This year has been described as a year of change. There has been a wave of disruption and turbulence that has earmarked certain trends that are going to influence the sectors in the days to come. After gaining steady recovery momentum in the initial months, geopolitical headwinds and looming economic crises shaped the path ahead. Here’s a sneak peek into the year review of 2022.
After a full-fledged geopolitical crisis unfolded between Russia and Ukraine in late February, prices for utility commodities, gold, crude oil, and natural gas spiked. Stock markets witnessed massive levels of turbulence. The clean energy sector took the center stage, as a result. According to data from the World Bank, the average global growth slumped to 2.9% in 2022 from 5.7% the previous year. 37 advanced economies in the world exhibited record-high inflation rates this year.
Industries across sectors exhibited increased shifts towards incorporating a circular economy in supply chains. Companies increasingly focused on reducing waste and maximizing the use of resources, leading to the adoption of circular economy principles. Over 60% of global companies reported implementing circular economy initiatives in their supply chains in 2022.
Sustainability, or the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs, emerged as a key trend in 2022. Investors and consumers alike placed a greater emphasis on environmentally and socially responsible practices. Compared to the previous year, more than 50% of consumers this year ranked environmental sustainability to be important in their purchase decision.
Technology continued to drive innovation in the market in 2022, with advancements in areas such as artificial intelligence, the Internet of Things, and blockchain. These developments had a significant impact on various sectors, from retail and healthcare to transportation and manufacturing. Global spending on technology is expected to reach $4.4 trillion this year, representing a 4% increase from 2021.
The year 2022 saw the emergence of "Globalisation 4.0," characterized by the increasing interconnectivity and interdependence of the global economy. This shift was driven by technological advancements such as the internet and mobile devices, as well as increased cross-border trade and investment.
The year 2022 also saw a unique need to reimagine customer relationships, as companies sought to adapt to the changing needs and expectations of consumers. This included a greater focus on personalized experiences, customer service, and the use of data and technology to improve the customer journey. Over 70% of companies reported using customer data to personalize their interactions and improve customer satisfaction.
In conclusion, this year was marked by significant disruptions and changes in the market, with geopolitical tensions and economic crises leading to shifts in various sectors. As we look ahead to the next year, it remains to be seen how these trends will evolve and what new challenges and opportunities may arise. Get in touch with our consultants to know more.
Last year, three out of every five orders placed through e-commerce platforms were transported to purchasers in Tier 2 cities and beyond.
The government of India has recently indicated that the country intends to attain a USD 5 trillion GDP by 2025
India is now witnessing one of the most vibrant consumption-led growth periods as seen in recent times.
Here’s why insurance crucial for enterprises so crucial for small and medium-sized enterprises.
The retail sector is seeing the undercurrents of change as consumers' buying preferences continue to shift quickly.
Customer behavior and tastes are currently driving industry changes.
SMEs find it extremely difficult to remain competitive in the fast-paced digital environment of today.
Ranking 4th among APAC countries and Top 10 In Global Cybersecurity Index 2020 Rankings, India has been immensely vocal about its cybersecurity ambitions.
One of the fastest growing and most complicated markets, energy markets are of major significance in the global economy.
Adaptive AI is a type of AI that can change its behavior and decision-making processes based on new information and changing circumstances.
%20(1).jpg)
2022 marked the highest inflation rate in some of the most advanced economies in the world.
Companies that use market intelligence are twice as likely to outperform their competitors. Research shows that market leaders view analytics as a major differentiator.
Business Intelligence (BI) augments an organization’s capability in decision-making and drives business growth.
Business intelligence (BI) refers to the collection, analysis, and interpretation of data about a company's operations, markets, and competitors.
The banking industry is undergoing a period of rapid change, driven by advancements in technology and changing customer expectations.
India assumed its first-ever G20 Presidency on 1st December 2022 and will be hosting 200 events in 32 different sectors across 50 cities until the next G20 Summit to be held in New Delhi in September 2023.
Foreign Investment channeled into Asia has reached a record high exceeding $600 billion in 2021.
Technology remains to be the biggest trend for driving business transformation
In line with the United Nations’ Sustainable Development Goals 2030 and COP 27, as the countries pace up to meet the deadlines, similar trends are readily observed in the startup ecosystem.
Mobile Commerce or M-commerce is emerging as one of the most contending subsets of the E-commerce market.
The world is presently seeing the largest reallocation of capital in its history.
Sensory marketing, a subset of psychological marketing is all about appealing to one or more of your customer's five senses to uniquely position your brand or product, thus successfully driving their behavior, judgment, or perceptions
Valued at more than $5 billion in 2020, the global 5G technology market is growing at a CAGR of nearly 66% and is forecasted to reach a whopping $800 billion by 2030
The buzz behind Artificial Intelligence isn’t something new, but recently a category of AI- Generative AI has been making headlines.
United Nations Climate Change Conference more commonly referred to as the Conference of the Parties of the UNFCCC
Companies are readily seeking to envision a strategic
The Covid-19 pandemic has been instrumental to change
In this era of stupendous globalization,
Using digital technology is no longer meant for just driving solutions
The buzz around the term ‘blockchain’ gained gargantuan momentum in recent years.
Fintech is an umbrella term for describing all sorts of
The history of banking dates back to around 2000 BCE
The global economy is currently at an unprecedented level
Including more than 20 countries, home to nearly 60%
.jpg)
In recent years, there has been a trend in the emergence
In the wake of global market fluctuations and geo-political tensions
Two years ago, countries worldwide were concerned to overcome the pandemic
Metaverse- a term that first came up in Neal Stephenson’s 1992 science fiction novel - Snow Crash - which described life-like avatars meeting in realistic 3-D buildings and other virtual reality environments - is currently the favourite term of marketers.
Following the Covid-19 crisis, the alternative protein industry has seen a significant boost. The alternative protein market is anticipated to grow at a CAGR of 11.2% from 2020 to 2027 to reach $27.05 billion by 2027.
Historically being counted in the oil-country category, the United Arab Emirates (UAE) has been dramatically making its transition into being energy-focused yet finely attuned to technology.
