DISRUPTIVE TECHNOLOGY: TO ADOPT OR NOT TO ADOPT?

 Important: Television, electricity, telephones, computers and automobiles were all considered as disruptive technologies at the time of their inception.

Disruptive technology disrupts the normal operational process of a market. Disruptive technology is based on the principle of displacement, wherein, it displaces the existing and well-established technology with a newer and improved innovation. Disruptive technologies significantly alter the industries, consumers and the business operations. This technology focuses on replacing the traditional technology with technology of superior attributes. The disruptive technologies frequently, in the beginning, meet with obstructions from occupant organizations since they take steps to overturn business activities and processes. In any case, they can totally transform the industry capacities over the long run. A few instances of disruptive technologies incorporate personal computers, internet shopping, and ride-sharing applications.

The capability and potential of disruptive technology is quite underrated. This is on the grounds that the innovation is frequently misjudged. Disruptive technology isn't really new or historic. Instead, this innovation can possibly disrupt a current market or industry. This sort of innovation can be used by a range of enterprises, from transportation to medical care/ healthcare. By and large, disruptive technology isn't at first embraced by the standard market. This is because it is viewed as excessively dangerous or dubious. Be that as it may, over the long run, it can acquire standard reception as the innovation develops. This can prompt various advantages, including lower costs, availability of high quality services, and expanded rivalry. Disruptive technology can possibly change an industry. It can improve items and administrations, quicker, and more reasonable. At times, it might establish new business sectors and segments altogether. It is no surprise that disruptive technologies emerge out of startups and new companies instead of the world leaders. 

Characteristics of Disruptive Technology:

1. Lower profitability quotient in the beginning
2. Higher risk is involved
3. Either upsets a current market or makes another market segment in the current one
4. Deals contentions and proportions of significant worth are generally on a very basic level altered
5. Frequently includes new innovation and additionally newer plans of action

• It happens gradually at first until it arrives at the standard after which it develops dramatically

Identification of disruptive technology is not as hard as it seems to be. If an innovation improves the existing and established technology incrementally, it is known as sustainable/ sustaining technology. However, if that particular innovation entirely changes the product or the industrial process, it is termed as a disruptive technology. There is a fine line of difference between the two which is discussed as below:

• A remarkable example of disruptive technology is Apple in the mid-2000s. The company consolidated brilliant and pivotal new innovation as the iPod, with advancement as iTunes, hugely improving the capacity to download digital music. This altered the manner in which individuals associated with digital and compact music and, clearly, helped establish Apple as one of the incredible tech organizations of this century.
• Netflix can be regarded as another popular example of disruptive technology. Netflix brought in the trend of on-demand viewing which has scrambled the market for traditional broadcasting services. Netflix was first of a kind in this market space followed by others such as Hulu, Sling TV, Crackle, Amazon Prime, Hotstar, among others. The major attraction of Netflix in the beginning was that it removed all the annoying commercials that irritated the viewers in traditional broadcasting services.

Fig1: How Netflix disrupted the market for Blockbuster

Source: Viima Solutions Oy

Netflix's mail-in movie subscription wasn't appealing to Blockbuster's standard clients, except early adopters of online shopping at that time. When earlier individuals needed to go to the store to rent a film as well as to return it, they could now get to an assortment of movies and TV shows with fixed month-to-month membership charges without leaving their homes. Even when Netflix changed to its membership based plan of action, Blockbuster was all the while procuring billions. However, when Netflix ultimately began to transform non-clients into clients with its more adaptable and available internet based service, Blockbuster answered the opposition by launching off its comparing services. By now, Netflix has established a new market and stood at the exponential part of the curve shown in the above figure despite Blockbuster's brand image and assets. Netflix was responsible for 'Blockbuster's bankruptcy.

Key Takeaways:

• A disruptive technology entirely replaces a more seasoned cycle, item, or propensity/ habit.
• Disruption technology normally has unrivaled characteristics that are quickly self-evident, essentially to early adopters.
• Upstarts instead of well-established organizations are the typical users of disruptive technological innovation.

