Business trends in 2022

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Rethinking the business structure in the aftermath of the covid pandemic is predictable on a recovery track. The economy has been on a recovery path amidst the pandemic situation that is still at a surging rate. The risks to economic growth from the omicron virus have put the fear of inflation on an increased scale. Global spillovers in uncertainties should hold cautious measures by forecasting viewpoints to adhere to growth criteria.  

Previewing the trends in the future reveals volatility and uncertainties that might bridge the gap of unequal recovery. In the current situation of the Indian market, overhung by supply disruptions certain trends in business operations are taking shape as per the rapidly changing world.   

AI: AI has become a necessity in our day-to-day life and its application is only increasing as we approach 2022. From searching, suggesting, and understanding any questions, AI is helpful on a wider scope. Organizations use analytics to forecast their functioning, which leads to technology-enhanced outcomes to be seen in the future. Cloud computing would also reach new heights by 2022. According to the predictions laid down by Gartner, global spending on cloud services is expected to reach $482 billion in 2022. Indian companies have registered a better adoption of AI among other developing countries. This adoption leads to growth in business as it reduces the need for data security and privacy compliance solutions. The introduction of new data protection and data localization policies is heeded to the compliance framework in India.    

Environmental taxation (carbon tax): Every organization aims to hold sustainability as a necessary factor for its functioning process. Pricing the carbon content helps in effluents cut. Opting for decarbonization of its supply chain helps in lesser greenhouse emissions. This act is also representative of cutting down the carbon tax subjected to the production process. Paving the way forward to an environment-friendly society, the infusion of such practices helps in attaining a business platform that states its core policy on environmental actions.    

Digitalization: The digital platform in the present time is seen through the lenses of necessity. The usage of digital platforms for all kinds of survival is viable. On the grounds of customer services, the potentiality of digital platforms leads to seamless access. The digitalization of various business products has created a gig economy, made entrepreneurship accessible, and digital wallets, such as UPI come in handy for currency matters. It has laid the foundation of Virtual health platforms, where new medical technologies are innovated, and telemedicine has expanded the health sectors.  

Crypto assets/currencies: Forecasting cryptocurrencies in the future can be a tricky part due to their variations. The emergence of Stablecoins is to be welcomed as it holds more viability in access. According to Forbes, these crypto-assets enable crypto as a transactional medium with speculative investment. Cryptocurrencies can be a tool in the business platform, impacting future business transactions. Through open cross-border transactions, an individual investor from every strata of the society can publicly view these transactions in public view.  

Hybrid Work Model: According to Mint, as per the data given by Nasscom and Job portal, Indeed, 70% of IT companies are planning to make the hybrid work model effective in 2022 as well. The survey states that 66% of the respondents reported higher work satisfaction to work at home remotely companies have also seen high productivity by saving on rentals and transportation and others. Alok Bansal, MD, Country Head, Vision-net India stated to Mint that companies will put in place the hybrid model with a tailor-made twist for their employees in 2022.

EV: The new EV technology is improving in the automobile sector as a result of the technology growth.  The demand for consumer electronics is on an upper-scale with the consumption patterns that are set to improve the value of technology commodities. As a fuel, an economic commodity is proceeding on an increased scale, opting for EV is stated to be budget-friendly as electricity is cheaper than petrol/diesel prices.  Tax benefits are offered to EVs, and the Indian Government has allowed a deduction of up to Rs.1.5 lakh for interest paid on loans taken for buying EVs.   

Media industry: OTT platforms have reached a higher peak in the pandemic era, which could be continued in the next year’s race in the entertainment industry. Building richer connections with audiences amidst the pandemic situation has led to higher returns for the media industry  The shifts are taking place in the media industry, where digital products and online sales are seen on an accelerating scale. The shifts around consumer behavior are the factors resulting in the higher revenue Generation. Revenue to be generated by India’s online broadcast and video sector is said to touch a record of $2.6 billion by 2025.  

IT industry: The new labor code in India has started a 4-day workweek with, 12 hours of work on these 4days.The labor minister of India has asserted that 48-hour work per week criteria have to be met. This act results in the reduction of take-home pay for employees and higher Provident Fund. This trend in the workspace prioritizes the employee’s mental health the recovery of the IT industry in India is on a slow path due to the pandemic. This profitable approach for both employers and employees can be projected as a healthy stand.  

Great Resignation: Amidst the pandemic situation, the competition criteria among the labor population have been declining. the shrinking pool of The workforce causes a major interruption in the industries. The growth of the software market is enlarged, where the growth of the Indian software market is said to be surpassing $8.2 billion in revenue in 2020 at a CAGR of 14% between 2020 and 2025. In this slow-growth phase, the strategies to combat the great resignation criteria involve understanding employees’ priorities and needs, a friendly environment, and more.

Article by Ramya. S


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