Data are to this century what oil was to the last one: a driver of growth and change. Flows of data have created new infrastructure, new businesses, new monopolies, new politics and—crucially—new economics. Digital information is unlike any previous resource; it is extracted, refined, valued, bought and sold in different ways. It changes the rules for markets and it demands new approaches from regulators. Many a battle will be fought over who should own, and benefit from, data.
2007 : The list of the top 10 companies in the world by market capitalization was largely dominated by Oil and Gas companies, with five of the 10 companies from energy sector.
2017 : The top 10 is now dominated by seven Technology companies, with four of them occupying the top slots.
Interesting Fact : There’s only one Oil and Gas company on the list and that too in the last spot!
Business models have evolved a lot in past 10 years with more focus on Technology and Innovations. These are called Disruptive technologies that will shape businesses in future. Regardless of your industry, the marketplace is continually evolving. The reason, increasingly, is the evolution of Disruptive Technology.
This chart clearly shows that there is a shift away from Oil & Gas to DATA .
As on Jun 2017, Apple inc tops the chart with Market Capitalisation of $749 billion, followed by Alphabet Inc, the parent of Google, tech giant Microsoft Inc ,the global e-commerce and cloud services major Amazon Inc ,Chinese e-commerce major Alibaba.com is comfortably placed in the seventh spot , followed by the social media major Facebook, Inc in the eighth place with a similar $356 billion in value. Another Chinese major — the technology investment behemoth Tencent, which also has a stake in India’s Flipkart, is in the ninth spot .
This analysis underscores a very important point – Out of 10 biggest companies 7 are directly into technology,
The other three biggies in the list include investment icon Warren Buffet’s Berkshire Hathaway at number 5 and Johnson & Johnson at number 6.
There’s only one Oil and Gas company on the list the energy major ExxonMobil and that too in the last spot which was at 2nd spot in 2007.
In March 2017, a report by PwC which ranks Global Top 100 Companies by market capitalisation found that Technology is the largest sector in terms of market cap ($3,582 billion), closely followed by Financial Services sector ($3,532 billion), and Consumer Goods ($2,660 billion). Oil and Gas was at a distant 7th position with an aggregate market capitalisation of $876 billion.
This is an clear indication that future will be dominated by Technology and tech related companies. Data will play a crucial role to advance these technologies and make them Disruptive.
Mukesh Ambani recently observed at an industry event, “Data is the oxygen of a new digital economy. We cannot deprive Indians of this vital life-sustaining resource.We have the urgent task of empowering 1.3 billion Indians with the tools needed to flourish in the digital marketplace.
There is something interesting happening around us and many more interesting things are on cards.
Uber, for its part, is best known for its cheap taxi rides. But if the firm is worth an estimated $68bn, it is in part because it owns the biggest pool of data about supply (drivers) and demand (passengers) for personal transportation.
Similarly, for most people Tesla is a maker of fancy electric cars. But its latest models collect mountains of data, which allow the firm to optimise its self-driving algorithms and then update the software accordingly. By the end of last year, the firm had gathered 1.3bn miles-worth of driving data—orders of magnitude more than Waymo, Alphabet’s self-driving-car division.
Adapting quickly will be essential, so here’s the top six we think you should be prepared for. This article was originally published on The Conversation. Read the original article.
- SOCIAL ROBOTICS
Robots, no longer restricted to the factory floor, are increasingly being designed to interact directly with humans. This not only means that – depending on your industry – certain robots may be about to enter your product ranges, but also that a robot may be interacting with customers on your behalf.
Emotion sensing robots are already working in many areas.
- ARTIFICIAL INTELLIGENCE AND SMART SERVICES
True artificial intelligence – that which is so similar to human intelligence as to be indistinguishable – is difficult to develop, but that doesn’t mean we won’t be running into intelligent machines and smart services as the years progress.
Consider the applications of a machine or service that could learn about your customers, going beyond website analytics to truly understanding their day-to-day behaviour.
- VIRTUAL REALITY
Originally considered a gaming technology, virtual reality is becoming more mainstream, and the applications for businesses and consumers are plentiful.
Consider how you could apply a completely immersive environment in your business, and how this might change the competitive landscape in your industry. For instance, in 2015 Volvo offered virtual reality test drives using Google’s mass-produced virtual reality technology, Cardboard. The technology has also been used to provide tours, make events more immersive, and even for training purposes.
- 3D PRINTING
Just as virtual reality offers us the ability to bring our thoughts into “reality” for consumers or colleagues, 3D printing offers us the chance to do this with physical reality. 3D printing lets us bring imagination into the physical world, whether we’re showcasing prototype products to investors or custom-making products for consumers. 3D modelling and 3D printing are gradually changing consumer markets and have been used to create a range of products including muscial instruments, medical equipment, artificial organs and manufactured car parts.
We already know that everyone is connected, but what about everything? This is the reality that the “internet of things” will bring. From small changes – your car communicating with your office to switch on the air conditioning, computer and coffee machine moments before you arrive – to larger changes like your global offices being truly connected, beyond what is already offered by cloud computing to consumer applications.
Innovations like the Nest Protect allows users to “hush” a smoke alarm from a smartphone, essentially allowing the smoke alarm to speak to smart devices. The treatment of security and privacy concerns will determine the speed with which the internet of things rolls out.
- MOBILE AND WEARABLE TECHNOLOGY
Smartphone ownership is at an all time high, bringing opportunities for businesses to take their operations truly mobile – and to contact consumers in new ways.
Developments in Near Field Communication technology allow us to know where consumers are (with their permission of course) and mean we could potentially send them relevant promotions based on their location, or remember their preferences for a whole new take on customer loyalty.
Consumers are also increasingly taking up wearable technology such as smart watches, pedometers and ear pieces. This wearable technology, working with data on patterns and behaviour, could not only empower consumer interactions but make for more efficient, productive and happier employees. Smart clothes are potentially the future of wearables – OMsignal already offers a line of smart shirts, and soon a sports bra which tracks biometric fitness data.
Disruptive technologies will significantly influence business models over the next few decades. A recent report from the Economist Intelligence Unit and Ricoh stated that “businesses will have nowhere to hide from the disrupting yet energising effects of technology change”. The report suggests it’s no longer viable to implement new technological innovations simply for short-term efficiency gains; instead technology disruption necessitates the implementation of new changes over time, for longer-term efficiency gains.