Modern technologies have a great impact on the life of people all over the world. However, what Joseph Schumpeter called “creative destruction” is highly evident in the field of technological innovation. Experts are of the opinion that recently the advent of digital technology and Internet are respectively thrusting chemical-based photography and print media industry towards extinction. Most interestingly, in the recent study published by the McKinsey Global Internet mobile internet ranked in the top among the twelve technologies that is believed to change the business, global economy and life by 2025.
The study believed that the 12 technologies altogether have the potential to influence the impact of global economy to $33 trillion per year by 2025 from the present scenario of $14 trillion a year. Moreover, the survey also estimated that economic internet of mobile internet can rise from $3.7 trillion to $10.8 trillion within the same period.
One of the authors of the survey as well as the principal of the Institute, Michael Chui, informed that within a brief period numerous individuals who are not accessed the Internet yet, would connect to the Internet through advanced mobile devices. He further expressed that only near about 1 to 2 billion people around the world are using Internet that indicates that mobile internet has a huge opportunity of growth. In addition, the growth of mobile internet is believed to have more impact on every sphere of life especially in the emerging market than ever before. On the other hand, constant innovation in the sector that includes several types of mobile apps and wearable mobile devices motivated to superior heights of inspiration by workforce wishing to BYOD (bring your own device) to work.
It is worth to mention over here that the study revealed that mobile internet is followed by cloud technology and Internet of Things. According to the study, the economic impact of the cloud technology is predicted to increase from $1.7 trillion to $6.2 trillion per year by 2025. It is evident that the cloud technology the usage of cloud technology has increased rapidly through internet services including social media, e-mail, streaming media, offline storage of personal records and search.
Certainly, cloud increases the effectiveness of deploying infrastructure of IT to a great extent by making it simpler and faster for individuals to begin their new enterprises. Moreover, it provides greater flexibility to the business by transforming CAPEX to OPEX.
The Internet of Things is estimated to drive direct economic impact to $2.7 million to $6.2 million by 2025. Chui stated that the technology is believed to influence almost all the industry through inserting and connecting intelligence in billions of devices and objects across the world.
Chui informed that this revolution in measurement is expected to have a great impact in the revolution in management.
Ben Bernanke, the chairperson of Federal Reserve expressed that in most of the case of recent IT revelation, modern world is in the early days. Most interestingly, Chui stated that consumers are the greatest winners of the technological innovation as well as the innovators.