Markets of tomorrow: An article based on World Economic Forum

The world economic forum recently conducted a report on the topic of “Markets of Tomorrow Report 2023: Turning Technologies into New Sources of Global Growth” with the focus of understanding where the world is heading into the future and which industries will be the key for the future. This is a brief from the report of the markets of tomorrow.

In the face of an increasingly contested geoeconomic international system, governments are changing their industrial strategy to achieve well-defined strategic goals. Parallel to this, several businesses are adopting a more values-driven strategy to market entry. This dual tendency creates an opening for recasting public-private partnership within economics. When governments, investors, and companies work together to define priorities and create new markets, they may usher in a new age of purpose-driven development, jobs, and prosperity.

World  economic forum ran a survey regarding how and where the world is heading including three key questions below:

• Which technologies are the highest strategic priority over the next 10 years?
• In which sectors are these technologies most likely to generate new markets?
• And what are the main obstacles to the growth of these markets?

According to the survey, the top three technologies globally are more foundational. Agricultural technologies were viewed as the highest strategic priority, followed by education and workforce development technologies and then power storage and generation. The distribution is shown by the below table.

There is a solid consensus across many lower- and middle-income economies on these priorities, although climate-change mitigation technologies are a higher priority among high-income countries.

There is also a notable divergence in the results for a subset of high-innovation countries (United States, China, Japan, Germany and South Korea), which cite artificial intelligence (AI) as the highest strategic priority. While this result is not surprising at a time when AI appears poised to make another technological and commercial leap forward, it also points to a potential gap between the global supply and demand for innovation outputs.

In terms of market difficulties to be addressed, respondents identified a wide variety of aspects where development is necessary. To start with, additional skills and talent need to be developed, emphasizing the essential importance of human capital development. The second mentioned barrier was infrastructure. Third on the list was a need for increased public-sector initiative, which rated in the top three in 77 of the economies polled, indicating a need among many enterprises for a purpose-driven public approach to market co-creation.