If you think the tremendous changes in technology since the end of World War II till today were amazing, just wait. Within the next 10 years, technology will accelerate so fast, literally every industry will go through astounding changes – thanks to these disruptive technologies.
By James DiGeorgia
Nowadays, disruption is rather constant, and it's continuously changing the way things are done. Some trends only last for a short time then disappear, but others have a huge and lasting impact that transforms every facet of our world and how we live and work in it.
1. IoT (Internet of things) is changing the way businesses across all industries interact with customers while optimizing business outcomes and achieving operational efficiency at the same time. IoT is an interconnected system of sensors and devices that use internet protocols to communicate. These devices provide information for numerous uses, from predicting when components in engineering equipment have to be serviced, to using a mobile phone to control home appliances.
Although there are ongoing issues relating to data privacy and security, these are being improved, and IoT, combined with data analytics and processing done on the device, is opening up a host of new possibilities. These include applications such as collision avoidance, object detection, and face recognition. When IoT is combined with AI, it enables analytics relating to vehicle-to-everything, also known as V2X. This provides improved decision-making capabilities resulting in increased safety and functionality in autonomous vehicles.
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Special: Imagine an options trading service that has delivered over 4,872% in winning trade recommendations over 11 years. That's 442% a year in winning trade recommendations. Check it out! Just $49 for the first 60 days!2. AI (Artificial Intelligence) Improvements in algorithms, the explosive growth of data, and developments in microprocessor technology have resulted in the recent AI (artificial intelligence) market explosion. Organizations leverage AI as a tool to drive revenue growth, improve quality, and increase speed. It has become common to hear about natural language processing, computer vision, and deep learning in industries such as demand planning in retail, and diagnostics and imaging in health care.
Smart assistants like Google Assistant, Cortana, and Alexa use AI with easy-to-use, intuitive man-machine interfaces, and have helped consumers accept AI. Autonomous vehicles are one of the most disruptive examples of AI. Audi is likely to launch the world's first production vehicle containing Level 3 autonomy soon, while Volvo and Ford are both working on reaching Level 4 autonomy.
The increased integration of big data and analytics systems with AI is resulting in both prescriptive and predictive analytics becoming more pervasive. The increase in sophisticated cyber crimes such as crypto-based ransomware and advanced persistent threat attacks will also continue to drive the development of proactive cybersecurity based on AI.
3. The Explosive Development of 3D printing or additive manufacturing allows for short production runs and rapid prototyping. This reduces upfront costs and makes manufacturing of low volumes more viable. 3D printing is gradually being used for producing more parts in numerous industries including construction, consumer goods, aerospace, jewelry, health care, and automotive. This leads to expedited delivery times, lower costs for production and logistics, and reduced energy consumption and costs.
As 3D printers’ costs decrease and a bigger range of 3D-printable materials becomes available, printing of an ever-increasing range of products becomes possible. 3D printing is also having a positive impact on supply chain management as the boundaries between customers and manufacturers are blurred due to various products and parts being manufactured on site. The biggest opportunities for 3D printing can be found in the jewelry, education, textile, and printed electronics markets.
4. Big Data: Massive volumes of data are generated today, and trillions of gigabytes are produced every year from activities by competitors’ products and customers as companies leverage insights to achieve better financial results, manage costs, and drive product innovation.
AI is driven by this data explosion, which in turn prompts organizations to track and utilize more data. As analytics and data continue evolving, data is entering the marketplace as a commodity that is purchased and sold. Analytics, although previously dominated by analytics vendors, is now offered as a service by various cloud providers including Microsoft, IBM, Google, and Amazon.
Blockchain is still in its infancy, rising from the popularity of cryptocurrencies including Bitcoin and Ethereum. This distributed ledger system is used to record and verify transactions between two parties. The transactions are linked cryptographically, making them wholly transparent, yet highly secure. Apart from the insurance, financial services, and banking industries, blockchain is increasingly being used for applications in real estate, public transportation, digital identity, asset management, supply chain management, healthcare, and government.
Although blockchain still has lots of room to grow – especially in digital identity and smart contract applications – there are many challenges that still need to be addressed and resolved. These include the huge investments needed to develop and maintain infrastructure, regulatory oversight, and the lack of operational standards that are commonly agreed upon. Blockchain-as-a-service is increasingly being adopted as it improves the affordability of the technology and reduces the time organizations need to deploy its own blockchain system. In this scenario, blockchain apps are built, hosted, and deployed with cloud-based solutions.
Although your revenue today comes from mature markets and known sources, your future revenue is likely to depend heavily on being able to identify new income sources. To flourish in a competitive market environment, it is critical to not only predict how these disruptors will affect your business and industry, but also to determine how you can capitalize on new and emerging opportunities.