Technology role in shaping the future World

Category : Technology & Science | Sub Category : Technology Posted on 2020-04-04 18:02:29


Technology role in shaping the future World


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Since Apple released the first iPhone in 2007, few industries have been left unaffected.


This transformational device is a prototypical example of a technological breakthrough. It was a tipping point in turning entire business models upside-down, while also impacting our everyday lives at a more fundamental level.


New growth opportunities emerged from the ensuing disruption, while many status quo solutions were rendered obsolete.


Technological Game-Changers


Today’s infographic from BlackRock highlights the pervasive and positive impact that technological breakthroughs can have on the global economy.


Fueling the Flames of Innovation


According to recent data from Accenture, it’s estimated that 71% of businesses are on the brink of being disrupted.


In fact, disruptive innovation most often emerges in two scenarios:


  • New solutions to existing problems or challenges that have proven difficult to solve
  • New competitors in highly profitable sectors with historically high returns


The occurrence of technological breakthroughs can also be accelerated through several factors, including significant demographic shifts, sustained economic growth, innovative political environments, and urgent societal needs.


Technological Adoption is Speeding Up


Breakthrough inventions have always sent ripple effects throughout society, but today those ripples are travelling faster than ever.


Moore’s Law – the assertion that number of components in a dense integrated circuit (i.e., transistors, resistors, diodes, or capacitors) will double every year, while still getting cheaper – is one factor. Similar examples of staggering increases in utility for less cost can be found in a number of other instances, from DNA sequencing to data storage.


The rate of technological adoption is also speeding up. For example, consider the mobile phone─due to the price point and ease of use, the number of U.S. adults with a cell phone jumped from 10% in 1994 to over 96% in 2019. This is also evident in new technologies such as smart speakers, where the adoption rate in the U.S. is expected to double to 55% in less than 3 years.


Breakthrough Investment Opportunities


Where innovation leads, investment usually follows. However, predicting which technological innovations will have a lasting impact on society has often proved difficult.


Instead, investors can track the wider trends that often spark technological disruption, in order to unlock potential opportunities:


  1. Research and Development Funding:
    The number of investments in emerging technologies is growing. Tech company acquisitions also totalled US$278 billion by Q2 2018—a 50% increase from the year before.
  2. The Future Workforce:
    Historically, productivity gains have increased the demand for more skilled labour. Technical and soft skills are top priorities for employers for their future teams, and it it’s projected that the amount of hours that workers spend using technological skills will increase by 55% from 2016 to 2030.
  3. Shifts in Consumer Demand:
    Companies aware of these factors should seek to incorporate innovations into their platforms for a more customer-centric experience.
  4. Societal Needs:
    Persistent global social issues such as access to better healthcare are drivers of innovative solutions that offer a better quality of life. Symphony Post-Acute Network harnessed artificial intelligence (AI) and machine learning (ML) to be able to offer personalised healthcare for over 80,000 patients─cutting costs by more than US$13,000 per patient.


Future Impact of Technological Innovation


Technological change will likely continue to accelerate, and investors should tailor their portfolios accordingly.


At the same time, traditional barriers to entry for new competitors are consistently being eroded by these breakthroughs, sending industries into flux and creating potential new opportunities.


Humanity’s co-evolution with technology will continue to profoundly impact the economy, while improving life on Earth in unimaginable ways.



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