A recent report published by Citi group investment bank predicted ten technologies that will change the world and the way in which companies do business. Analysts looked at a variety of different sectors including IT, entertainment and manufacturing. Some of the technologies included report have been around for a while but have been included as they are set to undergo improvements or become significantly cheaper, making them accessible to a much wider consumer base. Other technologies featured are completely new inventions. Let’s take a look at which technologies made the list:
Falling prices and improvements in 3-D printing software mean Citi bank have predicted 3-D printing is set for rapid growth and the market could double by 2019 reaching £4 billion. 3-D printing allows you to print a solid object from a digital model. Layers of material are laid on top of each other; this process is then repeated to create a 3-D model.
The price of 3-D printers has dropped significantly in recent years making them much more accessible. Citi bank suggested that in future up to 50% of jet engine parts could be manufactured by 3-D printers.
Electronic cigarettes are battery powered vaping devices. They work by heating a water-based nicotine e-liquid inside the device. The e-liquid is heated until it is vaporised. The vapour is then inhaled and exhaled by users. E-cigarette devices are not affected by the UK smoking ban and can be legally smoked indoors. Citi bank estimated a 50% annual growth in the electronic cigarette market. The BBC predicted 1 million people in the UK will be using e-cigarettes by the end of the year but face new restrictions. Here’s a video of Katherine Heigl and Letterman sharing an e-Cigarette
Research into genetic makeup plays an important role in the diagnosis and management of hereditary diseases. There are three main areas where this technology is currently being used; cancer screening, pre-natal testing and diagnostics to determine how safe a type of therapy is for an individual. Personalised medicine uses genetic research to tailor medicine and treatment to an individual patient. It involves looking at the genetic makeup before treatment. Sales of genomics and personalised medicine are predicted to increase to £1.3 billion by 2015.
This technology allows users to make payments through their tablet device or mobile phone. You can also authorise payments to be taken. Mobile payment technology is already big in Japan and a number of other emerging markets across the world. With over six billion phone subscriptions taken out across the world – mobile payments present a potentially huge global market.
Energy Exploration Technology
Subsea exploration and horizontal drilling technology are some of the energy exploration technologies which are allowing oil and gas companies access to areas which were previously unobtainable and expand the supply of fossil fuels. Subsea exploration equipment has a predicted increased worth £64 billion per year over the next ten years.
Compressed Natural Gas Vehicles
Switching from oil to compressed natural gas vehicles is becoming increasingly common in cities across the world including the Middle East which has been one of the first to embrace the switch – converting buses and taxis.
There has been a sharp increase in the number of people streaming TV shows and film. The way in which we view entertainment is changing. Companies such as Netflix allow you to stream video direct to your TV. Traditional viewing through a TV has seen ratings decline by 1.2% since 2010, over the same period subscriptions to Netflix grew by 70%. Increased internet speeds and mobile technology makes this a market predicted to see continued growth and expansion.
Software Delivery Technology
Internet based software delivery technology has seen an increase of 26% in the market in 2012. It means customers can access software without having to visit a store to purchase – software includes Google apps and Microsoft 365.
Software Defined Networking
SDN technology makes it easier for network administrators to manage computer network services and means they no longer have to manually configure hardware. It means administrators can program a central control without needing physical access to the hardware devices. It is predicted to grow from £230 million in 2013 to £2.4 billion in 2016.
The cost of installing solar panels has fallen considerably over the past few years. Solar panels convert sunlight into electricity which can be used to power your home or business. Forecasters have predicted solar power will represent 13% of all total global investment in power and receive £830 billion between now and 2035.