Modern life moves fast. In the modern era, it seems like there are only 60 seconds to an hour. At the rate Industry and commerce are being transformed – don’t blink or you’ll miss it. If your company can capitalize on these growing trends, however, you are poised to springboard yourself to expert status in any field.
Social change
The shifting social demographics in the world make for variables that favor a company which can target both regionally and globally. For instance, while the middle class shrinks in some countries, other countries enjoy booming growth in the middle class. Asian countries already boast a middle class of over 525 million people; more than the European Union’s total population.
Climate Change & Population
Climate change and population growth are triggering changes in our world; and the implications are not fully understood. Some things are certain, however, such as the rising global need for food. There is an expected 35% increase in the global demand for food by 2030, and companies ready to capitalize will stand out.
Urbanization
Metropolitan areas are booming, and more countries are starting to contribute to this urbanization. Up to 50 percent of the global economy is generated by the 300 largest metropolitan areas on the planet. As the number of metropolitan areas grows, there is sure to be a correlated increase in this percentage.
Shift in Economic Power
The Group of seven (G7) have enjoyed a cushioned seat on top of the world economy for quite some time. By many accounts, they may soon relinquish the throne. The E7, named for the 7 emerging markets, stand poised to change the economic field over the next two decades. The E7 consists of China, India, Brazil, Mexico, Russia, Indonesia, and Turkey (or South Korea, depending on who is counting). Businesses with local and global targeting stand to gain most.
Technological Breakthroughs
No matter which industry you are in, it is technology which is the deciding force shaping of the modern era. To give you some perspective, it took 76 years for the telephone to reach half of the households in the U.S. It took smartphones just 10 years to accomplish the same thing. The average person is consuming technology at an extremely higher rate than past generations, and this trend only stands to continue as smart technologies are integrated into more aspects of everyday life.
When asked how important certain digital technologies were to their businesses, CEOs responded with a resounding “very”. More than 70 percent of CEOs view digital technologies as ways to:
- Spark innovation
- Build brand reputation
- Enhance cybersecurity
- Enhance the customer experience
- Achieve operational excellence
- Enhance internal and external collaboration
This one force shaping the global marketplace interacts with all others. The perfect example of this is the Millenial generation, which is blurring the lines of digital and physical reality as life is spent more and more on digital platforms and augmented reality systems. This significantly reshapes the way customers want to experience their products and services. Technological breakthroughs become customer expectations in a matter of short months. This sparks incredible rates of industry growth and user consumption, as educated users are ready to switch to your competitors if their needs are not being met. It is clear that technology – colliding with other huge forces – is disrupting businesses and paving the future.
At NMA, we understand the endless possibilities technology provides the human race, and we are ready to capitalize on it. Are you?
