Technology innovation is happening at an unpreceded pace and scale, driven by every business sector in every corner of the world.
Which new technologies will have the biggest impact? Which will unlock the biggest market opportunities? Which are poised to disrupt business and society as we know it?
KPMG’s survey of 800 global technology industry leaders uncovers three emerging technology trends that will drive business transformation in the next three years. We recently shared insights about these trends—and what they mean for businesses of all shapes and sizes—with Inc.com, and I’ve summarized the highlights here.
- The Internet of Things (IoT): Gartner estimates that by 2020 there will be 20.4 billion connected devices worldwide. Who stands to benefit from this massive growth? Our survey shows the technology industry has the greatest monetization potential, but a wide variety of sectors—from healthcare to banking to agriculture—can improve efficiency, productivity, innovation and profitability by adopting IoT.
- Robotics: Robotics will attract $226 billion in investment by 2021, according to Research and Markets. Robots are changing the limitations of what humans can or will do. But that no longer means just taking over dangerous, manual tasks in industrial and military segments. Today, the robotics boom is also impacting the consumer and service sectors, as robots are increasingly in demand to perform unskilled tasks, such as delivering packages.
- Artificial intelligence (AI): Processing power has increased to the point where AI technologies are now able to simulate how a human brain learns, reasons, understands, and makes decisions. With the power to significantly increase productivity, redistribute labor, and create new sources of value, it’s no wonder spending on AI in 2017 has shot up by 60 percent over 2016, according to International Data Corporation. According to KPMG’s survey, the main beneficiaries from AI will be the financial services and technology sectors.
Is your business prepared to handle the massive changes being brought about by these emerging technologies—sooner rather than later?