT Sloan Management Review’s “2017 Artificial Intelligence Global Executive Study and Research Project,” 85 percent of executives believe that AI can help their businesses gain or maintain a competitive advantage.
5 5. Technology Advances in Cloud Computing
Approximately 72 percent of companies surveyed for "The Future of Jobs Report 2018" are likely to adopt cloud computing by 2022, based on the investment intentions they stated. Businesses are becoming more agile, collaborative, efficient, and scalable, reducing costs in the process.
6 6. National Economic Growth Shifts
Together with technology, socio-economic trends will continue to influence the growth of businesses through 2022. The industries contributing the greatest impact on growth trajectory are aerospace, supply chain, transportation, infrastructure, and mining and metals.
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7 7. Globalization and the expansion of affluence
The availability of technology and education will increase opportunities in developing countries and contribute to the expansion of the middle class. It will have the greatest impact on the following industries: aviation, travel and tourism; chemistry, advanced materials, and biotechnology; and global health and healthcare.
8 8. Education expansion
9 9. A Look at New Energy Supplies & Technologies
Decarbonization, emerging markets, and resilience have all contributed to the rise in renewable energy demand. With the rise of advanced computing power, future business trends, new energy sources, and technologies will drive business development in many industries.
10. Middle-class expansion
OECD predicts that the number of people in the middle class will be doubled by 2020 and tripled by 2030, as the World Economic Forum reports. Globally, the number of people living on less than $1.25 a day has decreased by half since 2005, according to the World Economic Forum. It is due to economic urbanization, including increased access to education, technology and opportunity.
