Top 10 business trends 2024: What’s driving the global market?

By Peter Murphy Lewis, CEO at Strategic Pete, Head of Growth at Webstreet

“The species that survive are not the strongest, but those that adapt best to change.”

This insight from Charles Darwin rings true in 2024.

The global market is now driven by technological advancements, regulatory changes, and shifting consumer preferences. This article explores the top 10 global business trends for 2024, covering areas such as digital transformation, blockchain technology, and sustainability.

1. AI-Powered Innovation in Digital Transformation

Digital transformation is set to hit a whopping $1,009.8 billion by 2025. This growth will be driven by AI and machine learning, which will be used in 90% of new business apps.

Why?

• Hybrid and multi-cloud environments allow companies to easily scale up and down as needed.
• Internet of Things (IoT) technology helps companies make more data-driven decisions in sectors like smart cities, healthcare, and manufacturing.
• Essential tools like performance monitoring, continuous learning, data analytics, and predictive analytics enable innovative new products and services.

91% of businesses, particularly those in healthcare, finance, and manufacturing, prioritize digital transformation.

I’ve seen this firsthand when I worked with a healthcare client who used AI-powered data analytics to streamline operations and boost patient care. Another client in finance switched to hybrid cloud solutions to enhance their scalability and security.

AI isn’t just a tool; it’s the new frontier of business innovation. Embrace it now to stay ahead and thrive in this competitive era of technological advancement.

2. Blockchain Technology and Decentralized Finance (DeFi)

Blockchain technology is set to transform various industries. The global fintech blockchain market is expected to reach $21.67 billion by 2028. Here are some trends to watch:

• Smart Contracts: These self-executing contracts eliminate the need for intermediaries, reducing errors and potential manipulation.
• Decentralized Finance (DeFi): DeFi provides services like lending, borrowing, and trading on blockchain networks, giving people more control and access to their assets.
• Cross-Border Payments: Blockchain enables quick international transactions, cutting costs and delays.
• Blockchain Identity Management: This approach secures digital identities by decentralizing data improving privacy and control.
• Financial Supply Chain: Blockchain improves transparency and traceability, making supply chains more secure.

While working with one of our financial services clients, we implemented blockchain technology to enhance transaction security and transparency. This demonstrates that innovation isn’t just limited to cryptocurrencies; it’s creating a new foundation of trust for every transaction we handle.

3. Cryptocurrencies and Digital Assets

The number of American adults owning cryptocurrencies has increased from 30% in 2023 to 40% in 2024, which could attract 21% of those who don’t currently own cryptocurrencies, adding 29 million new investors. Additionally:

• Bitcoin is the most popular cryptocurrency, owned by 76% of current crypto owners. Ethereum is next at 54%, followed by Dogecoin at 26% and Cardano at 12%.
• Cryptocurrency ownership among women has jumped from 18% to 29% in just one year.
• Most cryptocurrency owners, 56%, are optimistic about crypto prices in 2024.

Once, we worked with a client in the digital assets field who had facilitated over $500 million in transactions. Through this experience, we learned that cryptocurrencies might seem mysterious to many but are becoming the foundation of future finance. As more people understand and trust these digital assets, they are poised to become an integral part of the global financial landscape.

4. Sustainability and Green Initiatives

Sustainability has become a top priority for businesses. Companies increasingly integrate green technologies to minimize environmental impact. This global push for sustainable models is driven by regulatory shifts, such as the EU’s Corporate Sustainability Reporting Directive (CSRD), which affects over 50,000 companies.

What can we expect ahead of 2024?

• Climate-Positive Technology: Innovations like carbon capture and storage aim to reverse environmental damage and restore balance.
• Surge in Sustainability Roles: There is a growing demand for sustainability professionals.
• Scope 3 Emissions: Businesses will focus on improving transparency and reducing emissions across their entire supply chain.
• Mandatory Disclosures: Regulatory bodies are increasing their demands for detailed ESG (Environmental, Social, and Governance) reports, making 2024 the “year of compliance.”
• Greenwashing Scrutiny: Regulators are cracking down on misleading environmental claims.

Having founded multiple travel companies in South America, I’ve witnessed firsthand the profound impact of green marketing strategies. Customers are becoming increasingly environmentally conscious, and this shift is far from a passing trend. Sustainability is now a core expectation, making it clear that going green is essential for the future of business.

5. Remote and Hybrid Work Models

The future is Hybrid…or Remote? Around 62% of employees now want a mix of remote and in-office work, splitting their time between home and the office. Here’s how companies are adapting:

• Hybrid Work: Many businesses now allow employees to enjoy the best of both worlds, working remotely part-time and coming into the office for meetings.
• Smart Tech Tools: AI is automating routine tasks, while virtual and augmented reality are enhancing remote collaboration.
• Cybersecurity: Companies invest heavily in stronger encryption, multi-factor authentication, and real-time threat detection to secure their data.
• Focusing on Results: Companies care more about what employees achieve, not just the hours they log.

Managing a global team of interns from Kenya, Pakistan, Argentina, and Italy has really shown me how hybrid work can bring out the best in diverse talents and create a buzzing, productive team.