While considering an investment in an organization that is fostering the use of disruptive technological innovation, it is essential to do undertake research proficiencies and to comprehend the risks involved and implied. Likewise, one ought to consider that these ventures can be exceptionally speculative in nature and that there is no assurance that the innovation will find actual success in the long run. So, putting resources into this technology can be a matter of a chance. These ventures can offer high likely rewards, however, they additionally accompany a more significant level of risk/ chance.

TOP DISRUPTIVE TECHNOLOGIES TO LOOK OUT FOR IN 2022 AND FURTHER

To be considered as a disruptive technology, a new technological innovation must meet certain criteria. With new technological advancements being put forward in the market all the time and round the clock, a disruptive technology has to make leaps and bounds. A disruptive technology must be significantly different from the existing technologies in the global market. In the second case, this technological innovation must introduce a new market trend, build a new market segment or change/ alter the face of existing market. And last but not least, to be called a disruptive technology, the innovation must have the potential to create new market leaders by displacing the existing innovations. Some of the disruptive technologies already prevailing in the market or are on the verge of emergence are discussed as below:

1. Artificial intelligence- Artificial intelligence technology is spreading its roots in every sector and domain possible. From industrial automation to manufacturing processes, artificial intelligence is revolutionizing proficiencies. A decade back, when artificial intelligence seemed futuristic, it has finally become a part of our daily lives. But the question is, how is artificial intelligence disrupting the day to day jobs of the individuals? As years passed, people acquired incredible confidence in innovations and machines, which ultimately sped up artificial intelligence reception. Today, the job of artificial intelligence in a business endeavor has become so critical that it has become a part of every aspect of business, and its space of acceptance will fundamentally develop throughout the next few years. However progressive in itself, artificial intelligence is an empowering agent that should be utilized really to accomplish business goals.

In the recent times, a number of people are still unaware as to how artificial intelligence can change key social designs. For example, on the off chance that the legal system can be controlled and upheld by artificial intelligence, does that demonstrate that we have arrived at the standards of fair objectivity? In the event that artificial intelligence is truly replacing the people, how might people work for the living? How might individuals spend their extremely durable relaxation hours? For a more extensive scope of society, what really impacts the huge scope redundancies across all method for callings because of the inescapability by artificial intelligence? Every one of these can simply be a couple of points where we the utilization of artificial intelligence has immediate and potentially negative side-effects that challenge the ongoing work model, which needs to get tended to in the not really not so distant future. These difficulties need a comprehensive trial and proactive reaction to see the effects of progress and guarantee that no segment of society falls behind.

Organizations utilize artificial intelligence in combination with machine learning to draw in clients, make or create consistent content, analyze exchanges, and detect fraud. Despite the fact that it accompanies a ton of flaws, the quickness, modified content, and target suggestions, overweigh the cons. While the future utilizations of artificial intelligence are expected to assist with making the lives simpler and more proficient, there is caution among people of the dependence on this innovation as well as the number of job positions this technology would eat up. A portion of these are already incorporated into regular daily existence, including self-serve checkouts, online help, and different jobs that can be dealt with at a lot more modest expense utilizing artificial intelligence.

Artificial intelligence is being increasingly used by a wide range of industry verticals. Artificial intelligence has revolutionized the healthcare sector, reduced the dependence on humans, improved the quality of healthcare facilities, and subsequently reduced the number of human errors. Artificial intelligence in healthcare is facilitating advanced and modern treatment even in the remote areas. Data Bridge Market Research analyses that the artificial intelligence in healthcare market is expected to undergo a CAGR of 51.37% during the forecast period of 2022-2029. This indicates that the market value, which was USD 6.35 billion in 2021, would rocket up to USD 175.22 billion by 2029. ""Patients"" dominates the end user segment of the artificial intelligence in healthcare market owing to the increasing product launches, availability of the larger patient pool, high resource availability, high penetration of high speed internet and advancements in healthcare technologies. Some of the major players operating in this market are DeepMind Technologies Limited (UK), Welcome AI (US), Koninklijke Philips N.V. (Netherlands), GENERAL ELECTRIC COMPANY (US), Precision Health AI (US), and Cloud Pharmaceuticals, Inc. (US).

