Strategists project that a broad range of emerging technologies will rapidly fuse the physical, analog, digital and biological worlds, and impact all disciplines, economies and industries around the world. The continuously developing field of technology has begun to accelerate. The current period of rapid advancement and adoption of emerging technologies has been dubbed the “4th Industrial Revolution.” Indications are that the 4th Industrial revolution has already begun and involves multiple emerging technologies that will enter their rapid advancement stage of their evolutionary model as well as the accelerated adoption phase of their market mode. Like the revolutions that preceded it, the 4th Industrial Revolution has the potential to create wealth and improve our quality of life.
Detailed analysis suggests that there are twelve individual technologies that will all enter this stage and phase in the same period of time (in the next five years). Current estimates of all twelve of these technologies are projected to top $40 trillion by 2025. It is important to note that the 4th Industrial Revolution is fundamentally different from the previous ones. Simultaneous advances in the twelve emerging technologies will be highly disruptive when it comes to many existing business models. These technologies have great potential to continue to connect billions more people to the web, drastically improve the efficiency of business and organizations, and help regenerate the natural environment through better asset management.
It is clear that organizations across industries need to keep up with innovators that leverage these emerging technologies resulting in highly disruptive competitive advantage. Some organizations have already begun taking action to take advantage of the changes that will likely evolve out of this rapid technology evolution. Many companies are now racing to take advantage of this unique period of time and defend their organization’s current market share and in some cases protect the company’s existence. In fact, recently, McKinsey, a strategic management consulting firm publication stated, “A number of CEOs and directors are taking action to make their boards more technologically savvy.” Those that are involved in that trend will undoubtable help organizations more rapidly deal with the disruption and implications of these emerging technologies.