Future Business Industries
Technological changes are rewriting the rules of traditional industry classifications. A new technological revolution has gripped the world economy and reshaping the way industries work.
However, the real question persists i.e. what new business industries are going to disrupt the market? What does the future hold? and most importantly, Are we ready for the future?
Is the time right? Do you have the entrepreneurial bug?
1. The Rise of Sharing Economies
From coworking to digitization, the rise of sharing economies is surely going to lead in a boom of an ever-growing tech-driven industry. From retail to automotive giants, everyone is already a part of a shared economy! This is favourable for future business industries.
ii) The Power Of Transaction Costs & Shared Services: From smartphones to cloud computing, a shared digital space is an expanding force today. The expansion of cab-hailing apps to food tech industries, the common denominator is the effect of declining costs.
Ex - Uber, Airbnb, Mobycy - Emergence of Mobility Players
"The economic sense of a shared economy is tremendous."
Making efficient use of resources through technology and sharing the costs of operation helps sustains businesses. From Uber to Airbnb, decentralisation and reduction in operation costs outline the strength of a shared economy.
2. Artificial Intelligence as a Marketing Tool
If you got a smartphone, you already are using AI without even noticing! From the Amazon Echo to the Google Home, whenever you tune into to check the weather, order food, play your favourite music or buy a new product, you become part of an every growing business trend!
ii) Personalization Through Marketing Tools: Marketing, on the whole, has shifted from the traditional form of say – email marketing to more a personal form of marketing by tools such as custom bots & digital assistants.
Example: The Microsoft & Real Madrid Marketing Tool
Microsoft, the tech giant was behind the massive increase through this tool in re-subscription rates and per-seat revenues for Real Madrid – The wealthiest football club on the planet!
This is one of the most revenue-driven implementations of AI-driven data analytics and targeting. Very creative use of AI! With the use of AI-driven software, they were able to store interactions with fans through check-ins via mobile devices which enabled them to generate personal recommendations for buyers.
With the rise of the Internet of Things, the robotics industry continues to expand. Companies have embraced robotics in from manufacturing to the service sector, the future of automation and robotics looks great.
i) Robotics – Talking About It: Robotics, especially – industrial robots are no longer fiction. They are prospective gold mines for future business industries. As robotics move further ahead in terms of technology, their acceptance range among already established companies is going to grow!
Example - BMW - Embracing Robotics
BMW has embraced automated robotics by introducing a “Best Fit” system in its production line. Robots are in full charge of using the attachment of doors, hoods, hatches and fenders to the vehicles.
Example - Women Of Sextech & Companies Like Unbound!
Women of Sextech, a group run by prominent women entrepreneurs in the US have organised events in New York and Australia. Hackathons are organised in order to increase women participation in Sextech. Hackathons are crucial for generating buzz about critical taboo issues and further focuses on solving them.
This includes tackling global health crises which include education about AIDS & STDs.
Industry leaders such as Bryony Cole and Gallop have launched ventures such as “MakeLoveNotPorn” and “Dame – A funded sexy toy startup”. Sex toys companies are such as Dame & Unbound are major startups who support the Sextech industry.
4. Machine Learning & Blockchain
i) Machine learning and Blockchain will grow more prominent: The effect of demonetization has helped disrupt India’s. Indians have embraced cryptocurrency which is evident from the number of cryptocurrency wallet apps in the country. Future business industries may change how they handle the capital influx, there may be a rapid shift to cryptocurrency. Machine learning is leveraging spending habits by recognising patterns through data analysis.
Example -Digital Payments & Cryptocurrency!
The launch of HDFC Bank’s chatbot – Eva (Electronic Virtual Assistant) is another milestone. The bot was able to handle over 2.7 million customer queries. It was able to interact with over 530,000 unique visitors and has been a part of over 1.2 million conversations since its inception.
Indian Bitcoin wallet firm – Zebpay had a turnover of over INR 100cr within its first 10 months of operations. Currently, Zebpay has a total of over 3,000,000 users and 19 cryptocurrencies.
ii) Machine learning will become more responsive in customer service: “Deep Learning” – the most prominent form of machine learning is lurking in the science behind the human brain. The use of speech analytics tool especially the “Google Duplex” is looking to transform the way customers interact with services.
Example - Google’s TensorFlow
Google’s own open-source software, “Tensorflow” is already being used in Google’s own services such as Google Photos & Google Photoscan. They both leverage powerful models which can categorise faces and search using voice, eventually making the app more personal for the users.
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