Keeping up to date on market trends is not easy. However, it is important to recognize that the industry is constantly changing and, in order to stay ahead of the curve and prevent competitors from outstepping us, we must move forward over time and plan for the long term. Randall Castillo Ortega, an entrepreneur and trade expert from Costa Rica, provides insight into some of the trade trends that have already begun this year and which will carry over throughout all of 2022.
Depending on the state of your business and the industry it belongs to, you may be looking to maintain your current growth rate or recover from your losses. But growing a business requires a meaningful strategy to ensure the attraction of lasting, quality customers who take the business to the next level.
Business trend analysis is simply the comparison of industry data over a set period, designed to recognize consistent results that could be used to map a business strategy, aligning it with the overall direction of the industry.
According to a report, “The Future of Jobs Report 2018,” there are 10 business trends that will affect business growth until 2022. All businesses must recognize them and at least consider them in order to stay competitive in the ever-changing trade environment. If not, they risk falling behind and losing ground to other established competitors, or new businesses that pick up on the transition.
Increasing adoption of new technologies – The top five business drivers are related to technology. It is no surprise then that Industry 4.0 and new technologies will stimulate business growth, job creation and the demand for specialized skills.
The growing availability of Big Data – According to this report, 85% of respondents are likely to expand their adoption of user and feature big data analytics by 2022. This will inform decisions and generate smarter, more timely innovation and investments.
Advances in mobile Internet – Everywhere you look, you’ll always see someone with a smartphone. Explains Castillo, “This happens all over the world. The opportunity that arises in developed countries for mobile consumption will also play an important role.”
Advances in Artificial Intelligence (AI) – AI is already being used to increase efficiency, improve productivity and performance in manufacturing, technology, healthcare and other industries. This is a trend that is not slowing down and that will continue to drive business development for years to come.
Advances in cloud technology – Based on the stated investment intentions of the companies surveyed in this report, 72% of respondents are likely to expand their adoption of cloud computing by 2022. This will make companies more agile, collaborative, efficient and scalable while reducing costs.
Changes in national economic growth – Combined with technology, socio-economic trends will have an effect on business growth until 2022. These will have the greatest impact on industries such as aerospace, supplies and transportation, infrastructure, mining and metals.
Expansion of affluence in developing economies – Increasing access to technology and education will provide greater opportunities in developing countries and thus contribute to the expansion of the middle class.
Advances in new energy supplies and technologies – Decarbonization, emerging markets and resilience are to thank the increased demand for renewable energy. Adds Castillo, “Along with advanced computing power, new energy supplies and technologies will drive business development in many industries.”
Expansion of the middle class – According to several reports, poverty has been gradually decreasing in the world. This makes the forecast that the global middle class could double by 2020, and triple by 2030, come true. This is due to urbanization, which includes greater access to education, technology and opportunities.