2022 will undoubtedly be the same when it comes to innovations and rapid transformations in the global business domain. Companies will aspire to be more tech-reliant and innovation-driven in the upcoming years.
With so much happening in the blink of an eye, it can be an overwhelming task to keep track of global trends in business as an aspiring business professional. We at GISMA can help you encapsulate the top business trends in 2022 in this blog.
Why should you keep track of the latest trends in international business?
It’s important to stay up to date with what's going on in the business world if you want to grow professionally in it. Keeping track of the latest business trends and reading up on business developments can improve your credibility as a well-informed business professional.
Keeping track of what’s happening in the business world can also boost your career prospects. Employers want professionals who can take their businesses forward with their knowledge of technology trends in business and are ready to pay top bucks for them.
Investing in a relevant course like the BSc International Business Management from GISMA to remain well informed and up to date can be a great idea for budding entrepreneurs.
If you don’t intend to be a corporate professional and want to start your business, staying on top of the latest business developments can help you. It will help you explore the latest business technology and tools that can help you boost your business operations and increase your revenue.
What kind of global trends in business can you expect to see in 2022?
Global events like the recent pandemic or the wildfires in Australia have been turning points for the business world and have dictated business policies for the last two years.
Here are some of the major business trends in 2022 that you can expect to continue in the future.
- More businesses will want to explore the metaverse: With Facebook changing its name to Meta and launching its version of the metaverse, there’s a race among other businesses to tap into this unclaimed space. This virtual world can provide access to all kinds of business opportunities and growing scope. The metaverse can allow businesses to streamline remote communications with employees, build new platforms for customer relationships, and start a new cryptocurrency.
- Artificial intelligence will be a greater part of business operations across the globe: Recent research points that the global AI market might reach a value of $190 billion in the next four years. Additionally, more companies are expected to adopt AI-based technologies for their business operations. This indicates that AI will be a necessity for businesses in the future rather than a differentiating factor.
- Businesses will look into utilising blockchain in different ways: Apart from providing a structured foundation for cryptocurrencies, companies are also exploring other ways to use blockchain technologies. The recent rise of the metaverse and NFTs have bumped up the relevance of blockchain in business. According to a study by the International Data Corporation, companies spent around $6.6 billion in 2021 on blockchain solutions.
- Data privacy and internet security will be prioritised as a business issue: The growing mainstream discussion of GDPR in Europe and America has put the spotlight on cybersecurity and internet privacy. Businesses are paying top Euros for robust cybersecurity systems and infrastructure that can protect them from cyberattacks.
- Businesses will look towards the renewable energy sector in a quest to be more sustainable: If the recent pandemic has shown anything, climate change can be resolved through sustainable approaches like renewable energy adoption. Businesses across the world are becoming more sustainable and looking towards the renewable energy sector for their energy needs. A large part of this change is also the reducing prices of green energy technology.
- Social media will become an undeniable part of all businesses: As it is, social media marketing is providing high ROIs and overtaking other conventional marketing techniques. However, social media will become an even bigger part of the business landscape as a medium for brand relevance and visibility. TikTok reported that most of its $1 billion revenue in 2020 came from its platform ads. Finaria also reported that social media advertising spending hit an all-time high of $105 billion in 2021.
- More self-made entrepreneurs will enter the business industry: A recent trend called the Great Resign is dominating the business landscape in the west. Corporate employees are resigning from their jobs to start their own gigs and businesses. According to one survey, 62% of Gen Zers were interested in starting their own business compared to a low 34% among boomers.
- Remote and hybrid business roles will gain popularity: The pandemic has also popularised remote and hybrid working models owing to the immense flexibility offered by them. These working models seem to still retain their popularity after the pandemic, with leading organisations either going fully remote or adopting a hybrid model.
What are the other 2022 business trends that you should anticipate as a business career aspirant?
Here are some more trends that you can anticipate having a major impact on the business domain globally.
- Conventional organisational structures like job posts and hierarchies won’t likely be replaced any time soon.
- The rising demand for vertical solutions will persist.
- Omnichannel selling will be an industry standard.
- Asian markets like India and South East Asia will be more attractive to western businesses and corporations.
- Businesses will explore the building and strengthening of their own supply chain infrastructure.
- Electric Vehicles (EV) and Automated Driven (AD) cars will dominate the automobile industry.
- Chatbots will have a greater role in customer service management.
- Business communications will become simpler and faster through different communications apps.
- The growing demand for product personalisation will continue.
- The gig economy will likely overshadow conventional jobs.
- More businesses will join the flourishing e-commerce industry.
- Cryptocurrencies will gain more acceptance within the conservative finance industry.
How can you keep track of the upcoming global business trends?
With so many business developments across the world occurring every day, it’s difficult to keep track of all trends in international business. Nevertheless, you can still keep yourself up to date through the following avenues:
- Social media accounts of popular business news channels, industry players and enterprises.
- Industry publications such as business magazines, journals and online blogs by business journalists.
- Business and technology conferences organised by public-private industry alliances and non-profit foundations.
- Podcasts conducted by companies and important business leaders.
- Comprehensive business management courses from reputed business schools.
If you are on the lookout for appropriate business management courses, then the BSc Business Management programme from GISMA Business School might be an ideal fit for you.
The course is designed to provide you with an interdisciplinary, internationally oriented management education for challenging tasks in all economic and administrative fields of activity.
It is a dynamic and diverse programme that covers many of the key areas of business that you will need to graduate with the knowledge, skills, and practical experience to begin your career in the field, from strategic management and digital marketing to managerial budgeting, business modelling, and transportation logistics, depending on the specialisation you choose.
Click here to take your business career forward with this business degree from GISMA.
- This article was written by Sweha Hazari.