Technology has made a very discernible impact on every aspect of human existence. We have come a long way from the days of the first industrial revolution, which set up the processes for mechanical machine-led manufacturing for the first time. This was followed by the second industrial revolution, or the technological revolution, which saw the rise of industries and mass production. Finally, the advent of the third industrial revolution, or the digital revolution, was marked by the shift from analog to digital and the use of IT services.
Since the beginning of this century, the digital revolution has grown exponentially and there has been significant progress in nanotechnologies, biotechnologies, artificial intelligence, and machine learning. Today, we stand at the cusp of the fourth industrial revolution, which promises not only to change how businesses function but also how we live.
It will be interesting to see how the various industries would adapt to this tech-driven era and its effect on human lives. The technology, with all the ease, that it provides, might also have an adverse impact on mankind, and we need to be extremely careful of the direction we take. The best way to make the right choice is to be aware of what’s coming and make informed decisions. Let’s take a closer look at five industries that will massively influence how we live in the future:
5 Industries That Are Set To Transform The Way We Live
- Banking, Financial Services and Insurance (BFSI)
The BFSI industry is among one of the many sectors to have undergone a 360-degree change in recent times owing to the rise of technology. The digitization has brought instant banking at the doorstep of its customers, removing the barrier of distance and time. Online banking and mobile banking apps have given the consumers liberty to have the banking services available to them 24X7 as per their convenience. Banks are also striving hard to provide a personalized experience by providing customized services and products based on the customer transaction history in terms of spending habits, use of debit/credit card by providing enhanced credit limits, etc.
The emergence of fintech companies, like PaySense, is also playing a huge role in the evolution of the banking and financial sector. A report published by PwC lists fin-tech as one of the most influencing technologies that will drive commercial business in the near future. Fin-tech organizations will play a huge role in providing easy accessibility of credit, like credit cards, instant personal loans, and lead to the financial inclusion of communities that have been typically ignored by the traditional banking sector till now.
The availability of easy and collateral-free short-term personal loans via institutions like PaySense will also play an essential role in this financial inclusion across the world. It will also give customers more options to explore while conducting a financial transaction, or looking for credit, reducing reliance on banks. The coming years might even see the banks and fintech organizations working together to have a consolidated customer base and provide an enhanced customer experience.
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- OTT Streaming Industry
Even just about a decade ago, TV and movies were synonymous with entertainment. But the advent of technology has helped in the evolution of the entertainment industry as well. The digitalization of entertainment, leading to the rise of over-the-top (OTT) platforms, has changed the entertainment landscape across the world. For a layman, OTT can be described as a film or television content that is provided through internet connection as against TV, which is provided by a cable or satellite provider.
OTT platforms have shown exponential growth in the past few years, and a BCG report analyzing the emergence of on OTT platforms in 2016 valued the OTT industry at $25 billion with a 20% annual growth. It also predicted an increase in online content by approximately 30%. The personalized experience that OTT platforms provide as per the viewer’s convenience and choice has made the OTT platforms extremely popular among the age group of 25 to 59 years.
Similarly, a PwC report on media and entertainment shows an upward trend in the revenue of OTT platforms in the coming years. It forecasts that their consolidated revenues would double by 2023 as against the global revenue of US $38.2 billion in 2018. The OTT industry, which is dominated by Netflix and Amazon Prime globally, is also witnessing a sharp growth of influential media and production houses across the world, venturing into OTT platforms delivering content in specific regions as per the demographics. What’s more, small and independent streaming services, catering to niche audiences are also cropping up all over the world.
- Electric Mobility
The advancements made in technology have obviously improved the speed and comfort of transportation. However, the vast increase in the number of private vehicles, especially cars being purchased all over the world has had its share of adverse effects. Private vehicles have been a significant contributor to the increase in air pollution and have also led to increased greenhouse emissions. The dependence on fossil fuels for fuelling these vehicles is naturally a cause of concern. This has given rise to look for alternative sources to power vehicles without any pollution. Countries across the world and UNEP are promoting electric vehicles in order to combat the threats posed by the vehicles powered by petrol and diesel.
Electric mobility is being looked at as one of the most important technologies of the future. The trends shown in the McKinsey report indicate a steady increase in their use from 0.9% in 2016 to 2.5% in 2019 in the light vehicle category and annual growth of 41% in the market during 2016-19. Currently, there is a need for governments worldwide to put in place provisions that promote electric vehicles, set up regulations, and improve the infrastructure to enable the adoption of electric vehicles. The UN is not just focusing on cars under its environment program, but also supporting the adoption of clean bus fleets, trains, transportation trucks, and freight as well. Many leading organizations are also experimenting with driverless transportation and are expected to improve their accuracy and safety within the coming decade. Thus, both these developments will change the transportation and mobility industry as we know it.
- Renewable Energy
Our global economy is established on fossil fuels like coal and petroleum. However, these are exhaustible resources and we are set to run out of them in the next few decades; not to mention their contribution to global warming and climate change. The non-renewable sources, especially the usage of coal in producing electricity is known to be one of the highest contributors in producing carbon dioxide leading to air pollution. The adverse impact that non-renewable sources have on climate has forced the scientists and environmentalists to look for sources of energy that not only can substitute fossil fuels to generate electricity but will also have a less harmful effect on the environment.
The advances made in solar and wind industries in the last decade have pushed the energy generated from these sources at an all-time low. We are now close to achieving the prowess to mass-produce these solutions and change our energy generation facilities. However, their adoption remains low. Due to a lack of government incentives and guidelines, many countries are lagging behind in their adoption of solar and wind energy, but this is expected to change soon. Renewable energy has been pushed by leading experts, government, and organizations all over the world as it will not only help you safeguard our future and the environment but also create a job-creating industry to absorb people displaced from the coal-reliant sectors. The next two decades are expected to usher in a new age of renewable energy.
- Digital Transformation
Finally, the advancements underpinning all the changes in all the other industries are the innovations made in the digital industry. The new ways in which we are interacting with digital technologies and training them to analyze data will prove to be a game-changer in the future. Innovations in artificial intelligence, automation, machine learning, data analytics, robotics, 3-D printing, and allied domains will ensure transform existing business processes. While on the one hand, this shift is expected to render millions of people jobless in the coming years, other experts predict that new industries will emerge that will employ the displaced workers. Since there are no two ways about the impact of these technologies on our world, the current discourse focuses on how to ensure that they help build a more accessible and equitable world, as opposed to leading to a humanitarian crisis by leaving people without employment.
The swift changes in the way businesses perform their role and how they engage their customers are likely to fundamentally alter our world. New industries, innovations, and technologies will crop up in the near future to give shape to a rapidly-changing world. These changes will undoubtedly have an impact on how businesses function, and how we live our lives. The question is, are we fully equipped to enter the next stage of the industrial revolution?
Aahna Gandhi is an enthusiast traveller, writer and a PR Professional. She likes sharing memorable moments from her travels and inspire others to live a life full of wonder. Known for her content, she has worked for travel, technology, lifestyle, health sectors as well as finance.
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