Global growth consulting firm Frost & Sullivan estimates that over the next five years, the global top-50 technologies will generate a combined market potential of US$2.8 trillion
In 2013 alone, global R&D investment for these top-50 technologies accumulated more than US$120bn, it claims. Frost & Sullivan’s latest analysis of the top-50 most innovative technologies with near-term commercial potential highlights the need to constantly re-evaluate one’s business structure to make the most of these opportunities.
The company’s TechVision programme is tailored to identify specific technologies which can influence and strengthen a company’s operative business. “An important aim is to illustrate how a business can collaborate and co-create future solutions with previously unexpected partners”, states Frost & Sullivan’s practice director for technical insights (Europe), Ankit A Shukla. “A specific case is built to track technologies and to dwell on the multi-billion euro opportunities arising out of a possible technology convergence.”
Many interesting technology convergence examples have been identified as part of the TechVision programme. Self-healing oil and gas infrastructure opportunities will transpire as a result of the convergence of flexible electronics and super hydrophobic coating. Augmented reality technologies assimilated with wearable electronics will offer an enhanced user experience for the consumer, defence, education and gaming sectors. The healthcare sector will profit from 3D printing technology, making customised wound healing possible through 3D printed skin. These technologies will experience a significant adoption rate around 2019-2020, according to Frost & Sullivan.
“Knowing a cool technology is one thing, knowing what to do with it is another”, states Shukla. “It is easy for companies to get caught in a trap of the latest fad that never leads to a business return on investment. Therefore, it is crucial to identify and innovate your business model with more accuracy and build new concepts for stronger stakeholder return.”
Its top-50 innovative technologies span across nine sectors and include: information and communication technology, medical device and imaging technology, advanced manufacturing and automation, sensors and controls, materials and coatings, microelectronics, clean and green environment, sustainable energy and health and wellness.
Headquartered in the US, Frost & Sullivan is a global growth consulting firm that provides market research and analysis, growth strategy consulting and corporate training services across multiple industries.