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Intuit Study Paints Provocative Picture of 2020
10-year Forecast Reveals Global Opportunities for Individuals and Small Businesses
MOUNTAIN VIEW, Calif. – Oct. 12, 2010 – One billion new middle class consumers enter the global economy from emerging markets. Health and wellness becomes the single-largest expenditure for the world's consumers. Cloud computing brings the end of the brick-and-mortar office. That's a vision of the world in 2020, described in a new report that looks into demographic, social, economic and technology shifts shaping the next decade.
The Intuit 2020 Report, prepared by Emergent Research in partnership with Intuit Inc. (Nasdaq: INTU), explores trends that will affect consumers and small businesses, and those who serve them.
"Intuit is looking toward tomorrow to find new ways to help our customers today," said Kris Halvorsen, chief innovation officer of Intuit. "We are already seeing fundamental shifts that are changing the way we all live and operate, but rarely do you see so many trends directly affecting the global economy and community in such a short time."
The report covers 20 trends occurring across four different areas - demographic, social, economic and technology.
The Face of Small Business and Consumers Continues to Change
Age, culture and gender will blur the lines of influence over the next decade, changing the way businesses big and small interact with consumers. For example, women will play an increasingly important role in the global market - as leaders in business and government, as entrepreneurs and as consumers. It is expected that close to 1 billion women who had not previously participated in the mainstream global economy will do so by 2020.
The New Consumer Shapes the Socially Connected Marketplace
The wide range of socially connected tools and services available around the world will transform communities and relationships, forcing people and businesses to adapt and operate in new and different ways. For example, the role of nontraditional influencers, such as bloggers and social network contacts, will continue to expand as consumers increasingly turn to them to as a source for purchase decision information. Businesses will be forced to employ multiple, inter-connected approaches to reach new customers, most of which will reside on the Web.
New Business Models, New Markets, New Opportunities Emerge
Emerging markets, already an important growth factor in the post-recession global economy, will gain additional importance and power. For example, a new "global middle class" will emerge, with more disposable income, leading to increased opportunity for businesses around the world - big and small. More than 1 billion new middle class consumers will be added to the global economic community, most of whom will be younger than their counterparts in industrialized nations with older demographics.
Technology Becomes Ubiquitous
Technology advances will change how consumers live their lives and perform everyday tasks. In addition, businesses will be transformed as a result of global growth of the Internet, high bandwidth cloud computing, advanced analytical tools and mobile services. For example, society will produce data at an unimaginable rate; harnessing its power will be a competitive differentiator globally, eliminating the concept of data overload. Statisticians and others who crunch and analyze data will be in short supply.
"There is no doubt that the next decade will dramatically change the way we all live and operate, which we have already seen in play over the past year as economic, social and demographic shifts alter the face of consumers and small businesses," said Steve King, partner at Emergent Research and study co-author. "Particularly exciting are the opportunities for small business creation and success in a global market as businesses become easier to start and manage."
The Intuit 2020 Report is the first in a series. Subsequent research will explore the impact of these trends on specific markets or industries, and the way people live and work.
Note to Editors: A PDF file of the report is available at www.intuit.com/2020.
About Emergent Research
Emergent Research is a research and consulting firm focused on identifying, analyzing and forecasting the key demographic, social, technology and economic trends and shifts impacting business and society. Emergent Research partners, Steve King and Carolyn Ockels, are co-authors of the Intuit 2020 Report and the Intuit Future of Small Business Report Series.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.5 billion in its fiscal year 2010. The company has approximately 7,700 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.