Everyone wants growth for their business, and one of the best ways to get it is through a global expansion. When you enter a new market, you get access to new customers, new innovations, and new ideas to further grow your company. The business environment, however, isn’t the same across all global industries; some are poised for more growth than others. Here are a few of the top global industries for business expansion.
Global Industries: Technology
One interesting global growth trend is the rise of live streaming platforms, especially in video games. The growth of interest in streaming sites like Twitch has driven the emergence of a completely new industry. The explosion of income generation also creates opportunities for connected industries like talent management.
The release of Apple’s ARkit with iOS 11 will drive new growth in Augmented Reality by bringing mass appeal to the technology. Already, IKEA has stepped into the technology by creating an app that can place a piece of furniture in your home to test how it might look. With 700 million iPhone users around the globe, the release of this new toolkit will make AR a global phenomenon.
Look for interesting developments in blockchain technology. While most famously employed with bitcoin, other players are beginning to incorporate the technology into their businesses. Forbes notes that:
- Business consulting firms, like Accenture and Deloitte, are building capacity in blockchain technology
- IBM is working with Nestle, Walmart, Costco, and others to incorporate blockchain technology into their business strategies
Global Industries: eCommerce
While eCommerce is part of the technology industry, it has earned its distinction. Though eCommerce is a relatively mature industry, new trends within this type of retail are bringing exciting opportunities for growth.
eCommerce services that focus on eliminating the hassle around “chores shopping,” i. e. shopping for necessities, will continue to grow in 2018. But it’s not just the big players, like Amazon, either. Smaller subscription services, like meal delivery services or grocery services, that provide unique, expert-chosen products, will continue to grow.
Artificial intelligence will also drive growth in eCommerce and other sectors. This emerging technology will help create individualized customer experiences on eCommerce sites, helping individuals find the products they want more quickly.
Global Industries: Energy Production and Distribution
The push to drive renewable energy production continues to be a global trend. The International Energy Agency reports that solar energy was nearly two-thirds of new energy production in 2017. Fears about climate change will continue to drive renewable growth.
Latin American is leading the way in renewable energy production. In 2016, Costa Rica ran their electrical services for two months straight on renewable energy alone, making this the second year in a row that they achieved this feat. The demand for new renewable energy production will only continue as technology continues to improve and the price of production goes down.
The market for microgrids is also growing globally. Natural disasters, terrorists, wars, and other kinds of global instability highlight the need for a more resilient and smarter energy distribution grid. Microgrids can provide independently resilient power that is connected to larger grids. Countries that are trying to expand access to electricity will also benefit from microgrid technology to bring electricity to poor and rural populations.
These global industries are each poised for continued growth in the coming years. While they aren’t the only exciting industries, they do offer a great deal of potential for entrepreneurs who are looking to capitalize on growing trends.
Take Advantage of Trends in a New Market
Partnering with a global expansion partner can help mitigate the risks and challenges associated with entering new markets to take advantage of these growing trends. For example, a global Employer of Record is an agile solution that helps your organization navigate the complexities associated with payroll, benefits, withholdings, and taxes through an established infrastructure, allowing you to avoid a costly foreign entity when you’re first entering the marketplace. To learn more about our Employer of Record solution, get in touch with us today.