Frost & Sullivan’s recent analysis, The Reshaping of Industries Caused by COVID-19, lists the nine key trends that will emerge from industries reshaping as a response to COVID-19.
This analysis is the latest addition to Frost & Sullivan’s Visionary Innovation Group research available through the Frost & Sullivan Leadership Council, which helps organisations identify growth opportunities to succeed in an unpredictable future.
WHY IT MATTERS
With a volatile economy and society emerging post-pandemic, leaders must assess the opportunities resulting from COVID-19 and provide technology innovations to build company and consumer resilience.
According to the analysis, the nine key trends across industries that will emerge as a result of COVID-19 are:
- Connected Living: The increased adoption of contactless surfaces post-pandemic will power the home automation and security markets. Systems encompassing voice activation technology will become increasingly popular among consumers.
- Connected Work: Reformed connected work scenarios will accentuate the need for “cloud everything.” New subscription-based models will witness a growing demand for Unified Communications as a Service (UCaaS).
- Digital Health: Digital health driven by telemedicine and robotic care will become the new standard of care delivery. Standardisation of service across the care continuum will require more service and technology providers.
- Geopolitical Balance: Countries should work together to keep trade flowing and ensure the supply of essential products, sending a signal of confidence to the global economy.
- Human Augmentation: The behavioural analytics market is expected to reach $3 billion in revenue in 2030, up from $230 million in 2019. Post-COVID-19, behavioural data will be used to enhance healthcare systems, financial services, and cybersecurity.
- Lights-out Operations: Autonomous “lights-out” operations will propel the demand for remote asset management solutions, and service providers will focus on data management strategies and data-driven business models.
- Smart Cities: Smart cities will create significant business opportunities with a market value of $2.46 trillion by 2025. Smart cities will prioritise more digitalised services and a strong data analytics infrastructure, leading to increased spending on technology.
- Supply Chain Optimisation: The supply chain industry is creating radical innovations with augmented reality, virtual reality, advanced robotics, real-time inventory tracking, and exploring how 3D printing could completely disrupt the supply chain in the next 10 years.
- Technology Advancements: Pandemic preparedness will speed up the deployment of artificial intelligence (AI) solutions and accelerate AI innovation. Beyond specific disease management, post-pandemic economies also will rely on AI and machine learning (ML) tools to expedite digital transformation across key business initiatives.
THE LARGER TREND
As part of its global Transformational Health Growth Partnership Service program, Frost & Sullivan released an analysis, Post-Pandemic Global Healthcare Market Outlook, 2020.
The analysis states that 2020 will be an ‘unforgiving but transformational year’ with the healthcare industry expecting to witness a drop in growth from 5.3% to 0.6%.
ON THE RECORD
Murali Krishnan, visionary innovation group senior industry analyst at Frost & Sullivan said: “From transformative Mega Trends to geopolitical chaos, there are several factors making it increasingly difficult to grow.”
“In the near term, companies should focus on diversifying supply chains and leveraging new opportunities arising from changing customer demands. In the long term, it is important to internally adapt to new technologies that support workplace and operational continuity to have a smoother transformation during recovery.”
Chaitanya Habib, visionary innovation group research analyst, added: “The shift in focus on cost optimisation and on avoiding further production losses post-COVID-19 has accelerated the adoption of automation and industrial robots across various industries. As a result, the global industrial robotics market is expected to grow from $44.6 billion in 2020 to $73 billion in the next five years, with increasing FDA approval and patent activity.”
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