The future of work is here, and let’s face it, flexibility isn’t just a nice-to-have anymore—it’s the new normal, driving innovation and collaboration like never before.

6. Diversity, Equity, and Inclusion (DEI)

In recent years, many companies have focused on Diversity, Equity, and Inclusion (DEI) programs to improve innovation and overall performance. Here are some examples:

• Global Reach: The World Economic Forum’s DEI Lighthouse Programme has showcased effective DEI initiatives from over 70 companies worldwide.
• Gender Equality: HEINEKEN has increased the number of women in senior sales from 9% to 19%, and IKEA now has 50.2% female managers.
• LGBTQI+ Inclusion: Over 12,400 PepsiCo employees from 33 countries have voluntarily shared their sexual orientation and gender identity.
• Supporting Returning Employees: McKinsey’s program for returning employees has reduced attrition among EU consultant mothers by 20%.

From my experience as a marketing agency CEO, our DEI initiatives have helped us and our clients create a culture where every voice is heard and valued. Businesses should understand that inclusivity isn’t just a policy—it’s a real advantage.

7. Markets and Opportunities for Investment

In 2023, global foreign direct investment (FDI) declined by 2%, amounting to $1.3 trillion, primarily due to economic slowdowns and geopolitical tensions. Moreover:

• Developing countries witnessed a 7% drop in FDI flows, reaching $867 billion.
• The tightening of financing conditions led to a 26% fall in international project finance deals, necessary for infrastructure in the poorest nations.
• Sectoral growth patterns indicate that investments in sectors such as automotive and electronics are on the rise. 
• Funding for Sustainable Development Goals (SDGs) sectors fell by over 10%, particularly in agrifood and water, slowing progress toward the 2030 Agenda.
• Emerging markets present significant investment opportunities driven by technological advancements, regulatory changes, and shifting consumer preferences.

We worked with a client in the digital assets space, where we helped him identify tremendous potential in this sector, which many were overlooking, and successfully positioned them as a top player.

The key takeaway? Stay agile, stay informed, and seize opportunities in burgeoning sectors like digital assets and electronics. The rewards can be substantial.

8. Ethical Supply Chain Practices

In 2024, companies have had to adapt to meet consumer demand and regulatory pressures for more environmentally-friendly practices.

• Blockchain technology provides full transparency and security, tracking products from production to delivery.
• AI integration improves forecasting and helps companies manage inventory.
• Companies are flexible and resilient, and they have diversified suppliers and increased inventory levels.
• The focus is now on recycling, reusing, and eliminating waste, creating closed-loop systems.
• 24% of conscious consumers prefer green products.

I remember discussing the importance of potential downsides, or “anti-objectives”, when setting goals in a recent podcast.

The message was centered on balancing the benefits (increased revenue or sustainability) with the drawbacks (harming customer perception, straining operations, or damaging the brand).

By avoiding these downsides, you are clearly set for lasting growth.

9. Artificial Intelligence and Automation

Among the hottest trends are generative AI, AI in recruiting, and AI in healthcare, each revolutionizing their respective fields.

• Generative AI: New AI models like GPT-4 are revolutionizing how people and companies use technology. Experts predict the generative AI market will reach $118 billion by 2032.
• AI in Recruiting: Around 65% of recruiters now use AI to screen resumes and conduct video interviews.
• AI in Healthcare: AI improves diagnostics, personalized treatments, and surgical precision with autonomous robots, speeding up drug development and allowing better patient care.

AI-driven technology is transforming the job market. While it opens new opportunities, it also automates many routine tasks. This means the workforce needs to reskill and upskill to keep up.

In recruitment, AI is a powerful tool that acts as a matchmaker.

But it doesn’t stop there. AI is also emerging in project management and customer service, offering customized solutions and promoting B2B interactions.

The future with AI is not just about keeping up but getting ahead. Embrace the change, adapt, and watch your business succeed.

10. Digital Customer Experience

Nailing the digital customer experience is the secret to winning hearts and driving engagement. Here’s how:

• Data and Personalization: Personalized experiences can increase revenue by 40%, and 88% of online shoppers prefer personalized interactions.
• Loyalty Programs: 80% of companies are increasing their investment in customer loyalty programs.
• Privacy and Security: As personalization grows, businesses must implement strong encryption and malware defenses to safeguard customer data.
• Omnichannel Experiences: Customers expect seamless transitions between physical and digital interactions.
• Customer Feedback: Predictive analytics are compulsory, as traditional survey methods capture only 7% of customer feedback.

I’ve seen firsthand how powerful these strategies can be during this one instance where one of our SaaS clients saw a significant boost in user satisfaction and retention after we improved their digital touchpoints.

Similarly, a zoo we worked with increased visitor engagement by integrating interactive digital experiences. These case studies prove that every interaction matters, especially since over half of customers (52%) are willing to switch to a competitor after a poor experience.

As we move through 2024, success will depend on how well businesses adapt to emerging trends. Adopting technologies like AI and blockchain and prioritizing sustainability will drive innovation and growth.

The future holds potential, but only for those who are ready to evolve and seize new opportunities.