The most senior legal advisers from multi-billion dollar companies have today unveiled their views on the global trends set to radically transform industries over the coming decades, in a future-gazing business survey published by international law firm Simmons & Simmons.
Alongside its traditional "Year Ahead" forecasting for 2025, Simmons has published new findings on what leading businesses can expect from the world in 2050 and beyond, based on possible future scenarios inspired by the big screen - across tech, health, finance and sustainability - many of which are already unfolding today.
From AI-led financial systems and global governance, to biometric currencies and nanorobot medicine, the survey poses possible utopian and dystopian future scenarios to legal heads at international companies valued up to $50bn.
Considering the implications of these possible future scenarios, Simmons' findings reveal particular concern from legal advisers about the future legal risks emerging in areas of data protection, privacy, and cyber-security - with legal implications for employment, finance and regulation also ranked highly.
Despite these inherent future risks, the findings from businesses overall reveal an optimistic vision of the decades to come - for example, with a majority predicting a high likelihood of eliminating water scarcity and the emergence of zero-waste societies.
Future scenarios for 2050 and beyond: key findings from Simmons' global business survey
In health and longevity, out of multiple future scenarios posed for businesses, the survey finds that:
- Legal heads are most likely to predict a future in which there are cities with advanced environmental controls to promote health and wellbeing (61%) and mandatory health surveillance (53%).
- Those based in the UK are most convinced by the likelihood of a future dominated by nanorobot medicine (51%).
- Those in Asia are most likely to predict cities with environmental controls (65%), while those in the Middle East most likely to predict a future of mandatory health surveillance (58%).
In political systems and finance:
- Almost two-thirds of all respondents (64%) anticipate a future 'banking revolution', where digital currencies and blockchain create a seamless financial system boosting international trade, cooperation and prosperity. A future where biometric data is used as currency also ranks highly (58%), as does one in which AI is involved in global policymaking (52%).
- Respondents in the UK are most convinced (53%) by a future of 'fiscal fusion' - where the harmonisation of regulations makes financial markets more transparent, resilient and inclusive, enabling investors to participate in previously inaccessible markets.
- Respondents in Asia ranked the likelihood of a banking revolution most highly (66%), as well as biometric data as a form of currency (70%).
In sustainability:
- 63% of all respondents rank a future scenario of a "clean water revolution" most highly - a world in which purification and desalination technologies eliminate water scarcity. Overreliance on AI for environmental management (62%) and zero waste societies (57%) are also ranked highly by businesses.
- Those in the UK are most convinced by the scenario of a clean water revolution (65%), while those in Europe (71%) cite the overreliance on AI environmental management as the highest.
- Those based in Asia (64%) are most likely to expect the emergence of "zero waste societies".
In technological transformation:
- Overall, respondents are most convinced by the likelihood of a future in which smart digital ecosystems manage water, electricity and food resources (55%).
- A future of decentralised identity networks, where blockchain secures personal data and transactions, also ranks highly (53%) - followed by a world of predictive commuting (50%), where governments track habits and use autonomous vehicles to optimise commutes.
- Those in the USA are most convinced of the likelihood of smart digital ecosystems, with 60% ranking it in their most likely scenarios - while those in Asia are most convinced of the likelihood of decentralised identity networks (56%).
Commenting on the findings, Julian Taylor, Senior Partner at Simmons & Simmons said: "Our future-facing survey reveals that many global businesses regard their industries as on the verge of being reshaped and upended by rapidly advancing technological developments. Legal heads of leading companies display optimism about our ability to harness technology to improve global outcomes, particularly for the financial system, the environment and our health.
"But this is coupled with a note of caution. As many of these technologies take off in the coming years, they will bring with them a multitude of challenges. Common across all industries is the concern about the implications for data protection, privacy and security. For their positive outlook on the future to be realised, businesses must ensure they are well-equipped to deal with these looming legal risks."
Global survey details
We surveyed 500 legal heads in November 2024 across businesses in 5 sectors (Asset Management and Investment Funds; Financial Services Institutions; Technology, Media and Telecommunications; Healthcare and Life Sciences, and Energy, Natural Resources and Infrastructure).
Respondents represent companies valued between $500m and $50bn, and were based in the UK, Europe, USA, Asia and the Middle East.