Published On: Wed, Mar 9th, 2022

Is Technology Disruption Pushing Industries To The Brink Of Their Destruction?

The digital revolution has now come to many industries and it is not surprising that some of these industries are now on the brink of their destruction. Not all industries will disappear though and there are those that thrive and grow as a result of this new digital era. 

The introduction of the digital revolution has changed the world as we know it in a vast way. Millions around the world are connected to the internet as demonstrated by the graph above, indicating how significant the shift to online has been and how widespread it is. Here’s a look at the different industries disrupted by technology.

photo Gerd Altmann via pixabay

Education for all ages – Training, support, learning and development to reach the best possible result. Services in relation to teaching and education are expected to grow by around 40% between 2023 and 2025. The most likely reason is related to the growing demand for training companies that cater for employees wanting to enhance their skill set. This in turn will create more jobs rather than take them away from industries already present. The covid-19 pandemic has also pushed homeschooling via technology making a swift transformation from in class to online learning. Students will have access to far more learning materials in class and at home and have the ability to use digital technology in the classroom. Along with this, students will have access to a wide range of resources and guidance outside of the classroom as well.

Financial Services – Business and personal banking, markets and investments, asset management services and other financial products have all changed thanks to technology. Research suggests that digital technology is already disrupting the financial sector. The impact of the digital revolution will increase faster in this sector than in any other sector, with an expected growth of around 25% by 2025. This is based on an average growth rate for industries over the same period. Some market forecasters predict growth to be as high as 75% over that same period. Expect disruption to push forward financial services including banking and investment; faster trading technology; investment advice; credit cards and micro-lending services.

Banks can use technology to personalize current services such as mobile apps and internet banking. They are also investing in new technologies such as chatbots that can answer customers’ banking questions via text message and using devices with voice recognition software  that will allow staff to receive money instructions by voice alone. The disruption is expected to start across the sector with banks and other financial services using digital tools at a much faster pace than other industries. 

Retail Payment Systems – We are already beginning to see some developments in payment systems with the likes of Apple Pay, Android and Samsung Pay. There is expected to be additional disruption and growth in this area as it brings mobile payments into the mainstream and aims to compete with traditional bank card payments and cash payments. These industries are all facing disruption from digital technology; but there is also a great deal of new opportunity for those companies that can adapt quickly enough. Even manufacturing companies can spend far less on the production process; using 3D printing technology instead of conventional methods where waste is created throughout the process. This can mean cost savings of between 30% to 50%. The implications of this for industries, overall, will be significant though.

Transport – There is expected to be disruption in the transport sector as a result of digital technology. This is likely to be in the form of driverless cars, which will revolutionize the transport industry as we know it. Digital technology will change this sector as we know it with driverless cars that are already slowly being introduced. This could be used for transport in a number of sectors including personal transport, public transport and taxi cabs.

Healthcare – In recent years we have seen developments in digital technology, especially in the Covid-19 pandemic that is having an impact on healthcare. For example, we now have apps that allow doctors to scan and diagnose patients remotely, or you can find out whether your body is suffering from a disease by taking part in a scientific experiment through the internet. This government health initiative is aimed at improving research and understanding how people can live better lives through more efficient use of data.

Artificial Intelligence – It is expected that we will see an increase in application of artificial intelligence (AI) as more sectors adopt this new technology. In 2016, governments in the United Kingdom, France, Germany and China all invested heavily in AI research. Even with this huge investment, it is not yet clear whether AI will truly be able to improve the world’s benefit from computer technology or if it would lead to world-wide unemployment through job automation. In the early days of the digital era, there was an abundance of fear and confusion. This was mainly due to the lack of understanding as many people did not have a clear understanding as to what digital technology was and how it would affect their lives. A lot of this wild speculation came from people fearing that they would lose their jobs because they either did not see the value in learning new skills or they thought that their job might be replaced by a machine. Whilst there is still some debate over this; some believe that society will generate more jobs than are lost to machines, but others believe that there will be a net loss in employment.

Author: Yasmita Kumar

On the DISPATCH: Headlines  Local  Opinion

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