Growth of multinational companies with a global presence in many different economies.

Improved technology which makes it easier to communicate and share information around the world.

Improved transport, making global travel easier. Drivers of the globalization of firms include government, competition, cost globalization and market drivers.

Main reasons that have caused globalisation What are the major drivers behind the Globalisation of business Trade liberalization, global consumer habits, rising development costs and the need for economies of scale, pressure from foreign competitors in the domestic market as well as the development of information and communication technologies, are considered drivers of the globalization. Before a business takes its product or service to the market, it must first understand who exactly is likely to purchase it. Reasons for Globalization: - Domestic markets are not enough and other markets are required.

These are trends that make markets develop and grow. Market convergence, competition, exchange rates and cost advantages. Market drivers are the underlying forces that compel consumers to purchase products and pay for services. These include currency exchange rates, government policies such as tariffs and business-support infrastructure and consumer tastes and fads.

Likewise, what are the drivers of international business? The drivers of international business are as follows. Various types of market drivers influence globalization. The media and almost every book on globalization and international business speak about different drivers of globalization and they can basically be separated into five different groups:

Subsequently, one may also ask, what are the five major drivers of globalization?

Five major drivers of globalization