We are living in one of the most disruptive periods of technology evolution in history. More than ever, business leaders need a strong grasp on massive changes being driven by technology innovation so they can pivot strategically and win a competitive edge.
Our recent survey of 750 global technology leaders helps business leaders capitalize on change by delivering practical insights on how future technology developments will unfold. The survey uncovers the three technologies global tech leaders say will drive the most profound changes to businesses, consumers and society in the next three years: Internet of Things (IoT), artificial intelligence (AI) and robotics.
As IoT, AI and robotics move firmly into the mainstream, they are disrupting how we live and work. Among other emerging innovations, tech leaders say the three have the greatest potential to digitally transform businesses, solve societal problems, and shift consumer markets.
Let’s explore some major takeaways about these game-changing technologies that emerge from our survey.
- Internet of Things (IoT): IoT is the top technology expected to drive business transformation over the next three years. Investment in IoT is skyrocketing as IoT providers mature their offerings and new types of sensors emerge. As IoT rapidly digitizes the physical world, it brings massive benefits. Businesses can leverage data from connected devices to improve decision making, drive greater efficiency, increase profitability, and introduce new revenue streams. IoT is also a powerful tool for improving society. It enables the growth of smart cities, helps people proactively manage their health, and more. And consumers benefit from adopting IoT, too. From smart homes to wearables to autonomous cars, IoT helps consumers manage their personal information, increase personal productivity and enjoy better customer experiences.
- Artificial intelligence (AI): Global tech leaders also view AI as a transformational technology. Enabling improved business productivity and customer experience through automation and data insights, tech leaders foresee significant future investment in R&D and M&A in the AI space. As it advances, AI is changing the nature of work. In a future where humans and bots work side by side, business leaders are redefining the skills they need to succeed. Yet, AI also brings about societal good, such as by creating new ways to aid with natural disasters. And it’s having a major impact on the consumer markets, with numerous applications that impact our daily lives, including e-commerce, digital healthcare, and connected home devices.
- Robotics: Robotics is the third technology expected to drive business transformation. Industrial applications of robotics are widespread, helping addressing labor shortages and increasing human productivity. And as new innovations make robots more intelligent, dexterous, and accurate, applications outside of the industrial sector are emerging, from remote surgery to unmanned surveillance. Robots are also being used to improve people’s daily lives. Robotic technologies, including robotic limbs, are now helping people overcome physical disabilities and achieve their potential. And consumers are feeling the impact of the robotics revolution, too. The service robotics market is rapidly growing, with humanoid service robots helping retailers increase efficiency and customer satisfaction.
For more findings and perspectives from our global technology innovation study, please visit https://info.kpmg.us/techinnovation.html.