IoT, 3D Printing To Have Huge Impact On Businesses
Decision makers in the enterprise have identified technologies such as 3-D printing, the Internet of Things and biotech (and healthcare) IT to be among the most disruptive to their organizations over the next three years, according to the findings of a recent KPMG survey that polled 768 technology business leaders on the most lucrative technologies for adoption that would disrupt their industry or help them build newer business models. The survey also highlighted the continuing impact of Cloud and Mobile, and the steady rise of data analytics and artificial intelligence in the enterprise.
Gary Matuszak, Global Chair of KPMG’s Technology, Media and Telecommunications practice noted: “The rapid rise of this portfolio of technologies is driven by several factors, ranging from macroeconomic opportunities to local initiatives and a growing global tech innovation engine that is creating more rapid widespread disruption. The interplay of these emerging technologies is enabling new business models and fueling innovation in many industries.”
The combined effect of these new technologies is that corporate leaders will need to “nail the right strategy” in order to stay ahead of competition to a much higher degree than in the past,” he added.
“This research points to the fact that global executives are increasingly seeing mobile technologies and mobile applications as an engine of growth and profitability,” noted KPMG’s U.S. Data and Analytics Leader, Brad Fisher. “The vast increase in the amount of data coming from mobile devices is driving the development of advanced analytics applications. And, in turn, the growth in analytics is driving mobile developers to provide new, enhanced solutions that provide new types of data.”
Monetizing Internet of Things
The Internet of Things and its applications are one example of a mobile-driven growth opportunity, the KPMG study indicated. The survey reveals that intelligent retail (20 percent) has the greatest potential to generate revenue as a result of adoption of the Internet of Things, followed by home automation (14 percent), and surveillance/security and social interaction (both at 12 percent).
Of the various verticals that are projected to experience the greatest transformation in the next three years as a result of emerging technologies, healthcare, manufacturing and automotive/aerospace tops the list, besides IT and ITes industry. Consumer market will also become a potential market with greater demand on smart homes and automation.
Digital currency emerging
Digital currency is one of the emerging technologies that may impact industry and whether they are adopted widely as payment in the next few years depends on the country or region. Of the percentage of respondents by region that said it is likely that digital currencies will disrupt banking and payments in the next three years, Asia Pacific tops the chart with 53 percent, followed by US and Americas (37 percent), Europe, Middle East, and Africa (EMEA) at 32 percent, and other parts of the world at 39 percent. “Asia Pacific generally has been an early adopter of mobile payments and e-commerce and may be more comfortable using digital currency,” said Edge Zarrella, KPMG China technology practice leader. “China is one of the innovators in the payments’ sector especially in e-commerce. With the massive rise of the consumer in China, there are significant innovations taking place.”
Challenges to tech innovation
The survey also highlighted that one third (34 percent) of the tech business leaders globally said restrictive regulatory policies have been the biggest barrier to tech innovation, followed by consumer fatigue (29 percent), and the ability to demonstrate ROI (27 percent).
Moreover, survey respondents globally said the top barriers to commercialize technology innovation were security, technology complexity and customer adoption. Respondents in China listed their top three as technology complexity, security and risk management. Most EMEA tech business leaders selected customer adoption as the top barrier, followed by funding and technology complexity.
“For enterprises and governments, tackling security and transparency issues will remain a priority even as next-gen cybersecurity solutions emerge to deal with this challenge,” said Richard Hanley, Advisory Industry Leader, KPMG Technology U.S. , Media and Telecommunications practice. He believes that tech companies, irrespective of its size, will continue to invest in the development and implementation of security and IT risk management technologies to manage security issues proactively.
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