AI and technology are set to grow and solve challenges of the future in computing and health.
But to grow, you need investment. And a lot of it is needed for 2023 to keep up with the rate of innovation.
In the Dubai Future Foundation’s first trends report, it has revealed the 10 key megatrends we can expect to see this year. Unsurprisingly, most of them refer to digital.
The change regards companies finding new value in improved analytics and alternative business models to improve productivity, cost savings and adopt innovation. This covers teams from procurement, through to data, analytics and beyond.
The 10 Megatrends
- Materials revolution
- Devaluation of raw data
- Technological vulnerabilities
- Energy boundaries
- Saving ecosystems
- Borderless world-fluid economies
- Digital realities – immersive virtual and digital spaces
- Life with autonomous robots
- Future humanity
- Advanced health and nutrition
‘Over the past decade, digital trade has been expanding at 5.4% per year on average. Data transfers are estimated to contribute $2.8 trillion to global GDP — a share that exceeds the global trade in goods and is expected to grow to $11 trillion by 2025’
Predicted growth throughout industries is huge. The value of digital trade will continue to grow and automated processes are expected. The fact that the value of data transfers is set to quadruple by 2025 suggests a strong reason for investment.
What’s at risk? What else is growing?
Cyberattack damage is also estimated to grow, but can be countered by cybersecurity solutions, where its industry is ‘predicted to grow at a compound annual growth rate (CAGR) of 8.7% [by] 2026’.
ESG initiatives are increasingly moving to the top of the agenda for companies, where global ESG assets are on the up as they focus on improving their sustainable profile. Such assets are anticipated to grow and surpass as much as $50 trillion by 2025.
‘The digital economy will continue to define the borderless world’
70%+ of new value will be created over the next decade based on digitally-enabled business models, including more AI and robotic tools.
The report underlines the boom in adoption of digital solutions, as more services will be automated. It’s a given. Whilst large tech corporations lay offs thousands of workers to save costs by using digital tools, more users will continue to use these to automate mundane tasks or activities adding little value.
There is only excitement ahead for procurement.
- Invest in digital tools
- Technology will continue to benefit users
- Adapt your business model to digitally enabled
- Find value in your model, business analytics and tools