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Frost & Sullivan’s recent analysis, The Reshaping of Industries Caused by COVID-19, lists the nine key patterns that will emerge from markets reshaping as a response to COVID-19
This analysis is the latest addition to Frost & Sullivan’s Visionary Innovation Group research study available through the Frost & Sullivan Leadership Council, which assists organisations recognize development chances to be successful in an unpredictable future.
WHY IT MATTERS
With a volatile economy and society emerging post-pandemic, leaders need to assess the chances resulting from COVID-19 and provide technology innovations to develop business and customer durability.
According to the analysis, the nine crucial patterns across industries that will emerge as an outcome of COVID-19 are:
- Connected Living: The increased adoption of contactless surfaces post-pandemic will power the house automation and security markets. Systems including voice activation innovation will end up being increasingly popular among customers.
- Linked Work: Reformed linked work circumstances will emphasize the need for “cloud everything.” New subscription-based designs 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 requirement of care delivery. Standardisation of service across the care continuum will require more service and technology suppliers.
- Geopolitical Balance: Nations ought to collaborate to keep trade flowing and make sure the supply of important products, sending a signal of confidence to the international economy.
- Human Augmentation: The behavioural analytics market is expected to reach $3 billion in profits in 2030, up from $230 million in2019 Post-COVID-19, behavioural data will be utilized to improve health care systems, monetary 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 techniques and data-driven company designs.
- Smart Cities: Smart cities will produce considerable business opportunities with a market value of $2.46 trillion by2025 Smart cities will prioritise more digitalised services and a strong information analytics facilities, resulting in increased spending on innovation.
- Supply Chain Optimisation: The supply chain market is developing extreme developments with augmented reality, virtual truth, advanced robotics, real-time stock tracking, and exploring how 3D printing might completely interfere with the supply chain in the next 10 years.
- Technology Advancements: Pandemic preparedness will accelerate the release of artificial intelligence (AI) solutions and accelerate AI development. Beyond specific illness management, post-pandemic economies also will count on AI and artificial intelligence (ML) tools to expedite digital transformation throughout crucial organization efforts.
THE LARGER PATTERN
As part of its worldwide Transformational Health Development Partnership Service program, Frost & Sullivan released an analysis, Post-Pandemic Global Healthcare Market Outlook, 2020.
The analysis specifies that 2020 will be an ‘ unforgiving but transformational year’ with the health care market anticipating to witness a drop in development from 5.3%to 0.6%.
ON THE RECORD
Murali Krishnan, visionary development group senior market analyst at Frost & Sullivan stated: “From transformative Mega Patterns to geopolitical turmoil, there are several factors making it progressively difficult to grow.”
” In the near term, business must focus on diversifying supply chains and leveraging brand-new chances emerging from changing customer needs. In the long term, it is necessary to internally adjust to new innovations that support office and functional continuity to have a smoother transformation throughout healing.”
Chaitanya Habib, visionary development group research analyst, included: “The shift in focus on expense optimisation and on preventing additional production losses post-COVID-19 has accelerated the adoption of automation and commercial robotics throughout different industries. As a result, the global commercial robotics market is anticipated to grow from $446 billion in 2020 to $73 billion in the next 5 years, with increasing FDA approval and patent activity.”
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