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Latest Technologies and Future Trends by Top Key Players Forecast to 2030
By
Rajarshi September 15, 2023 -
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Several emerging technologies are poised to bring about a massive industry transformation as per reports. What is the forecast for future trends and the top key players till 2030? Here’s finding out.
Major Findings
Here are some interesting findings related to technological advancements and technological disruptions throughout industries. It also offers insights into the future trends regarding emerging technologies.
- Reports indicate that the market size for digital transformation is expected to touch USD$3,144.9 billion by 2030 as compared to USD$695.5 billion in 2023. CAGR (compound annual growth rate) of 24.1% will be witnessed as part of this innovation forecast report.
- There will be major technological advancements witnessed in the usage of emerging technologies like AI (artificial intelligence), cloud computing, IoT (Internet of Things), blockchain, and big data analytics.
- Based on industry findings, technological disruptions will transform several industries, with pharmaceuticals, life sciences, and healthcare among the sectors poised to witness the highest CAGR in this period.
- The healthcare and life sciences segments will tap into digital technologies to enhance operational efficiencies and patient care while also spurring greater innovation. Multiple procedures will be digitized while data will be collected and analyzed in a collaborative model. Personal care delivery is one of the biggest future trends driven by technology in this case.
- In terms of solutions, industry transformation will be enabled by the cloud segment. It will keep growing at the biggest market size throughout the innovation forecast period till 2030.
- Cloud computing will enable cost-optimization scope for businesses while lowering on-site infrastructural requirements. It will also enable the development of pay-as-you-go models to sync with business requirements.
- The top key players functioning in the Asia-Pacific region will strive more towards bolstering customer experiences and operational optimization. Companies will focus on customer service improvements for growing revenues and enhancing market competitiveness. This region should cross USD $ 855 billion in terms of digital transformation-linked revenues by 2030.
- China is more likely to encourage more technological investments in the region while maintaining its manufacturing and export base. There will be more emphasis on policy support as well.
- Japan is already known for its innovations such as just-in-time manufacturing, extensive robot usage, solar power, LED lighting, commercial electronics and more. Government-business collaborations will continue fostering its pursuit of new technologies.
- India has already seen a shift in the market where technological advancements have gone beyond offering support for new models and operational efficiencies towards reshaping business performance standards.
- Expansion in India will create a potent opportunity for more digital transformation solutions with more foreign investors entering into tie-ups with Indian entities. India is expected to be a hub for analytics services in this period, with several entrepreneurs in the country collaborating with global corporations in terms of outsourced support for established markets.
- Digital transformation will continue to be a focal point for the South Korean Government too. The region has already built advanced infrastructure and a tech-savvy population will make it easier to implement numerous digital transformation ventures.
Some Other Crucial Insights
Here are a few other innovation forecast moot points for the period till 2030:
- Data-based decision-making is expected to be the major fulcrum of industry transformation in this period. Data analytics and business intelligence will ensure suitable knowledge for making strategic decisions.
- Cloud computing will be vital in this case, ensuring affordable and scalable software along with adequate storage and computing power.
- Blockchain technology will play a leading role in enhancing transactional security and overall trust and transparency.
- Collaborative communication and software will boost internal organizational innovation and teamwork as well.
- Timely services, multichannel engagement, and personalization will be key factors for boosting customer experiences. More businesses will embrace technological disruptions and adoption towards streamlining these operations.
- Cybersecurity will be more crucial than before, with more regulations, compliance with data protection laws, sensitive data protocols, and more.
- AI and automation will reshape workflows while offering personalized customer experiences and scaling up productivity.
- IoT will make data-based insights and real-time tracking possible along with predictive maintenance.
- Digital twins will become even more important in the healthcare and manufacturing industries, offering virtual playgrounds for optimization, decision-making, and tracking.
As can be seen, widespread transformation is at the core of business operations and efficiencies in the period till 2030. What the world is currently witnessing is a transitional phase with several emerging technologies being adopted by leading players in the Asia-Pacific and even worldwide. What is evident is that 2030 will push the bar well higher in terms of disruptions and eventual progress.
FAQs
- What are the latest technologies shaping the business landscape as we approach 2030?
Some of the technologies that are already shaping the business landscape include automation and artificial intelligence, along with machine learning and IoT (Internet of Things). Other examples include data analytics and cloud computing along with blockchain technology. Organizations are steadily embracing these technologies to boost efficiency and offer more personalization to customers while also streamlining their internal operations or business processes. By 2030, the physical and digital worlds will also merge with technologies like AR, VR and 3D being used for creating digital twins in sectors like healthcare, manufacturing, real estate and more. There will also be a shift towards data native from cloud-native along with generative AI usage for closing up gaps between insights and data.
2. Who are the key players in these emerging technologies, and what are their roles in driving innovation?
There are several key players for these emerging technologies from multiple standpoints. Countries like Japan, India, South Korea, and China are at the cusp of greater breakthroughs in terms of technological integration into the public and corporate spheres for greater efficiency, mitigation of risks, and many other purposes. At the same time, leading tech giants have a big role to play in terms of innovation and experimentation in order to drive future progress. The biggest players in these segments are chief technology officers or CTOs of companies. They have a vital role in terms of encouraging more innovation and building future technology blueprints for organizations.
- What challenges are associated with adopting these new technologies, and how can they be addressed?
There are a few challenges linked to the adoption of new technologies. These include legacy systems and perspectives, lack of training or skill sets, costs of new technologies and tools, and the speed of technological advancements, along with privacy concerns. The latter can be addressed through encryption measures, audits, and compliance with better regulations. Steady investments in up-skilling, training, and future-ready digital infrastructure are also the way forward with regard to tackling these challenges.
- What industries or sectors are likely to experience the most significant disruptions due to these emerging technologies?
Several emerging technologies are poised to have a disruptive effect on various global sectors. Retail will witness a complete revamping of business strategies and models, becoming more personalized and data-driven with technological disruption. Industries like healthcare, manufacturing, insurance and finance should also witness major disruptions in the near future.
