Did you know the global wellness market is set to hit $1.8 trillion by 2024? It’s growing at a rate of 5 to 10 percent each year. This shows how important it is to keep up with market changes and trends.
As I explore ten key insights, I want to help businesses stay ahead. We’ll look at trends like the growing need for tech outsourcing in energy and healthcare. We’ll also see how new tech like generative AI will change how we work.
By diving into these trends, I hope to show how businesses can use market insights to not just keep up, but excel in 2024.
Key Takeaways
- The global wellness market reflects a significant area for business expansion.
- Emerging markets show a higher intent to invest in wellness compared to developed markets.
- AI and machine learning are revolutionizing sectors including construction and data management.
- Digital technologies are set to transform the construction landscape in 2024.
- Women’s wellness investments could close a critical health gap valued at $1 trillion annually by 2040.
- Social commerce in the U.S. is projected to grow significantly, highlighting a shift in consumer purchasing behavior.
- Understanding consumer behavior is essential for strategic market positioning.
The Role of Managed Services in 2024
As we move towards 2024, the world of managed services is changing. More companies are choosing to outsource to cut costs. This growth shows a move towards better IT services.
Managed services help businesses keep up with new tech, like app development and upkeep. These areas are key for staying ahead in the market.
Strong Demand for Outsourcing
Outsourcing is in high demand as companies aim for better efficiency. The ISG report shows that IT’s growing complexity pushes companies to seek managed services. This move offers cost savings and better service quality.
Generative AI is set to boost productivity by 10%-17%. This shows the importance of using new tech in service delivery. Companies are looking for reliable partners to help modernize and streamline their operations.
Industry Variations in Demand
Demand for managed services varies by industry, due to different challenges. The manufacturing sector, for instance, is a big user of network managed services, making up about 20% of the demand.
As digital transformation grows, telecom and media face unique challenges. They need better network operations and automated monitoring. Finding the right outsourcing solutions is key for staying competitive in these changing times.
Market Insights: Understanding Shifts in Consumer Behavior
Exploring the changing world of consumer behavior is key. We see big changes, mainly because of economic challenges. Many people, including those in the middle and upper classes, are now ready to spend on things they want.
This shift shows a big interest in experiences like travel and dining. It’s a clear sign of what people value in uncertain times.
Splurging Amid Economic Constraints
Even with money worries, many are changing how they spend. In the U.S., about 75 percent of people tried new stores, brands, or ways to shop during the pandemic. This shows they’re looking for fun and easy ways to shop.
For example, 15 percent of people tried grocery delivery for the first time. Over 80 percent of these new users were happy with how easy and safe it was. This shows a big change in what people want from their shopping experiences.
Changing Brand Loyalty Among Aging Consumers
Older shoppers are also changing their ways. They’re not sticking to tight budgets like before. Instead, they’re spending on things like travel.
They’re also moving away from old brands and towards new ones. This is because modern marketing is catching their eye. Businesses need to understand these changes to stay ahead in 2024 and beyond.
