A new decade is upon us! NASSCOM has pronounced it the TECHADE!
Technology will disrupt everything – businesses, governments, consumption, and the environment around us. But technology will not remain limited to a sector, function, cost bucket, or a strategic input; instead, technology will emerge as BOTH the cause of many global shifts and the core solution addressing most of them.
During this decade, we will become 8.6 billion strong, will generate USD 270 trillion in GDP, and (sadly!) devour >2X of Earth-equivalent resources. That’s tectonic (if we leave the plates intact 😊)!
Collectively, we are calling these global shifts the FIVE MEGATRENDS of 2020-2030. Read all about NASSCOM’S views on these 5 megatrends in the dedicated chapter attached.
Here is a snapshot of each…
- ASIAN ECONOMIC EMINENCE – home to ~90% new middle-class urbanites and with control of 50% of global GDP, Asia will see fastest spend and economic growth
- MASS-URBANIZATION AND HYPER-PERSONALIZATION – More than 2/3rds of the world will live urban lives in rapidly-sprawling sub-1 million cities (organized urbanization?), also creating dynamically shifting hyper-local customer segments
- ENVIRONMENTAL SUSTAINABILITY STRESS – 3-Earths equivalent is what we 9 billion people will devour by 2050, and yet 3-4 billion of us will leave in extreme food and water scarcity
- DATA-LED ECONOMY – 175 Zettabytes data – 2/3rds machine-to-machine, 1/3rd real-time with zero shelf-life – will mean massive AI, IoT, Edge capabilities, new businesses, and a data barter economy
- DISRUPTED FUTURE OF WORK – 75% millennial workforce with 42% of work fully-automated, will create new ways of working – gig economy, augmented workspaces, and co-working robots (we should not wait for events such as covid-19 to push alternative ways to traditional working, at the cost of losing productivity and business continuity)
So, what do these MEGATRENDS add up to?
The highest decadal GDP growth rate of 6.7% (hopefully, despite ‘black swan’ shocks!). More interestingly, close to $33 trillion will be added by adopting just nine of the latest technologies.
Dr. Amit Nagpal has shared an interesting perspective in his blog 5 Megatrends for the Techade, where he says that the time for Alvin Toffler’s Future shock has arrived, given the fast, conspicuous, and drastic level of changes that will happen over the next 10 years.
Further explore our entire viewpoint on the Techade in the report on Technology Sector in India 2020 – Techade the New Decade.
AND, keep watching this space for a fun blog on each of the 5 megatrends…we explain the equation on each!