"Buy experiences, not things" might sound like just another inspirational social media quote. However, it's the mantra that summarizes one of the tremendous paradigm shifts in consumer demand, which has been making waves in the global markets since the 1990s.
The fitness and sports industry is growing exponentially. Consumers engage with physical activities more than ever, which exploded fitness into a global industry, edging USD 100 billion in worth.
The security industry has traditionally been a hands-on one, characterized by physical precautions such as security guards and mechanical keys and locks. The image of a guard patrolling a place with a torch in one hand and a ring with many mechanical keys attached to their belts has long been the picture associated with on-site security.
Recent technological developments in cloud computing have driven innovation in the security market, convincing companies of all sizes to switch from manual or electronic access control to cloud-based ones.
The Jetsons, the 1960s futurist cartoon that was made in the US, depicted the namesake family living in Skypad Apartment in the year 2062, in a city called Orbit. The family of four — and their dog — enjoyed a leisurely life in a smart home, complete with a robot maid, flying cars, and other whimsical inventions.
“Why has slamming a ball with a racquet become so obsessive a pleasure for so many of us?" mused cultural critique, Nat Hentoff. “It seems clear to me that a primary attraction of the sport is the opportunity it gives to release aggression physically without being arrested for felonious assault."
As the world is getting closer, travel firmly established itself as one of the largest industries in the world, contributing almost USD 8 trillion to the global economy. It employs over 300 million people, which means about one in 10 working persons is in travel.
The umbrella term of "small and medium-sized enterprises (SMEs)" might evoke a sense of humility. However, the importance and impact of SMEs around the world are the opposite of small or humble: SMEs account for up to 70 percent of the jobs in most OECD countries, facilitating growth, prosperity, and innovation globally.