4 Industries That Are Definitely Going to be Disrupted This Decade

Technology and innovation have continued to exert a major impact on the world and its economy. In the coming decade, this trend is bound to continue. In fact, four industries in particular are among those that are most likely to be disrupted by technology and innovation over the next ten years.

Finance

The banking and finance industry is going to see huge changes over the coming years. Some changes are due to increasing demands from the rising generation of digital natives, while others stem from new policy regulations. In both cases, financial institutions are relying on advances in technology to help them adapt to this changing landscape. Online banking has already made strides in providing on-the-go financial services to mobile users. Similarly,  lenders are able to process loan requests online, which makes it faster and easier for consumers to secure financing. This trend is expected to continue with improvements in the security and usability of these services. 

In the coming years, financial institutions will also see advances in regulatory technology to help meet new demands in calculating risk and credit losses. Under the new current expected credit loss (CECL) model, financial institutions are using CECL compliance software to help calculate expected losses over the lifetime of different types of loans. Over the next decade, technology and software solutions are expected to help the finance industry adjust to new demands. 

Insurance

Along with finance, the insurance industry is one of the most traditional and long-standing segments of the country’s economy today. While many people think of this as a rigid business structure that cannot develop, 52% of insurers see the insurance industry as the second-most likely sector for disruption. Technology is changing the way that insurance companies assess and price risk and how insurance companies and customers get connected. It is even leading to the creation of additional forms of insurance. This trend is bound to continue in the years to come.

Education

The field of education continues to be challenged due to rising costs. This is especially true in the area of higher education where a four-year degree will cost well over $100,000. Today, there are many growing trends that will disrupt the education industry. This includes finding alternative forms of higher education, such as attaining it through a variety of accredited online institutions.

Web Application Development

The importance of web applications is continuing to grow. However, the entire web application development process and industry will see a lot of disruption and change over the next 10 years. Some of the factors that will influence and change web application development include artificial intelligence, blockchain technology, virtual and augmented reality and cloud-based technologies. As these concepts grow and develop, they will continue to have significant impacts on various other sectors of the economy.

These four industries are bound to change a lot over the coming decade. Companies that are flexible enough to stay ahead of the myriad innovations should continue to be successful.

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