The Internet of Things and 3D printing are among the latest technologies that are set to change the way you do business, new research finds.
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In addition to these two technologies, the cloud, mobile devices, biotech and health care IT, analytics, autotech and artificial intelligence will change industries and enable new business models in the coming years, according to a study from audit, tax and advisory firm KPMG.
In fact, the interplay of these emerging technologies is fueling innovation in many industries, said Gary Matuszak, global chairman of KPMG's technology, media and telecommunications practice.
"Leaders across industries need to nail the right strategy to outpace existing and new competitors to a much higher degree than in the past," Matuszak said in statement. "Tech innovation creates an opportunity to drive incremental customer value and monetize new business models resulting from disruptive technologies."
The growth of these emerging technologies shows that global executives are using mobile technologies and mobile applications as an engine of growth and profitability, said Brad Fisher, KPMG's U.S. data and analytics leader.
"The vast increase in the amount of data coming from mobile devices is driving the development of advanced analytics applications," Fisher said. "And, in turn, the growth in analytics is driving mobile developers to provide new, enhanced solutions that provide new types of data."
This new virtuous circle is powering the growth of businesses, Fisher added.
The Internet of Things and its applications are one example of a mobile-driven growth opportunity, the study's authors said. The business leaders surveyed believe that retail and intelligent shopping have the greatest potential to generate revenue as a result of the adoption of the Internet of Things. Other areas that could benefit from the Internet of Things include home automation, surveillance/security and social interaction. [8 Ways the Internet of Things Will Change the Way We Work]
Some industries will experience more change than others due to the new technologies, the researchers said. Consumer markets, technology, health care, automotive/transportation and manufacturing are expected to change the most in the next several years as a result of these disruptive technologies.
However, there are several challenges that could prevent these technologies from having this large of an impact. Security, technology complexity and customer adoption are the top barriers to the commercialization of these emerging technologies, business leaders said.
"For enterprises and governments, tackling security and transparency issues will remain a priority even as next-gen cybersecurity solutions emerge to deal with this challenge," said Richard Hanley, U.S. advisory industry leader for KPMG's technology, media and telecommunications practice.
The study was based on surveys of 768 technology business leaders globally, including C-level executives, from technology industry startups, midsize to large enterprises, venture capital firms and angel investors.
Originally published on Business News Daily.