What are the trends in International Business for 2021?

The recent elections in the USA, Brexit negotiations, and the ongoing pandemic are the significant events shaping trends in international business.

The question though remains: Why should you be keeping up to date with the latest international business trends?

The answer is simple—following international business trends help you be aware of what’s happening in the global business community. This can help you beat the competition and chase promising business leads. It can also help you evaluate different business domains for their growth prospects.

Read ahead to get an insight into some of the new trends in the business world you can expect to see in 2021.

1. Environmental-friendly technologies

New green technologies are expected to still be at the centre-stage for the coming year, despite a shift in focus to the pandemic. The imminent reversal of Trump-era environmental regulations by the Biden administration in the USA will also contribute to restoring some of the attention to environmental issues on the global stage.

The increasing focus on environmental sustainability can be seen across audits and market reports. Deloitte reported in a 2019 survey that a majority of global companies viewed climate change and environmental protection as viable international business trends.

Another MarketsandMarkets.com report predicted an increase in the global value of the ecological sustainability market from $ 8.7 billion in 2019 to $ 28.9 billion by 2024.

2. Block-chain applications in different industries

The blockchain technology has long outgrown its usefulness as purely a technological support for cryptocurrencies. Today, you can see the technology being used to increase transparency and security in multiple business domains, including the cybersecurity industry or the global supply chain domain.

Bitcoin can not only tackle highly centralised systems, but it can also improve the efficiency of highly bureaucratic processes in the logistics industry.

A Gartner report suggested that blockchain technology could be used to support the movement and tracking of goods and services across the world valued at more than $2 trillion by 2023 .

Closer to home, Blockchain is also quite popular in Singapore, prompting the government and several industry players to invest in the technology.

Techcrunch.com reported in December 2020 that a large group of Singaporean government agencies are launching a research programme in the technology with more than SG $12 million.

3. Greater focus on data privacy and protection

As a significant part of the world’s population continues to work from home, the need for secured networks and protection from cyberattacks has never been more important. People are questioning the scope of current data protection regulations to protect even the front-line workers in hospitals and transport companies.

The Gartner report expects that approximately 50% of all large companies will implement cyberprivacy enhancing systems and processes. The trend is also echoed in Singapore, where 92% of Singapore companies plan to invest more in cybersecurity in 2020.

4. Rise of the gig economy

The gig economy, which was slowly gaining popularity, was suddenly pushed to the forefront with the widespread loss of salaried positions across the world.

But what is the gig economy?

You can think of it as a job market dominated by short-term work and freelance contracts as opposed to salaried permanent roles. The gig economy primarily benefits skilled workers who may not have formal degrees and small businesses without a lot of capital. Gig workers could range from an Uber driver to your Airbnb host. 

A gig economy is increasingly finding takers, especially in countries where foreign businesses are currently expanding or the job-to-candidate ratio is relatively small.

A recent BCG Henderson Institute study reported a 30% increase  in gig work in emerging economies. The Singapore Ministry of Manpower Annual Labour Force Report  also suggested that the gig economy is an upward trend in Singapore since 2017.

Apart from these issues, you can expect to encounter tailored AI-backed platforms and the rapidly adopted 5G technology as significant trends in the future of international business.

Following these trends can help you learn more about them and think about strategies which can let you incorporate them into your business. This way, you can stand out in the global market and expand your company offshore quickly.

Interested to know how you can expand your blockchain business idea across the world? The MBA in International Business offered by the London School of Business and Finance in Singapore can be an ideal launch-pad.

This programme provided by the University of Greenwich helps you develop a thorough understanding of different issues in international business. This, in turn, can help you launch any business idea in an international forum.

You also learn about the critical aspects of running a global business such as sustainability and international entrepreneurship.

You can check out the programme details on the LSBF in Singapore’s website.