Corporate Review

Top 10 Business Trends of 2022

Business Economics
Top 10 Business Trends of 2022

The growth of the country since 2019, despite all the odds and problems faced, has been impeccable. The GDP of the country has grown to an unimaginable rate of 20.02% compared to just 4.05% in 2019.

The analysts state that the growth of Indian startups at a tremendous rate as the major reason for these heights.

In this era of digitalization and the boom of business where people have started consuming enough content and started upgrading themselves in the best possible ways, let us see the best business opportunities that exist for this year which could give great returns and income opportunities.

Noticing these shifts can allow them to respond strategically rather than with knee-jerk reactions to fads. And how business capitalizes on trends in social change, politics or technology or the environment can affect the ability to evolve in the right direction.

In simple words, technology and a unique approach are going to be the top priorities in the upcoming year. With global shifts exacerbated by major challenges such as the pandemic and the climate crisis, 2021 has seen organizations across all sectors wrestling with rapid transformation, and 2022 will undoubtedly be much the same.

As the pressure to curb the effects of the climate crisis mounts, organizations around the globe must do their part. A report from 2017 found that, since human-driven climate change was recognized, 100 energy firms have been responsible for 71% of all industrial emissions. The report also named ExxonMobil, Shell, BP, and Chevron as some of the highest emitting companies since 1988.

1.Sustainable Operations

Many companies are also driven to sustainable change by consumer demand and the independent realization that more needs to be done. While decarbonizing the supply chain is a sensible and obvious place for many organizations to begin, more forward-thinking businesses are looking beyond this point to improve sustainability across all business operations.

With sustainability linked to resilience, the shift to sustainable operations is a business trend expected to accelerate in 2022 and stick around long after. Any business that chooses to ignore sustainability is unlikely to thrive in this new age of conscious consumerism.

2. Human Workers collaborating with AI and Robots

Many businesses are already leaning on highly-capable robots and artificial intelligence (AI) for greater efficiency and productivity and this reliance is a trend set to accelerate further in 2022. Gartner predicts that worldwide, AI software revenue will total $62.5 billion in 2022, an increase of 21.3% from 2021.

Gartner also believes that the top five use case categories for AI software spending in 2022 will be virtual assistants, knowledge management, autonomous vehicles, digital workplace, and crowdsourced data.

3. Shift in Work Culture

While technological advances in the past decade were already leading toward a gradual increase in remote and hybrid working, the pandemic has exacerbated this shift dramatically. Now that people have sampled new ways of working, many are reluctant to return to the office full-time.

Simultaneously, the pandemic demonstrated the financial benefits of remote and hybrid working to employers and proved that workers can indeed be trusted to work from the comfort of their own homes. 

4. Cryptocurrency is the king

The cryptocurrency realm is booming. An investment in Shiba Inu coin made two New York brothers multimillionaires in 2021. And it’s been predicted that in 2022, cryptocurrency will become more widely accepted as a payment source. A number of large companies are already accepting Bitcoin payments.

 Cryptocurrency is the king

Also Read: Future of Business: Top 25 Best Business Ideas for 2020-2030

5. Use Robots to lessen labor strains

Robots have the potential to do more jobs. As Maia Heymann of Converge Venture Partners told the Globe, they are moving from their traditional strongholds in warehouses and logistics to “next-generation automation” for other uses in manufacturing, agriculture, and construction.

6. Offer customized purchase insurance

Business leaders who sell online — products or services such as flights, rental houses, or books — are increasingly offering insurance at checkout.

Lily Lyman of Underscore VC told the Globe that such online insurance will expand to new industries such as shipping, construction, car sales and financial services and new kinds of insurance carriers will emerge to offer the best insurance coverage for each industry.

Business leaders should assess whether to partner with such carriers  or create their own.

7. Boosting the productivity with predictive software

Most of us are familiar with software that tries to complete your sentence while you are typing. This software uses data from what millions of other users have typed in the past to guess your next word or phrase.

If your company employs people who write software, a new technology is being developed that will do something analogous for software development. If it works, it could boost productivity and help business leaders deal with the labor crunch.

Drew Volpe of First Star Ventures has been testing “Copilot from GitHub, which tries to predict what software code should come next, based on what you’ve already written,” according to the Globe. Volpe is looking at similar applications for helping lawyers draft contracts and financial analysts write reports.

Business leaders should explore whether Copilot or other such assistants would help make their companies more productive.

8. Creating virtual customer service

Plenty of jobs involve customers, employees, and business partners seeking answers to questions. If companies are struggling to hire and retain the customer service, human resources, and other staff needed to answer those questions, business leaders may increasingly have an alternative.

Creating virtual customer service

Specifically, such questions could be answered with “deep fakes” — digital videos in which replicas of real people say things they never said in reality. Deep fakes could help companies provide customer service, entertainment and gaming, and do other jobs. Business leaders should explore whether such applications could improve their operations.

9. Digitalization:

 Several industries have digitized, which can be seen through businesses in sectors like financial technology, e-commerce, or even professional services.

Digitalization Business Trends

As a result, traditional processes and practices have undoubtedly evolved, from restaurant dine-in to food delivery, physical signatures to electronic signatures, medical consultations to telemedicine, etc.

10. Hybrid Work Set-ups:

 Part of the pivot from stakeholders is the emergence of hybrid work set-ups, a term which refers to working from both the office and at home. According to a survey conducted within JLL Philippines, 66% of their 3,300 employees prefer hybrid work arrangements.

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