What is a Disruptive Technology?
Disruptive technology refers to a new innovation or technology that significantly alters or disrupts existing industries, markets, or business models. It often introduces a new way of doing things, challenging established practices, and displacing existing products, services, or technologies. Disruptive technologies typically offer improved performance, lower costs, increased convenience, or enhanced accessibility compared to the existing solutions in a particular industry. They can completely reshape industries, create new markets, and render traditional approaches obsolete.
One key characteristic of disruptive technologies is that they initially cater to niche markets or underserved customer segments. They may not initially meet the needs of mainstream customers or satisfy the performance requirements of established industries. However, over time, they improve rapidly, gain wider acceptance, and eventually pose a threat to existing market leaders.
Key Findings from KPMG’s Global Tech Industry Innovation Survey
KPMG’s global technology industry innovation survey captured the opinion of over 750 global tech industry leaders in identifying the technologies that will have the greatest impact in driving change in the next three years. Internet of Things, Artificial Intelligence and robotics led the charts. These are not surprising to be on top because they are at the front most of innovation at the moment.
Furthermore, after reading through the publication, here are some interesting takeaways:
- IoT, Artificial Intelligence and Robotics have the greatest potential to digitally transform businesses, making them more customer-centered and efficient.
- 30% of the global tech industry leaders predicts blockchain will likely upturn their companies. Japan has the most prominent results stating that 50% of the tech industry leaders say blockchain will disrupt their company.
- 26% of global tech leaders say e-Commerce apps and platforms will be the most disruptive new business model in their countries by 2021.
- Worldwide IoT spending will reach $1.1 trillion in 2021.
- Worldwide spending on cognitive and AI systems will reach $52.2 billion in 2021.
- Spending globally on robotics and drones will reach $218.4 billion in 2021.
- The global poll shows that IoT, AI and robotics are technologies driving the most benefit to life over the next three years. As well as, to society and the environment.
For the full report from KPMG, go here.
Is Your Business Ready for the Future?
In conclusion, the transformative potential of IoT, Artificial Intelligence, and Robotics in the business landscape cannot be overstated. These disruptive technologies hold tremendous promise for digitally transforming businesses, enabling them to become more customer-centered and efficient. However, it is essential for businesses to approach the adoption of these disruptive technologies strategically and holistically. The successful integration of IoT, AI, and Robotics requires careful planning, investment in infrastructure, talent acquisition, and a focus on data security and privacy. Furthermore, as we navigate the digital age, organizations that recognize and harness the transformative potential of IoT, AI, and Robotics will be better positioned to thrive in a customer-centric, efficient, and technology-driven business environment. By embracing these disruptive technologies, businesses can unlock new opportunities, enhance operational capabilities, and shape the future of their industries.
Take Your Business to the Next Level with Disruptive Technologies. Get in Touch with Grata Engineering!