See the Big Picture
Industry trends that will shape 2025. Insights to support your planning. The Big Picture is a collection of 2025 industry outlook reports that can help sharpen your decision-making with broad perspective and essential predictions.
Industry Challenges, Meet Opportunity
As challenges grow, so do our insights. The 2025 Big Picture outlook reports offer a look ahead to the key industry trends and opportunities expected to drive change in the year ahead.
Will obstacles in supply chains, capital markets, M&A, private markets, energy transition, sustainability, commercial real estate, and generative AI impact your business? Discover how the business and economic environment may shape your big picture in 2025.
Industry Outlook Reports
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Capital Markets
The 2025 Capital Markets Outlook
In 2024, corporate debt issuance surged due to increased investor demand, while equity issuance saw a slower recovery as high interest rates and the election supercycle delayed some offerings to the following year. Improved macro fundamentals and anticipated central bank rate cuts are expected to activate dormant IPO pipelines and enhance capital markets activity in 2025.
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Commercial Real Estate
The 2025 Commercial Real Estate Outlook
The commercial real estate market's mettle will be tested as many borrowers seek to refinance loans maturing in the next year. Interest rates are unlikely to fall enough to reach the same levels as when the loans were originated, resulting in a higher debt service for borrowers, if credit is available at all. Concerns about the office real estate sector remain high, particularly for older buildings where few employees have returned to work in person.
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Energy Transition
The 2025 Energy Transition Outlook
The growing demand for artificial intelligence in the US highlights the urgent need for enhanced infrastructure, including new datacenters and substantial power resources, which may conflict with decarbonization efforts. The aging transmission system hampers renewable energy integration, prompting Big Tech to explore nuclear energy options, while datacenter deployment remains optimistic, with a focus on green energy and critical minerals gaining investor attention as lawmakers prepare to address these challenges in 2025.
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Generative AI
The 2025 Generative AI Outlook
Can Generative AI (GenAI) bridge the gap between cost and value? GenAI foundation model startups have achieved revenue milestones at record speeds, but generating commercial value for most others remains an elusive task. Many can cite nominal lifts in overall business, particularly those offering AI-enabling technologies, however net new streams of revenue have been harder to come by.
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M&A
The 2025 M&A Outlook
M&A has shown signs of perking up, and the drivers are in place to help further accelerate activity. Potential pace setters include private equity firms, along with oil and gas and technology companies. The oil and gas sector has already contributed to the nascent M&A recovery. Blockbuster deals announced in late 2023 preceded a global rise in $10 billion-plus deals in 2024. Tech companies have more capacity to pursue M&A due to improving valuations and revenue outlooks.
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Private Markets
The 2025 Private Markets Outlook
Public US credit markets had a banner year in 2024 with record new issuance readily absorbed. While solid economic growth and the likelihood of a soft landing are certainly factors, the staggering growth of the $1.5 trillion private credit market offers another option to tap into funding. The two sides of the credit market are likely to become more enmeshed, and that is raising new concerns about the relative opaqueness of private credit.
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Supply Chains
The 2025 Supply Chain Outlook
In 2025, policy implementation will take precedence following the 2024 elections. Protectionism remains a key focus in the US and EU, while China expands its carbon emissions compliance markets. Companies can mitigate geographic risks from policy and climate changes through long-term diversification, mid-term technological investments, and short-term multi-sourcing, although investments in automation and logistics may face scrutiny.
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Sustainability
The 2025 Sustainability Outlook
Insured losses from natural catastrophes globally have topped $100 billion in each of the past three years and, thanks to hurricanes Helene and Milton that hit Florida, look set to do so again in 2024. As the insurance industry undergoes a period of heightened claims, these evolving physical risks are forcing insurers to reevaluate their relationships with each other and the world at large.
Join our Big Picture webinar on December 4
Look ahead to the key industry trends and opportunities expected to drive change in the year ahead. Our experts will discuss the trends that will shape the big picture for the business and economic environment in 2025, including:
- What new monetary policies and economic fluctuations mean for the capital markets, M&A activity, and private investments.
- Further adaptations businesses and consumers may need to undertake in preparation for new extreme climate events.
- The benefits that will be delivered from the waves of investment in generative AI, as well as the need for new technological infrastructure.
- Assessing the risks that the US commercial real estate market poses to financial and non-financial corporations alike.
- How post-election policy implementation, protectionism, and carbon emission mitigation will impact global supply chains.
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