We’re already in the third decade of the Twenty-First Century, and businesses are speeding up as a combination of changes in society and technology are coming together. Many of these changes are global, such as the ongoing rise of Asia and The Western world’s aging while others impact us on a personal level. Ultimately, all of them will bring a great change in our businesses and the way we work.
Some of these future business trends have been predicted for some time, such as the cheap computing power availability that’s sharing the potentials of technology over the last decade. In 2020 some of these trends are vastly debated: our society is becoming ever older, environmental awareness is peaking, and national wealth is dispersed more unequally. However, understanding what factors contribute to growth will inform your business strategy over the next few years. According to the World Economic Forum’s “The Future of Jobs 2018,” the trends that are likely to reshape business growth through 2022 include the following.
Expansion of Education
The improved access to education is partly due to technology implementation rates, as well as the expansion of the middle class. Some of the most impacted industries by this socio-economic change are tourism, aviation travel, professional services, and mining and metals.
For instance, when the initial successful powered aircraft lifted off the ground in 1903, our society was maybe not yet thinking about a future where planes were a primary form of global transportation. Fast forward to 2020, when we have more than 44,000 commercial flights every day, shipping around 2.7 million passengers. Now, since planes are dramatically more sophisticated than the first generation of flyers, technology continues to improve. The aviation industry is capitalizing on billions of dollars of research and development every year – more than $3 billion from Boeing alone. According to William Matheuszik, aviation specialist and pilot, the aviation industry is seeing the benefits of technological advances from enhanced aircraft safety measures to automated training for employees, further affirming that these benefits are also being passed along the overall passenger experience.
Personal Training is Going Digital
As we know, pilot training has historically been limited to using a flight simulator at an off-site location, but that is now being streamlined with virtual reality. This means that it might become commonplace for pilots in training to rely on virtual reality equipment that simulates a flight without having to pay exorbitant prices for simulator equipment.
VR technology has already been advertised as a way for pilots to earn their wings faster. Meanwhile, Japanese Airlines are already relying on Microsoft’s HoloLens to help train both airline mechanics and crew. Using a well-developed augmented reality technology that places virtual objects into a real environment is an effective way of teaching trainees all that they need to know for their job.
Advances in New Energy Supplies and Technologies
Emerging markets, decarbonization, and resilience are to thank for a growing demand in renewable energy. Together with advanced computing power, new energy supplies and the latest tech advancements will drive business development in many industries. Sustainability, as well as renewable energy, are on a growth course that is expected to continue through 2020 and into the years to come.
It is becoming increasingly popular for businesses to support decarbonization as they are motivated by heavy electricity demand while also responding to customer concerns about the current environmental conditions. In addition to electrifying areas with solar and wind that are not yet electrified, the focus is on carbon reduction in transportation and power, heating and cooling, industrial processes, and building sectors. Some of these utilities have already begun decarbonization to comply with the Clean Power Plan.
In recent years, more and more international organizations have sounded alarms that if swift and global progress isn’t made on numerous sustainable fronts, future generations – and even generations already born- could expect a future drenched in inequity and climate crisis. For instance, international banks, like Standard Chartered, have the ability to support, offer know-how to, and link those economies to make enormous progress toward the 2030 goal and ambition.
Corporate and government issuers in these regions leave the Middle East well primed to take advantage of increasing opportunities offered by sustainable finance. Many applicants in the region’s markets have determined that their companies offer themselves to sustainable development strategies. For instance, real-estate developers may seek to develop more energy-efficient and zero-waste buildings, trying to emphasize the importance of waste management and educate their employees using Miltek Balers. At the same time, logistics and transport businesses can take advantage of the advances in renewable energy and more energy-efficient technologies.
Advances in Cloud Technology
According to a survey from “The Future of Jobs Report 2018,” 72% of respondents are likely to extend their enactment of cloud computing by 2022, which will make businesses more collaborative, agile, and scalable while reducing costs.
Cloud computing has become a crucial requirement for most businesses, bearing in mind that cloud computing is hugely advancing in the current day and age. To be more precise, 81% of organizations with 1,000 workers or more rely on a multi-platform strategy. This figure is likely to grow more than 90% by 2024.
How does cloud computing look in 2020? Tech giants are always keen to release breakthroughs to rule the industry and companies like Google have even announced a Quantum Breakthrough meant to revolutionize cloud computing. Google also claimed to attain results that are well beyond the limits of conventional technology.
A quantum machine has substantial implications in areas like artificial intelligence. Why? Because it can make some of the most advanced computers look like toys. Google’s Quantum Breakthrough performs mathematical calculation in less than three and a half minutes – in comparison with a modern supercomputer that would necessitate more than 10,000 years to complete the calculation.
Cloud Computing in marketing platforms: Adobe Marketing Cloud, HubSpot
Typically, the marketing metrics and data, including strategy plan, campaign stats and number of engagements, were gathered and reported separately. A few years back, a marketer had to work together with an analyst to join the dots to come up with a more in-depth picture that could then be used for initiating a future course of action.
A cloud-based marketing platform is a complete digital marketing platform that assimilates marketing tools such as analytic tools, emails, and social management measurement tools. The whole purpose of the marketing cloud platform is to help develop a better marketing strategy, increase the return of the investment, and improve customer engagement.
These trends show a promising future within a wide area of industries. However, it’s still a space that continues to emerge and should be closely observed when considering long-term solutions.