Disruptive Technologies and Innovations — The Next Frontier
Technology has changed the way we live our lives. With an unlimited amount of information at our fingertips, endless ways to communicate, and swanky gadgets at our disposal, one can’t help but wonder — what’s the next big thing?
This has given rise to disruptive technology — an innovation that significantly alters how consumers, industries, and businesses operate. It sweeps away habits, replacing them with change and growth.
Why is disruptive technology important?
Kodak was one of the first companies to introduce cameras in the market. However, they failed to keep up with the changing needs of their customers and the many expectations that came with them.
When digital cameras took the market by storm, Kodak wasn’t entirely prepared for the digital technology disruption that had been presented. This allowed brands like Canon and Sony to swoop in and steal Kodak’s consumer base with their new technologies, ‘cool’ marketing, and innovative approaches. Kodak stuck to their guns and fought the change for as long as they could. They rapidly lost market share only because they refused to succumb to the inevitable force of digital disruption. Kodak eventually declared bankruptcy in 2012 after which, as an extreme step, they pursued Bitcoin as a business model, and failed. And a few years later, built-in cameras on smartphones disrupted the camera market, in turn, making analog cameras redundant.
On the flip side, Netflix is a great example of disruptive innovation at its finest. Their DVD-by-mail model turned the video rental business on its head, pushing an industry titan like Blockbuster, into bankruptcy. But they didn’t stop there. Today, Netflix provides a massive selection of digital, on-demand, low-price content to users worldwide.
And that’s precisely why disruptive technologies are crucial to the success of any organisation, irrespective of their size. Embracing disruptive innovations and technologies allows businesses to gain a competitive advantage, keep existing customers happy, and create new growth opportunities.
What does the future of disruptive technology look like?
1. Digital twins
In a nutshell, a digital twin is a digital replica of a living or non-living physical entity. Recent research has indicated that the digital twins market worth €3.1 billion in 2019 is projected to reach over €61.7 billion by 2030.
But what accounts for this growth? And why now? After all, the concept was first introduced in the early 2000s.
While the potential of digital twinning was always evident, businesses did not have the resources to process and store massive volumes of data. Today, thanks to rapidly evolving simulation and modeling capabilities, IoT sensors, better interoperability, and robust computing infrastructures, the capabilities of digital twins are accessible to organisations — both large and small.
As IoT and wearables become more popular, the likelihood of a human digital twin becomes more real — an event that will open up endless opportunities for the healthcare industry. For instance, humans can try out different diets and foods and see how it impacts their biometric twin. Similarly, digital twins will prove invaluable in discovering preventative medical conditions that could help one’s health.
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