Economy transforming technologies and skills needed to stay ahead of the curve – You’ve heard this before — the rate of technological change is accelerating. It’s unpredictable and unprecedented. As the World Economic Forum acknowledged in its Future of Jobs Report, we’re entering a fourth industrial revolution:
“Developments in previously disjointed fields such as artificial intelligence and machine learning, robotics, nanotechnology, 3D printing and genetics, and biotechnology are all building on and amplifying one another . . . As a result, on average, by 2020, more than a third of the desired core skill sets of most occupations will be comprised of skills that are not yet considered crucial to the job today.”
Ten technologies that will transform the global economy by 2025
With so many technologies emerging on so many fronts, it’s a challenge to keep up. Every advance is billed as “the next big thing.” Combining a report by The McKinsey Global Institute and knowledge of subject-matter experts, a compiled list of 10 technologies will lead the fourth industrial revolution. As the Institute notes, “Not every emerging technology will alter the business or social landscape – but some truly do have the potential to disrupt the status quo, alter the way people live and work, and rearrange value pools.”
Machine learning and user interfaces such as speech and gesture recognition technology will increase productivity or eliminate some knowledge work.
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One of the biggest buzzwords of the last decade will continue to impact the next. As cyber security improves, nearly all IT services and web apps could be delivered through the cloud, with more enterprises using the public cloud.
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Internet of Things & Wireless
More than 9 billion devices are currently connected to the internet – that number is estimated to grow between 50 billion to nearly 1 trillion in the next decade. As a result, organizations will monitor and secure products, systems, devices, and even people.
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Blockchain is best known in virtual currency Bitcoin, but a recent report showed 64 different use cases of blockchain across 200 companies. Streamlined, secure contracting and transacting will drive commercial use.
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Interfaces, formats, sensors, and apps will evolve as mobile computing devices dominate internet connectivity. By 2025, mobile connectivity could be accessed by an additional 4.3 billion people.
Advances in artificial intelligence, machine vision, sensors, motors, hydraulics, and materials will change the way products and services are delivered. As a result, a surge in tech talent for building, operating, and maintaining advanced robots will occur.
A recent survey of security professionals revealed that 72 percent of companies are planning to drop traditional passwords by 2025. Instead, this will give new authorization services for face, voice, eye, hand, and signature identification.
3D printing could enable unprecedented levels of mass customization and dramatically reduce the cost of supply chains generating an estimated economic impact of $230 to $550 billion annually by 2025.
Genetic engineering technology will grow with faster computer processing speeds. DNA sequencing technologies and advanced analytics will improve agricultural production, reduce reliance on fossil fuels and extend human life expectancy.
Virtual and augmented reality
Goldman Sachs is betting on the virtual and augmented reality industry to become an $80 billion market by 2025 – it’s around $7 billion right now. As a result, significant upgrades will come to technology infrastructure, and an ecosystem of apps will form for consumers and enterprises alike.
The 2025 workforce: Enterprise learning required
These technologies could have enormous benefits for many companies – but they will also create significant challenges. The McKinsey report includes a few suggestions to prepare for those challenges, emphasizing anticipating future needs through employee training: “The nature of work will continue to change, and that will require strong education and retraining programs.”
The World Economic Forum concurs: “Across nearly all industries, the impact of technological and other changes is shortening the shelf-life of employees’ existing skill sets. The talent to manage, shape, and lead the changes underway will be in short supply unless we take action today to develop it. Businesses will need to put talent development and future workforce strategy front and center to their growth. Firms can no longer be passive consumers of ready-made human capital. They require a new mindset to meet their talent needs.”