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Top 10 Disruptive Technologies

In the last two decades, there has been a surge in technological innovation. The impact of these technologies has been recorded in such ways that they are often called disruptive technologies.

Disruptive technologies are powerful new tools or products that alter long-established practices and structures on a large scale. They disrupt established markets, resulting in dramatic changes to established business models.

Top Disruptive Technologies

As cloud computing and distributed ledger technology continue to emerge, their impact on supply chain management and supply chains will become increasingly apparent. These technologies can revolutionize how businesses operate, making supply chains more efficient and transparent.

1. Cloud Computing

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Over 100 zettabytes of data will be kept on the cloud by 2025.

The cloud has been the centre of attention for a lot of people, especially in the recent years. Cloud computing is a new term describing a concept which allows users to access data, software and other services provided by a third party through an Internet connection—that could be on premises or off-premises.

To increase their performance, availability, and scalability, this idea pushes apps like Salesforce.com to shift their resources to the cloud. A group of technologies known as cloud computing include virtualization, cloud storage, and network-based productivity tools.

Due to its advantages like lower hardware costs, web-based services come into being and are highly encouraged by costs cutters since they are easily accessible remotely.

2. Digital Photography

Rise Above Research, a Massachusetts-based consulting company that conducts market research for the digital imaging sector, updated this prediction in June 2021 and stated that, after accounting for an 18% pandemic-related shutter slowdown, the total number of photos taken globally in 2020 decreased to 1.12 trillion.

Digital photography is one of the most revolutionary technological trends to come into existence in the last two decades. The digitalization of the photography has led to a number of developments including: increased resolution, manipulation of photos after shooting them, and an easy method for creating panoramic images without stitching multiple images together.

Moreover, photography has also made it possible for people to archive hundreds or thousands of photographs on computer memory cards or external hard drives that can be easily shared and are readily available for viewing at any time with little or no extra effort.

Digital photography has completely revolutionized the way we look at photographs today. Its impact is profound and it’s only time before we will realize its full potential.

3. GPS Navigation System

GPS is an important part of everyday life which fundamentally changes the way we travel and the way we can locate ourselves in unknown situations. It enables the driver or rider to be aware of his position, particularly when wandering from one place to another.

The broadcast rate for the navigational messages is 50 bits per second. For example, in modern cars most people set their GPS systems before starting a journey with some features like speedometer, fuel consumption and time settings. With this technology you can also get real-time traffic updates as well as statistics about your driving patterns such as average speed and distance traveled in a day or week.

4. DNA Analysis

DNA analysis is a technology that has been around for a few decades and it has been hailed as one of the most important inventions of the 20th century. It is an analytical technique used to investigate genetic material, jointly discovered by Watson and Crick in 1953.

It’s a powerful tool for scientific study and comes in handy for forensics and paternity identification. DNA analysis makes possible the investigation of crime scenes where other traditional methods could not be used (e.g., water, fire). It also helps us learn about our ancestral history, reveal hereditary characteristics, diagnose diseases, etc.

5. Web 2.0

Web 2.0 is the term used to describe the new design and structure of many websites or social media portals. It’s a system that’s frequently applied in business for modernizing the old platform dating back to the late 90s. A bigger screen means more space for content, more information, and more details that are more easily accessible from a user-friendly interface.

And it also offers new interactivity and user-generated content, usually pushed by social networks such as Facebook, YouTube and Twitter. Web 2.0 is about making things interactive displaying videos, polls, games; so that users can share their opinions and thoughts on various topics shared online.

6. Mobile Phones

There will be 3.5 billion smartphone users worldwide in 2020.

A mobile phone is a great innovation that has changed the way people communicate with people. It’s an advanced portable device used not just to make and receive calls but also as camera, Internet access, music player and video recorder. The number of users is increasing significantly every year.

With the introduction of touch screen technologies, mobile phones have been able to completely integrate into our lives with little effort required by the user. It is evident that mobile phones have opened up a whole new world for people to communicate across distances and in real time with much less effort than ever before.

7. Credit Cards

Credit cards are one of the most important inventions in recent years which revolutionized our financial transactions. It has become an important part of our lives today. There are a number of card types around and most places accept credit cards for cashless payments.

Credit cards have made it easy for us to make small purchases without carrying large amounts of cash or accumulating debt from a high-interest loan. And with the credit card in hand, we can now also travel the world with ease knowing that every transaction is protected by an insurance policy against fraud and theft.

8. 3D Printing

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The size of the worldwide 3D printing market was estimated at USD 13.84 billion in 2021, and it is anticipated to increase at a CAGR of 20.8% from 2022 to 2030.

3D printing is basically a process in which objects are created with the help of specially designed software and then printed out via an additive manufacturing device such as a printer, CNC machine, etc.

The printer then builds the object on top of the previously printed layer to create a 3D object. 3D printing is still in its early stages and the cost of 3D printers is still high, but it is expected that in coming years it will become more popular than traditional printing methods due to reduced costs and development in technology.

9. The World Wide Web

The World Wide Web is such an important invention that has been around for decades now which has completely transformed how we get information online as well as how data is transferred from one source to another.

It enables users to open up a browser and surf the web without any difficulty by typing web addresses directly into the browser or by using specific search engines. Web pages are categorized and arranged in a graphical format to make them easy to navigate and read. The World Wide Web is now an integral part of our lives which makes information readily available to everyone without much effort required for searching.

10. Online Shopping

Over 80% of people worldwide conducted their shopping online in 2020, with South America and Asia leading the way with around 90% each.

