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.
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