Frost & Sullivan Reveals 9 Global Trends Generating Growth Opportunities from COVID-19
Automation/robotics, advanced data analytics, IoT & sensorization, security & privacy, and business model innovation are the five critical success factors for growth
SANTA CLARA, Calif., Sept. 28, 2020 /CNW/ -- Frost & Sullivan's recent analysis, The Reshaping of Industries Caused by COVID-19, encompasses nine key trends that will emerge from industries reshaping as a response to COVID-19. With the pandemic's negative impact on the global economy, immediate action is critical. Technology leaders must assess the emerging opportunities resulting from COVID-19 and provide technological innovations to build company, society, and consumer resilience.
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"From transformative MegaTrends to geopolitical chaos, there are several factors making it increasingly difficult to grow," said Murali Krishnan, Visionary Innovation Group Senior Industry Analyst at Frost & Sullivan. "In the near term, companies should focus on diversifying supply chains and leveraging new opportunities arising from changing customer demands. In the long term, it is important to internally adapt to new technologies that support workplace and operational continuity to have a smoother transformation during recovery."
Chaitanya Habib, Visionary Innovation Group Research Analyst, added: "The shift in focus on cost optimization and on avoiding further production losses post-COVID-19 has accelerated the adoption of automation and industrial robots across various industries. As a result, the global industrial robotics market is expected to grow from $44.6 billion in 2020 to $73 billion in the next five years, with increasing FDA approval and patent activity."
The nine key trends across industries that will emerge as a result of COVID-19 are:
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The Reshaping of Industries Caused by COVID-19
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SOURCE Frost & Sullivan
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