Published on August 1st, 2020 | by Sunit Nandi0
6 Industries Primed for Disruptive Technology
Technology has become tightly woven into daily life, from ordering food via a mobile app to working remotely from home using a teleconferencing SaaS. Tech disruption continues marching forward as major industries, and industries on the rise, adopt innovative tech to reshape and grow.
In fact, in just two short years, it’s projected that 60 percent of GDP will derive from digitally minded companies, according to the International Data Corporation (IDC). Artificial intelligence (AI), big data, analytics, blockchain, and more are technologies already at the core of leading companies today.
From healthcare to sports betting, let’s take a closer look at the industries primed for disruptive technology.
1. Online Betting
The online betting industry has boomed thanks to innovative technology, causing true disruption. For example, online users can take NBA betting to the next level with mobile sports betting. Now, anyone can bet on their favorite basketball team right from their mobile device, at any time of the day.
And the online betting market shows no signs of slowing down. Its estimated compound annual growth rate (CAGR) from 2020 to 2027 is a healthy 11.5 percent.
This makes online betting a surefire bet for disruptive technology adoption, and one to watch when it comes to innovation.
The healthcare industry has had plenty of ups and downs, especially recently. The COVID-19 pandemic has turned healthcare on its head. But with disruptive technology in the form of electronic health records (EHR) and telehealth evaluations, healthcare is ready and willing to leap forward with disruptive tech.
And more startups are rising to the demands of HealthTech. There are companies dedicated to advancing the healthcare industry with technology. This could certainly reshape how health and wellness is approached in decades to come.
Nearly all state and federal government agencies are looking to revamp their processes utilizing advanced technology. The need for this was highlighted during the pandemic as well. In Florida, many unemployed individuals could not access their unemployment benefits website due to poor technology.
Florida was not alone. Even federal agencies whose mandate is to aid those in need face serious gaps in technology. Just last March, the Small Business Administration fell prey to hackers.
According to Forbes, “The SBA says it discovered the issue on March 25, immediately disabled the impacted portion of the site and notified affected applicants, as reported by CNBC. A total of nearly 8,000 applicants could have had their information exposed, according to the SBA.”
Technologies like blockchain and artificial intelligence can help local, state, and federal government agencies secure vital user data. Having more tech around websites and access to those sites can also prove valuable in years to come.
Technology and construction may not seem to go hand-in-hand, but in today’s digital age, innovative tech is disrupting the $1.3 trillion industry. Between 2017 and 2018, construction tech startups grew by more than 325 percent.
And the growth continues today, despite the economic issues facing many cities and states. For instance, energy efficient and self-healing construction has made a serious impact with disruptive technology leading the charge.
5. Financial Tech
For the finance and insurance industries, tech disruption is forever growing. Technologies such as AI, automation, and blockchain are present in these antiquated industries.
Nearly all major banks have adopted blockchain technology to streamline processes and deliver a more secure financial and insurance ecosystem. Goldman Sachs, Bank of America, HSBC, JP Morgan, and other major financial institutions have all taken the next step toward integrating technology that moves them into the next decade of digital growth.
Did you know that Bank of America holds the most blockchain patents with over 50 applications filed? This is a definite sign that disruptive technology is a must-do for financial institutions.
6. Real Estate
Real estate is one of the largest industries in the US, contributing over $3 trillion to the GDP. However, moving forward, the real estate industry needs to move from the past and into the tech future. Disruptive technology can help the industry achieve this.
For example, Zillow regularly uses technology via AI and location algorithms to provide home buyers and renters with valuable real estate information. They even have a 3D home feature that gives home buyers an inside look without going to the actual home.
The above 6 industries primed for disruptive technology are the tip of the iceberg. Most companies that want to achieve massive growth in years to come, will need to turn to technological innovation. Gradually, many will become tech companies within their primary industries. What industries do you think need to adopt more technology?