Biggest Disruptions That Will Impact Industries In The Next Decade
There is no doubt that we’re living in a world that is advancing rapidly. We’ve already had some huge disruptions that effected industries where the people in it had to adapt to the transformation.
Industries That Have Already Been Hit By The Disruption
Within the media industry we can definitely point to the music industry. With the introduction of the internet and then following that with inventions such as Torrent and Napster, big record labels (Sony, EMC, Universal, Warner etc.) have lost control they used to have over the sales and distribution. Moreover, with the recent decades there has been an introduction of platforms such as YouTube, Soundcloud, and Bandcamp. These platforms have greatly reduced the barrier of entry for new artists. Artists no longer have to work with labels to promote, sell their music and go big. Therefore, an old excuse “I don’t have any contacts.” is no longer valid.
This can also be said for the film industry. Media platforms such as YouTube and Vimeo has removed the gatekeepers. You don’t have to be in Hollywood to get millions of people to view your content. So, if you make good content there is nothing stopping you, but only if you distribute your content well. Furthermore, these online video platforms has destroyed mainstream media. Cable TV has been dying quickly as more and more consumers switch to VOD (Video-on-demand) services like Netflix, Hulu, and Amazon Prime Video.
Now let’s talk about the world of finance and business. There have been a great deal of innovation in fintech (financial technology). The number of internet banking users have been increasing steadily. If you go to China, there are many businesses small and big using Line Pay or Paypal for transactions. The reasons are first it is safer than carrying cash and much faster compared to most forms of transactions. Whether that is wire transfers or physical cash exchange. Additionally, there are many places in the globe where financial services are limited. However, now these people have access to financial services thanks to fintech.
Now let’s talk about the future disruptions.
It seems that more and more massive disruption is right around the corner for many industries around the world. These are just a few you need to be aware of it as it’s going to have a huge impact on your life and work.
Innovation — It’s not surprising to see more innovations in the future. The reason is abundance in knowledge thanks to the internet. Now, passionate and ambitious individuals now have few obstacles to pursue their ideas and aspirations. Regardless of age, location, race, or connections anyone with access to the internet can access tutorials, articles, research, and higher education level material. You can even take up online courses in top ivy league universities. Also, devices that we use have become so powerful and affordable, that you most likely don’t need to invest in expensive equipment to get started. In addition, because of the adunbance of knowledge and distribution capabilities offered by the internet, we are already seeing the decrease in age of people making impactful innovations. We should expect to see the age continue to lower. This explains why we see more successful young people and the decrease in average age of billionaires and millionaires.
Energy — Right now we are beginning the transitional period to all renewable energy. The individual that seems to be accelerating that is Elon Musk CEO of Tesla, Solar City etc. Musk is has an ambitious goal to soon get people 100% off the grid with Tesla Solar Roof and the Powerwall. Moreover, off gas with Tesla Motors. Additionally, we see companies starting to innovate beyond hydrid and diesel, for instance using hydrogen fuel cells. Currently, there is the Toyota Mirai which is powered by hydrogen fuel cells that produce only H2O as emissions. For those people worried about cars becoming slower. There is a hydrogen hybrid hyper-car (QUANT e-Sportlimousine) that has 920HP and top speed of over 300km/h.
Medicine —First let’s talk about the shocking statistics in diagnostic errors by physicians. Misdiagnosing and prescribing wrong medications are very serious problems. I found claims such as …
“Diagnostic errors contribute to 10 percent of US patient deaths and 17 percent of adverse events in hospitals.” — Mercola
“Medical errors may be third leading cause of death in the U.S.” — CNN
and Yes I understand that both are from the US and may not apply to other countries. Anyhow, Disorders and diseases have myriad of parameters that are difficult for humans to keep track or take notice of. Currently, there are Medical Diagnosing Machine Learning AIs in development. Surprisingly they are already far better at diagnosing and predicting medical conditions than human doctors. AI feeds on information. They can suck up so much information that is incomparable to humans.
“Self-taught artificial intelligence beats doctors at predicting heart attacks” — Science Magazine
Employment — Now this one is probably the biggest and also inevitable. Current half of the jobs out there can be replaced with automation and eventually they will be. Human labor cost is a large expense for businesses and most would gladly replace with robots. This is reason is that robots offer multiple benefits over human labor …
- They don’t become tired & don’t need breaks = Higher output.
- They don’t have feelings = increased productivity.
- Consistent precsion work at high output.
- Don’t require employee benefits.
These all add up to big savings over years and the overhead cost can be easily made up. Soon it will be common sense that a human shouldn’t work because the robots are so much better and cost effective. Just as cars replaced horses.
What do we do about people who can’t find any work? Well there are some possible solutions such as UBI (Universal Basic Income), which is an amount of money given to citizens to meet the basic need of life. However, there are still questions whether it will work at all.
Humans need not apply = Great video by CDP Grey which goes more into details. Highly recommend to watch.
Those were just a few and there is more to come. It seems that the future looks vastly different from the one we are in right now.Instead of fighting against the technology, we have to find ways to work with it. The ones that will win are the ones that adapt and take advantage when everyone is complaining and pondering about the change. Ones that are stubborn will inevitably be crushed by the disruption.