5 Latest Trends in the International Business Domain
- 7th September 2020
- Education and careers
With innovation and technological advancements driving the business world, it’s vital you keep updated on current and future international business trends in different domains and evaluate them for their prospects.
Successful business leaders and entrepreneurs stay ahead of their competitors by predicting the general reception of a particular trend and adopting them before others do. Evaluating global business trends also keeps you informed of the latest innovations in your field, which can give birth to new business opportunities.
Here are some promising international business trends in 2020 that you should know about.
#1: Asian countries are becoming more significant in international commerce
The re-emergence of Asia in the global economic landscape is perhaps one of the most significant business trends of the millennium. According to a report in the Financial Times, Asian economies will account for more than the rest of the world put together in terms of purchasing power parity.
Another report by The Straits Times puts Singapore in the first position on the list of the world’s most competitive economies as per the 2020 edition of the IMD World Competitiveness Ranking.
These reports indicate a shift in focus from western economies to Asia. The shift will soon change trade dynamics and allow Asian nations like Singapore to dominate the business landscape in different domains.
You can take advantage of this trend to advance your career by pursuing business courses from economically developed Asian countries like Singapore.
#2. Corporate social responsibility
Social entrepreneurship is the new buzzword in the international business community. The recent pandemic has brought the importance of corporate social responsibility (CSR) back to the forefront of the business world. As a result, there is a growing pressure on local and international businesses to take responsibility and give back to local communities.
We can expect the growing trend of corporate social responsibility ventures to dictate significant policy changes and reforms in international business operations worldwide.
The heightened relevance of CSR in international business can be seen from a 2014 Nielsen-Global Survey that reported 64% of customers in the Asia-Pacific Region were prone to buying from socially responsible brands.
#3: Escalating focus on green technologies
The urgency of global climate challenges is driving younger entrepreneurs and companies to dedicate resources for the development of environment-friendly technologies. A 2019 Deloitte survey found that climate change and environmental protection were among the current business trends, and a majority of them would prefer companies that favoured ecological sustainability.
The rise in the green technology market is expected to sustain in the near future too. MarketsandMarkets.com published a report that predicts the global value of the market to reach $28.9 billion by 2024 from a mere $8.7 billion in 2019.
#4: Interconnectivity and 5G
The world is more interconnected in 2020 than ever before. Business meetings are happening over video calls, schools and colleges are offering online courses, and the concept of video tourism has finally caught on.
The soaring interconnectivity is changing the way international businesses are shaping their policies. More companies are investing in 5G infrastructure, and organisations are preparing themselves for the speed and opportunities that can be expected from this technological advancement.
Many developed nations like Singapore are all set to roll out 5G related services in the near future. A CNBC report announced that the city-state intended to have at least 50% of the state covered by 5G by 2022.
#5: Tailored AI applications
Although artificial intelligence has been in trend for the last couple of years, its inclusion across more industrial domains means it will continue to be a relevant business trend.
We can expect to witness customised AI applications in domains like human resource management, healthcare, and the e-commerce industry.
IDC has predicted that 75% of all enterprises will try to adopt some form of AI by 2022. The IDC also expects AI to be an integral part of their businesses by 2024. Another 2017 survey by Accenture reported that 35% of Singapore’s population are ready for hyper-personalised AI solutions.
The London School of Business and Finance in Singapore offers a Master of Business Administration (MBA) in International Business programme, awarded by the University of Greenwich (ranked 65th among the top universities in the UK by timeshighereducation.com).
The programme prepares you for a successful international business career with a thorough understanding of important global business associated aspects. You will cover key international business issues including sustainability, global strategies and entrepreneurship.