Given the pandemic's significant impact on the global economy, immediate action is critical, according to Frost & Sullivan's recent analysis titled "The Reshaping of Industries Caused by COVID-19." Technology leaders must assess the emerging opportunities resulting from COVID-19 and provide technological innovations to build company, society, and consumer resilience.
"From transformative megatrends to geopolitical chaos, there are several factors making it increasingly difficult to grow," said Murali Krishnan, Visionary Innovation Group Senior Industry Analyst at Frost & Sullivan.
"In the near term, companies should focus on diversifying supply chains and leveraging new opportunities arising from changing customer demands. In the long term, it is important to internally adapt to new technologies that support workplace and operational continuity to have a smoother transformation during recovery," said Krishnan.
Visionary Innovation Group Research Analyst Chaitanya Habib added, "The shift in focus on cost optimization and on avoiding further production losses post-COVID-19 has accelerated the adoption of automation and industrial robots across various industries. As a result, the global industrial robotics market is expected to grow from $44.6 billion in 2020 to $73 billion in the next five years, with increasing FDA approval and patent activity."
The increased adoption of contactless surfaces post-pandemic will power home automation and security markets. Systems encompassing voice activation technology will become increasingly popular among consumers.
Reformed connected work scenarios will accentuate the need for "cloud everything." New subscription-based models will witness a growing demand for Unified Communications as a Service (UCaaS).
Digital health driven by telemedicine and robotic care will become the new standard of care delivery. Standardization of service across the care continuum will require more service and technology providers.
Countries should work together to keep trade flowing and ensure the supply of essential products, sending a signal of confidence to the global economy.
The behavioral analytics market is expected to reach $3 billion in revenue in 2030, up from $230 million in 2019. Post-COVID-19, behavioral data will be used to enhance healthcare systems, financial services, and cybersecurity.
Autonomous "lights-out" operations will propel the demand for remote asset management solutions, and service providers will focus on data management strategies and data-driven business models.
Smart cities will create significant business opportunities with a market value of $2.46 trillion by 2025. Smart cities will prioritize more digitalized services and a strong data analytics infrastructure, leading to increased spending on technology.
The supply chain industry is creating radical innovations with augmented reality, virtual reality, advanced robotics, real-time inventory tracking, and exploring how 3D printing could completely disrupt the supply chain in the next 10 years.
Pandemic preparedness will speed up the deployment of artificial intelligence (AI) solutions and accelerate AI innovation. Beyond specific disease management, post-pandemic economies will also rely on AI and machine learning (ML) tools to expedite digital transformation across key business initiatives.
"The Reshaping of Industries Caused by COVID-19" is the latest addition to Frost & Sullivan's Visionary Innovation Group research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.