With the pandemic's negative impact on the global economy, says the firm, technology leaders must assess the emerging opportunities resulting from COVID-19 and provide technological innovations to build company, society, and consumer resilience. Automation/robotics, advanced data analytics, IoT and "sensorization," security and privacy, and business model innovation are seen as the five critical success factors for growth.
"From transformative MegaTrends to geopolitical chaos, there are several factors making it increasingly difficult to grow," says 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."
Chaitanya Habib, Visionary Innovation Group Research Analyst, adds, "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 firm's analysis reveals nine key trends across industries that will emerge as a result of COVID-19:
- Connected Living : The increased adoption of contactless surfaces post-pandemic will power the home automation and security markets. Systems encompassing voice activation technology will become increasingly popular among consumers.
- Connected Work : 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 : 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.
- Geopolitical Balance : Countries should work together to keep trade flowing and ensure the