3D printing, the internet of things (IoT) and biotech/healthcare have been cited as three of the most disruptive technologies that will shape the next three years, according to a new study.
As part of its 2014 KPMG Global Technology Innovation survey, KPMG surveyed 768 technology business leaders globally.
IoT, 3D printing, and biotech/healthcare IT were each selected by more than twice as many respondents as last year to move up the survey’s list of disruptive technologies.
“The good news is that Ireland has big strengths and further potential in these areas,” KPMG Ireland partner and head of Technology, Media and Telecoms Anna Scally said.
Survey respondents globally said the top barriers to commercialise technology innovation were security (27pc), technology complexity (22pc) and customer adoption (21pc). Respondents in China listed their top 3 as technology complexity, security and risk management.
Anna Scally, KPMG Ireland partner and head of Technology, Media and Telecoms
When asked which factors will limit/constrain innovation, more than one-third (34pc) of the tech business leaders globally said restrictive regulatory policies, while 29pc cited consumer fatigue/pullback, and 27pc said ability to demonstrate return on investment (ROI).
Interplay of emerging technologies to fuel innovation in many countries
The IoT and its applications are one example of a mobile-driven growth opportunity. In the KPMG study, technology business leaders globally believed that retail/intelligent shopping (20pc) has the greatest potential to generate revenue as a result of adoption of IoT, followed by home automation (14pc), and surveillance/security and social interaction (both at 12pc).
Given retail’s revenue potential based on IoT, it follows that in the technology innovation study consumer markets was among the top 5 industries globally projected to experience the greatest transformation in the next three years as a result of emerging technologies. The five were technology (21pc), consumer markets (12pc), healthcare (11pc) and automotive/transportation and manufacturing (tied at 10pc).
Digital currencies in the form of bitcoin and Blockchain is one of the emerging technologies that may impact a sector or an industry and whether they are adopted widely as payment in the next few years depends on the country or region.
The percentage of respondents by region or country that said it is likely digital currencies will disrupt banking and payments in the next three years: 15pc US, 21pc Americas, 32pc EMEA, 39pc globally, 53pc Asia Pacific, and 70pc China.
“The rapid rise of this portfolio of technologies is driven by several factors, ranging from macroeconomic opportunities to local incentives and a growing global tech innovation engine that is creating more rapid widespread disruption,” said Gary Matuszak, global chair of KPMG’s Technology, Media and Telecommunications practice.
“The interplay of these emerging technologies is enabling new business models and fuelling innovation in many industries,” said Matuszak.
Disruptive technology image via Shutterstock