Online shopping has become so common that you can now buy almost anything from anywhere, anytime with the click of a mouse. It’s now possible to purchase groceries, books, clothes and even get an insurance policy online without having to step out of your home. With online shopping all products are available from their original manufacturers at cheaper prices than most offline retailers.

What Are Disruptive Technologies

Disruptive technologies are “breakthrough” innovations that catch existing players off guard and challenge the status quo. They create new markets, put pressure on costs and margins, and ultimately create a new market landscape for the future.

Disruptive technologies can be either a product or a service that is offered outside the realm of traditional channels of distribution. They become disruptive when they reduce cost and increase efficiency, creating new markets at the low end of the performance spectrum.

As volume is gained through market expansion, costs are further reduced through scale efficiencies. The result: A higher number of buyers can afford to participate in and purchase these products at a much lower price point than previously possible. It is this disruptive impact that has been quite compelling to many small and large businesses.

Disruptive technologies include such diverse elements as artificial intelligence, biotechnology, nanotechnology, robotics, computerization and the Internet. At first sight it is tempting to think of them as a commodity.

But disruptive technologies can actually be protected from competition by monopolies or oligopolies. They create conditions that make it difficult or even impossible for existing competitors to enter the market.

Importance Of Disruptive Technologies

It is one of the most important issues which is keeping this whole world on track. Businesses today, especially SMEs, will have to take into consideration how and where they introduce disruptive technologies to their industries.

When disruptive technologies will be introduced, it will lead to the transformation of the whole industry with new products, new markets and at the same time new competitors. This will definitely cause a great deal of upheaval in the business environment.

Benefits Of Disruptive Technologies

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The financial services industry is benefiting from advances in virtual reality, big data, artificial intelligence, and edge computing. These technologies are helping financial institutions to provide better services and products to their customers.

VR is providing a more immersive experience for customers, while big data and AI are helping to provide better analysis and decision-making. Edge computing is providing faster and more reliable access to data and services.

1. Lower Prices

Low-end disruption is a product or service for which the value proposition is at the low end of the performance spectrum. As volumes grow, costs are reduced through scale economies and competition. The result: more buyers can afford a higher quality product at a lower price point than ever before possible.

2. New Markets

Disruptive technologies create new markets which can be identified as areas of expansion in either existing markets or in new emerging markets.

3. Differentiated Products

Disruptive technologies can also create differentiation amongst products that never existed before using innovations like digital photography, digital music, smart phones and tablet devices to name just a few.

4. Displacement Of Existing Product Lines

Disruptive technologies can be used to replace existing product lines or can be used to create new product lines which are differentiating. A good example is the mobile phone which replaced the home telephone and has had a major impact on other types of still telephones.

5. Growth Strategies

Disruptive technologies allow companies to use traditional growth strategies like cost cutting, restructuring and innovation more effectively because they allow products and services with better cost performance to be used in new markets at a lower price point than before.

6. Mass Customisation

Disruptive technologies may be used to create a mass customised product or service where it is difficult or even impossible to produce individual products individually. The example of this is the iPhone which allows consumers to personalise their own phones.

Risks Of Disruptive Technologies

Robotic process automation (RPA) is a form of artificial intelligence (AI) that automates repetitive, rules-based digital tasks. RPA is being used in a variety of industries, including cloud services, supply chain, and the fourth industrial revolution. The benefits of RPA include improved accuracy, efficiency, and compliance.

With the advent of autonomous vehicles, the role of human life in the transportation sector is rapidly changing. Software developers are now creating software platforms that allow these vehicles to operate without any human intervention. As technology advances, these platforms are becoming more and more sophisticated.

1. Rapid Product Changes

Disruptive technologies can create a level of change and speed in product development which is faster than what many companies are accustomed to dealing with.

2. Push Technology Into Distribution Channels

Disruptive technologies can push potentially disruptive technologies into traditional distribution channels before the product has fully developed a competitive edge or when appropriate partnerships have not yet been formed.

3. Create Over Dependency On A Single Vendor

An example of this is the Boeing Company’s reliance on Microsoft Windows as its operating system software which resulted in it having to replace the software on all its new aircraft when a virus infected the software.

4. Create Industry Disruptions

Disruptive technologies can create industry disruptions when they are used to break into a market that had little competition before. It can also lead to the creation of new industries or disrupt the balance between existing industries.

5. Block Entry Of Competitors

Disruptive technologies can block the entry of competitors who would be unlikely to enter a market if the incumbent has protected itself with technology or through several other methods.

6. Expensive Technology Upfront

New disruptive technologies typically require expensive technology and engineering development and may not have reached a level of maturity where they can be capitalized by traditional investors who have historically preferred to invest in proven networking companies and established brands.

7. Control Of Distribution

Disruptive technologies can be used to control the distribution of their products which can lead to market imbalances and create potentially monopolistic conditions with a few large players controlling many markets.

8. Authority To Stop Competition

Disruptive technologies like artificial intelligence and robotics are developing at such a rapid pace that they give the technology providers or service providers the ability to prevent competition by “shutting out” competitors.

Final Note

The future of disruptive technologies will be dominated by smart technologies such as robotics, robotics and artificial intelligence, genetic engineering and nanotechnology. These are all new fields of science that have emerged in the past few decades and technology providers are rushing to take advantage of this new thinking.

In the future, I predict that disruptive technologies will become broader in their scope as they evolve from being mostly products for applications like mobile phones to a wide range of products and services for many different uses.

This evolution may see the creation of thousands of “mini” technology providers from non-profits to individuals working from home because it has become possible to offer these developing technologies on a small scale online.

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