In-depth insight on growth opportunities and challenges in technology
Technology companies are continually on the leading-edge, considering unconventional and innovative ways to meet the demands of the savvy consumer. What will 2017 have in store? Explore the latest technology industry trends and perspectives on growth opportunities and factors to be mindful of along the way.
The technology space is changing at warp speed
Anticipating new developments can be challenging. While we do not have a crystal ball, the industry’s tremendous investment in research is a strong indicator that we will soon be witnessing the emergence of ecosystems and platforms that deliver a whole new level of value and opportunities for technology professionals.
In Deloitte’s 2017 Technology Outlook, Paul Sallomi, Global Technology, Media & Telecommunications industry leader and the US and global technology sector leader, answers the three big questions:
Where do you see opportunities for growth in 2017?
The technology growth story has long focused on the consumer—and that story continues. But as enterprises in every industry sector look to technology to facilitate their own transformations, the opportunities for technology companies have broadened considerably.
Some key takeaways include:
- So-called “exponential” technologies including robotics, virtual and augmented reality (VR) (AR), 3-D printing, and artificial intelligence (AI) are opening up significant areas of opportunity.
- Cognitive technologies such as machine learning, natural language processing, and speech and pattern recognition are being embedded in software applications, imbuing big data with superior capabilities.
- Blockchain, the foundation for the digital currency bitcoin, has enormous implications not only for the financial services industry, but for any company that manages a large amount of transaction data.
- The Internet of Things has only just begun to reveal its promise.
- “Anything as a service” offerings; ones that allow usage-based consumption, are likely to emerge.
- Cybersecurity products and services are another area with a bright future.
Download the 2017 Technology Outlook for more detail.
What should businesses be mindful of as they plan for growth?
Successfully leveraging the huge promise for the tech industry, and making sure a company has compelling offerings that fit within a larger ecosystem, will depend on many factors. One of the most significant ways to achieve this is for technology companies to transform their own business models to accommodate shifting customer demands.
Some key takeaways include:
- Technology enterprise customers are requesting solutions using a pay-per-use or consumption-based models.
- In order to maintain the competitive pace of innovation, companies find themselves engaged in a global war for talent.
- The rise of the “gig economy” is making more flexible, project-based arrangements an acceptable alternative to company based employment.
- Well established players will want to be aware of competitive threats and how new companies might disrupt their business models and at the same time considering how they can beat them to the punch by disrupting themselves first.
- The regulatory environment is unlikely to become less complex, and organizations will need the tools and resources to address new and existing rules, especially as they expand internationally.
Download the 2017 Technology Outlook for more detail.
What strategies are tech companies using to facilitate growth?
While opportunities abound as these exponential technologies come to market, enterprises will likely need to transform some of the ways in which they do business.
Some key takeaways include:
- The transformation of an enterprise is a complex undertaking, and the digital solutions need by companies don’t come neatly bundled out of the box.
- In order to gain a leg up, technology companies are partnering together for the purpose of advancing a particular field or building end-to-end customer solutions that harness the best of each of their assets and capabilities.
- The pressure to be nimble–to be able to turn on a dime- has led many companies to pursue a “shrink to grow” strategy.
Download the 2017 Technology Outlook for more detail.
Look again
In today’s rapidly evolving marketplace environment, key business issues are converging with impacts felt across multiple industry sectors. What are the key trends, challenges, and
opportunities that may affect your business and influence your strategy? Look for more perspectives and insights from some of Deloitte’s forward thinkers.