State of Disruptive Technologies in Futuristic Market

by April 6, 2020 0 comments

Disruptive Technologies

The innovations brought in by industry 4.0 technologies, also termed disruptive technologies are at the core of various businesses, organizations, sectors, industries, countries, and human-tasks as well. New age disruption induced by such technologies sweeps away the systems or replaces consumer or market habits through a recognizably superior behavior. Cloud Consulting, Cyber Security, Business Intelligence and Big Data, Artificial Intelligence, and Virtual & Augmented Reality are among the top disruptive technologies leading way towards better business prospects.

Besides, McKinsey considers mobile internet, automation of knowledge work, the internet of things, cloud technology, Advanced robotics, Autonomous, and near-autonomous vehicles, next-generation genomics, energy storage, 3D printing, advanced materials, advanced oil and gas exploration and recovery, and renewable energy as the top twelve potentially economically disruptive technologies.

The American management consulting firm, estimated the potential economic impact of 12 technologies across a set of promising applications, based on feasible scenarios for technology advancement, reach, and resulting productivity or value gains that could be achieved by 2025. It estimated the potential (rather than realized) value in 2025 by assuming that addressable barriers to technology adoption and value creation (such as the need for supporting regulations) can be overcome and that reasonable, necessary investments can be made.

McKinsey’s estimates represent annual value, including consumer surplus, that could be realized in 2025 across sized applications. These estimates are not potential revenue, market size, or GDP impact. Here are the estimations regarding the economic value at the stake of 12 potentially economically disruptive technologies:

 

Mobile Internet:

US$1.7 trillion GDP related to the Internet

US$25 trillion Interaction and transaction worker employment costs, 70% of global employment costs

 

Automation of Knowledge Work:

US$9+ trillion Knowledge worker employment costs, 27% of global employment costs

 

The Internet of Things:

US$36 trillion Operating costs of key affected industries (manufacturing, health care, and mining)

 

Cloud Technology:

US$1.7 trillion GDP related to the Internet

US$3 trillion Enterprise IT spend

 

Advanced Robotics:

US$6 trillion Manufacturing worker employment costs, 19% of global employment costs

US$2–3 trillion Cost of major surgeries

 

Autonomous and Near-Autonomous Vehicle:

US$4 trillion Automobile industry revenue

US$155 billion Revenue from sales of civilian, military, and general aviation aircraft

 

Next-Generation Genomics:

US$6.5 trillion Global health-care costs

USUS$1.1 trillion Global value of wheat, rice, maize, soy, and barley

 

Energy Storage:

US$2.5 trillion Revenue from global consumption of gasoline and diesel

US$100 billion Estimated value of electricity for households currently without access

 

3D- Printing:

US$11 trillion Global manufacturing GDP

USUS$85 billion Revenue from global toy sales

 

Advanced Materials:

US$1.2 trillion Revenue from global semiconductor sales

US$4 billion Revenue from global carbon fiber sales

 

Advanced Oil and Gas Exploration and Recovery:

US$800 billion Revenue from global sales of natural gas

US$3.4 trillion Revenue from global sales of crude oil

 

Renewable Energy:

US$3.5 trillion Value of global electricity consumption

US$80 billion Value of global carbon market transactions

McKinsey says, “Based on our analysis, however, we are convinced that collectively the potential for our sized technologies and applications is huge: taken together and netting out potential overlaps, we find that they have the potential to drive direct economic impact on the order of US$14 trillion to US$33 trillion per year in 2025.”

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