Green economy and China 'key for business'
The potential of the green economy and the burgeoning power of China have been identified by senior Irish businesspeople as two of the key global trends that will emerge by 2020.
The AIB/Amárach Business 2020 report asked senior Irish businesspeople about their expectations for the global economy in 2020. Executives from 265 Irish businesses were interviewed for the survey, which was undertaken in October.
A change in the way goods and services will be bought by the end of the decade was identified as one of the key challenges for Irish businesses. While online sales currently represent 15 per cent of total sales for Irish businesses, this is predicted to increase to 26 per cent within five years.
Similarly, the majority of businesses also anticipate new types of payment innovations, such as mobile phone-enabled transactions, to be in widespread operation.
Almost a third of respondents believe there will be a significant shift in economic activity from West to East by 2020, with most respondents believing that green technology holds particular potential for Ireland.
The emergence of virtual workforces is likely to be a feature of the business landscape in 2020, according to the survey.
Its author, Gerard O’Neill of Amárach Research, said that compared to the 2010 report, businesses were now looking beyond Europe for long-term growth opportunities.