Technology, Media and Telecom (TMT) landscape undergoes ample transformation every year, but 2020 was an exceptional year, marked by unprecedented accelerations. The pandemic has essentially changed our ways of working and living, boosting tech and digital adoption worldwide.
The latest TMT Predictions Report published by Deloitte, highlights several emergent trends in these three sectors that is expected to shape 2021 and the years beyond. Here are a few of its most significant predictions that can affect businesses and consumers globally.
Industry 4.0 will intensify complimented by intelligent edge
Industry 4.0 uptake has already been accelerated by the pandemic. But with great advances in intelligent edge, Industry 4.0 will gain more momentum across the world. The intelligent edge comprises of compact processing power, advanced wireless connectivity, and AI located near data using and generating devices.
The report predicts that 5G, hyperscale cloud, and other edge techs will propel a $12 billion market, growing at a CAGR of 35%, touching $16 billion by 2025. It also projects that by 2023, 70% of enterprises will use the intelligent edge as vehicles, VR and IoT become faster, more secure and cheaper.
Cloud growth to scale new heights
The lockdowns induced by Covid-19 pandemic spurred cloud migration across all business sectors and enterprises struggled to keep the workforce connected to ensure business continuity. In 2020, despite the world’s total IT spend declining by 10%, the revenue of hyperscale cloud surged by 25% and cloud chip sales grew by 45%. Cloud internet traffic rose two-fold from 2019 during the pandemic.
Cloud growth is predicted to remain consistent, increasing by more than 30% annually through 2025. Overall the cloud eco-system is expected to flourish and offer new ways of value-creation, becoming the dominant solution for almost all types of businesses in the coming years.
5G myths will give way to wider acceptance
There were many myths making rounds about 5G being harmful to human health due to higher levels of radiation. These allegations are completely baseless – in fact, 5G networks use lesser energy than radio or TV and it doesn’t present any proven health risks.
5G allows unprecedented internet speed and is capable of revolutionizing digital connectivity. If conscious efforts are made to bust unfounded myths about 5G, its acceptance will grow and when people experience its magic, nothing can stop its rise.
Virtual medicine will boom
The pandemic helped in eliminating regulatory measures that were throttling the growth of telemedicine. With the rollout of relaxed norms and people’s insistence of avoiding physical doctor visits, virtual medicine grew multifold. Video doctor consults in France rose by 40% to 100% in spring 2020.
The report predicts that in 2021, virtual doctor consultations will rise by 5% globally, that is 5 times the level of 2019. It also estimates that in 2021, 400 million virtual doctor consults can create a $25 billion opportunity for telemedicine. The healthcare fraternity needs to catalyze the innovations required for creating portals and platforms that can extend virtual medical service to consumers.
Education and enterprises will increase adoption of virtual reality
The popularity of immersive technologies has increased in both enterprise and education spurring the digital reality headgear market. Deloitte Global predicts that the use of wearable headsets augmented, virtual and mixed reality, will increase by 100% in 2021 as opposed to 2019 levels, due to increased purchases by educational institutions and corporations.
Women and tech will transform sports
Despite the decline of sporting events in 2020, the growth potential for sports didn’t remains positive. The report predicts two significant sports trends – rise in monetization of women’s sports and creation of a hyper-quantified athlete with increased use of digital.