Frost & Sullivan believes there are eight mega-trends transforming the future of African business, and that these trends directly impact the continent’s future outlook of business, society and culture; thereby redefining the future world and its increasing pace of change.
With the ever-changing global economy, companies require visionary thinking through the identification of important mega-trends to anticipate sustainable growth in today’s competitive environment. To this end, visionary innovation has now become an essential ingredient to survive and thrive in the future business environment, both as an individual and as a company.
“Ideas, insights and inspirations are the lifeblood of Innovation,” notes Frost & Sullivan’s partner for Africa Phil Howarth. “Mega-trends have diverse meanings and impacts for different industries, companies and individuals. The analysis of these mega-trends and their implications form an important component of a company’s long-term growth strategy, and development of future innovations and opportunities.”
Frost & Sullivan’s Africa team recently conducted its second in-depth analysis of the top African mega-trends, and will highlight them at GIL 2012: Africa – Frost & Sullivan’s premier Growth Innovation and Leadership (GIL) event taking place in Cape Town on 22 August.
Some of the key trends include urbanisation in Africa, where a minimum population of 8-million and a GDP of $250-billion is expected to be reached by the year 2025; regional integration, where as policy ties formed between BRICS members become stronger, imports into Africa from developing countries are expected to increase significantly; and connecting the unconnected, where the growing demand for connectivity by consumers and businesses in Africa is expected to achieve 90% mobile penetration level and 20% of broadband penetration by 2020.