5G, Artificial Intelligence (AI), Blockchain and Distributed Ledger, Human Brain-Computer Interface, Human Intelligence Augmentation, Internet of Things (IoT), Natural Language Interfaces (NLIs) and Quantum Computing are the eight emerging technologies identified by thought leaders globally as having the most profound transformative impact on existing industry dynamics, value chains, and business models across multiple vertical markets in the next 10 years.
The global survey of 112 thought leaders by Frost & Sullivan’s Information & Communications Technology (ICT) team under the label, Global Next Wave Technology Disruptors, 2018.
“Numerous technologies with limited adoption/availability at present will rise in relevance over the next 10 years. 5G will play an important role over the next five years as commercial deployments commence, while Quantum Computing is set to have a huge impact in the coming decade,” said Adrian Drozd, Research Director, ICT.
He cautioned however against thinking of these emerging technologies in isolation will limit their effectiveness. “For instance, IoT cannot reach its potential without AI, and AI can be powerful only by accessing the data generated by IoT,” he explained.
The study also noted that 57% of survey respondents see enhancing the customer experience (CX) as the key driver for their organisation to adopt new technologies, followed by improving productivity (51%) and lowering operational costs (37%).
About 40% named AI as the most game-changing technology to impact their industry and cite it as important to their CX initiatives.
Between 60% to 70% of respondents cited AI, IoT, Blockchain, 5G, and NLIs as transformative technologies.
“Technologies will reach maturity at different times; while some are already widely used, others are still in the development phase,” noted Drozd. “Technology development should be guided by the use cases and real-life deployments that the solutions promise to enable.”
Frost recommends three approaches for organisations to take to capture the opportunities presented by these technologies, including:
- Assess the ways in which technologies co-exist and combine to identify optimal ways of enabling specific use cases.
- Engage, experiment and be ready to accept new, better solutions to old problems.
- Stay abreast of the developments in relevant fields of technology to support informed strategic decisions.