Mega Trends in Africa
Mega Trends in Africa: Macro-to-micro Implications for Businesses, People, and Society.
The study 'Mega Trends in Africa' will weigh in on Africa's future prospects, examining exogenous factors or Mega Trends that will drive Africa's growth story over the next ten years- The study will provide visionary insights into the impact of digital trends, such as virtual currency and future direction of a cashless African economy- Further, it provides insights on the economic growth, future demographic trends, growing levels of foreign investment, and new business models from the African perspective- It will also provide an understanding of the inter-linkages of these Mega Trends and implications for countries and industries on a macro level and for cities on a micro level.
Key Findings
Demographic trends, such as urbanization, rising incomes, and a huge generation of young, tech-savvy Africans have fueled this growth of connected devices. In the decade ahead, each African consumer will have, on an average, connected devices.
Africa's digital economy will grow exponentially with the proliferation of devices, and estimates for Africa's Internet economy (as measured by total ICT spending) to be $ billion in 2025. The Internet economy will account for % of the continent's gross domestic product (GDP).
The mobile revolution in Africa has led to an array of mobile payment solutions- Mobile payment solutions will be a game changer for Africa, a nearly million Africans will be transacting money through their mobile wallet in the next decade, and this would lead to a market value of $ billion.
Africa will have tremendous market potential for firms that are operating in the digital currency space. By the end of 2015, there will be million Bitcoin wallets in Africa and nearly one-third of Kenyans will be using a Bitcoin wallet.
Online retail will grow significantly in the next years and will account for nearly % of total retail sales in Africa in 2025. Nigeria, South Africa, Egypt, and Kenya are emerging as the top markets for online retailing in Africa.
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