By the end of 2022, it’s thought that the global IT market is expected to peak at a value of $9,325.69 billion. This will represent an increase on the 2021 figure of $8,384.22 billion, with the market growing at a CAGR of 11.2%.
The wider technology market has also evolved at an incredible rate since the dawn of the digital age, changing the way in which businesses operate and how they interact with both employees and customers alike.
We’ll appraise this further below, while appraising the individual ways in which innovations are changing the worlds of commerce and business.
The Role of Modern Technology in Businesses
Technology has always played a pivotal role in business growth and development, across a broad range of Australian markets and applications.
During the digital age, it has helped to create an increasingly integrated and interconnected world, ushering in the age of both remote working and ecommerce.
Of course, the trend towards ecommerce has been accelerated by the coronavirus pandemic, with total online sales peaking at an incredible $25.7 billion at the end of 2020. By 2024, Australia’s ecommerce market will generate revenue of around $32.3 billion, with an average year-on-year increase of 15.5%.
This has encouraged a growing number of Australian startups to focus exclusively online, while established and existing businesses have simultaneously looked to create a viable source of revenue online.
In terms of remote working, this has also become increasingly popular during the last decade (and since the outbreak of Covid-19).
Currently, it’s thought that around 77% of Australian workers are gravitating towards a flexible hybrid model, through which they split their time between spending time at the office and working for home. This delivers on a flexible working directive while allowing for in-person connectivity and collaboration, creating a best-of-both-worlds scenario for all parties involved.
These are just two examples of how technology drives the modern workplace, and the core interactions between businesses and the people that continue to drive them.
How is Technology Changing Business in 2022?
But what are the precise ways in which technological advancement and innovation are changing businesses in 2022? Here are three specific examples to keep in mind:
- #1. Mobile-First Business Environments: While the ecommerce revolution has been huge, it’s thought that some 72% of all online sales now take place on a mobile device. This has created a mobile-first business focus across a broad range of consumer-facing markets, and one that has also extended to elements such as content marketing, shipping and the management of backend admin processes. This trend will gather further momentum in the near-term too, particularly as mobile penetration rates reach saturation point in the Australia and throughout the western world.
- #2. The Use of AI: The advent of artificial intelligence (AI) is also a major innovation, and one that continues to shape the worlds of business and consumer marketplaces. AI has changed a surprising number of markets too, from gaming and cybersecurity to the way in which forex traders execute orders. AI has also introduced concepts such as machine learning, which enable businesses to model outcomes and services while gathering data from unstructured and unusual sources.
- #3. Buyer Enablement: Globally, buyers spend the first 60% or more of their consumer journey on their own, as they browse a number of resources and strive to seek value in increasingly competitive markets. However, a recent trend has seen technology empower buyer enablement, enabling customers to become a champion of specific products within particular organisations.