Megatrends… what are they? Megatrends are transformable global forces of development that impacts business, economy, society, cultures and personal lives thereby defining the future world and its increasing pace of change.
Imagine living in a connected world in which your home, work and city are all connected through multiple intelligent devices that integrate video, voice, and data services to providing access and connectivity anytime and anywhere. Well imagine no more because this is the future, this industry is expected to be worth $731bn by 2020, to put it in context, that’s more than the national debt of Norway or Russia! Thinking of a new start-up? Might be worth exploring this booming industry!
The world’s population is expected to reach 8 billion by 2030 with 97% of the growth coming from emerging markets with India set to have the world’s largest population by 2025 taking first place from China. The Asia Pacific will have the largest population with almost double that of the next largest population in North America.
Each country will face different challenges for example the EU will be lacking millennials, this will be the minority population with the over 80’s growing faster than the rest of the population, in comparison by 2020 half of India’s population will be under 25.
With more women joining the workforce, birth rates will be in decline and eventually peek at 9bn by 2050. Good news really………where would we all live!
Climate Change and Resource Scarcity
With a growing global population the impact on natural resources and the environment will be strained. Demand for energy is expected to increase by 50% by 2030 with water usage increasing by 40%. The world will see even more extreme weather, rising sea levels and reduced natural food resource. The planet will be pushed to its limits!
Over 50% of the world’s population currently live in cities, this is set to increase to 70% by 2050, that is 70% of over 8bn! Outskirt dwellers looking for a better life will be attracted to the powerful cities that offer opportunity and prosperity this will be the most dominant in emerging markets. This shift will present numerous opportunities and challenges for businesses, their reactions will no doubt shape the future of their organisations.
Bricks & Clicks
With the worlds internet use increasing from 2.9bn in 2015 to 4.3bn in 2025 can any business afford not to embrace a dual business model of on-line/off-line? The answer is no, not really.
Adopting the Bricks & Clicks model will be the norm as consumers and technology become more sophisticated. Consumers want mobile apps, click and buy systems, on-line support and home delivery to fit in with their busy lifestyles but they also want, at times the physical experience of shopping. We just want it all and we expect businesses to meet our wants! If you’re not on-line does your business even exist in 2020?