Personal robots, 3-D printing, wearable devices, virtual currencies and the Internet of Things are all part of a digital future that will have an impact on business models, according to a new study by Frost & Sullivan.
The firm explores these and other emerging trends that will drive growth and innovation in a report, “World’s Top Global Mega Trends To 2025 and Implications to Business, Society and Cultures.”
One of the most interesting and important trends will be that of connectivity and convergence, and especially the market opportunity it represents in creating a connected life, the report says. The IoT will bring huge opportunities for growth. Frost & Sullivan values the IoT ecosystem to be worth $732 billion by 2020.
“We are not only seeing new trends such as wearable devices, 3-D printing and virtual currencies. Mature trends such as urbanization are rapidly evolving and changing patterns with the new world, thereby creating new business models and value chain networks in the future,” Archana Amarnath, program manager at Frost & Sullivan’s Visionary Innovation Research Group, said in a statement.
New business models will emerge as an important trend defining ways for businesses to monetize new opportunities, the firm says. Some of these business models can be disruptive or transformative, it says.