To know more about the study, visit: https://www.databridgemarketresearch.com/reports/global-artificial-intelligence-in-healthcare-market

2. Robotic Process Automation (RPA) - Robotic process automation is an automated technology based on artificial intelligence and machine learning principles. Robotic process automation is used to build, deploy and manage the software robots. This software technology eliminates the human errors and improves the accuracy quotient. Robotic process automation offers reliable consistency and produces data for analytical purposes. This technological innovation is used by a range of end user industries to perform repetitive tasks, allowing the human resources or assets of a company to channelize their energy towards processes of higher value. Robotic process automation (RPA) is a product expected to computerize redundant production/ manufacturing undertakings to smooth out business processes. The standard based programming advanced from screen scratching, work process computerization, and artificial intelligence permitting the product to total information, trigger reactions, and start new activities.

Robotic process automation is becoming a new way for the industrial operations. Robotic process automation empowers associations to robotize errands, smooth out processes, increment employee efficiency, and at last provide fulfilling client experiences. A robotic process automation robot imitates an individual executing manual dull and repetitive tasks, settling on decisions in view of a characterized set of rules, and integrating with the software and hardware applications. All of this while keeping up with consistence, decreasing blunders, and further developing client experience and worker commitment. Mechanical programming in robotic process automation controls individuals' very applications for their ordinary work. That could mean working with accounting sheets, or stock control frameworks, or different sites.

The robotic process automation programming can be allocated their own virtual PC and their own login qualifications to follow processes that have been characterized by individuals and allotted to the robot. Processes can be easy to exceptionally perplexing and include numerous applications. Robotic process automation programming can follow processes for any piece of the business, similar to accounts, finance, activities, HR, client support, IT, and that's only the tip of the iceberg. With such adaptability, numerous associations have fabricated mechanization programs that allow the whole organization to get the most advantage. According to the BBC, 35% of the jobs are in danger over the course of next 20 years in the wake of computerization.

Be that as it may, robotic process automation isn't simply restricted to following fundamental processes. It can integrate artificial intelligence and machine learning to change robotic process automation into really smart automation. The advanced artificial technology can uphold progressed decision-production while machine learning can comprehend how individuals decide and handle data and afterward apply this comprehension to achieve new insights about clients.

3. Blockchain- In simple language, blockchain is a technology that centralizes and secures the data against theft and malware practices. Blockchain uses electronically distributed ledger technology and has made an impact on the world throughout the course of its tenure. It's set to upset most ventures around the world. Blockchain was created through its first ever application, Bitcoin, to give a competition to the banking industry, wherein ledgers are by definition profoundly secured in a given bank or consortium of banks. Blockchain effectively established a trustless economy through its cryptographic and decentralized parts, delivering the requirement for outsiders of conventional monetary exchanges pointless. Decentralization, transparency and security are the three main features of the blockchain technology.

However, blockchain innovation has become considerably more than simply a solution to monetary administrations. The very features that are working on the deficiencies of the financial administrations can possibly determine the shortcomings of numerous different enterprises and applications. Not just has blockchain has bolstered the digitization of cash/ money, which is definitely not a new concept in the market; an industry can now likewise put both physical and intangible assets such as copyrights, products, or land possession privileges onto the blockchain for secure confirmation of proprietorship and more straightforward adaptability.

Currently, there is redesigning and restructuring of supply chain of food, retail, operations, and development businesses, through straightforward and unchanging record-keeping. It is presumed that soon, a buyer might have the option to approve the quality and the origin of the item they are purchasing. The ramifications for the medical care industry are colossal. Blockchain applications could assist with making a complex data framework with simpler, more viable, and safer admittance to records, research, and accessible treatments alongside patients' information while limiting 'organization's time.

Smart agreements/ contracts, utilization of blockchain innovation, can self-execute capacities when certain circumstances are met. This might eliminate the requirement for an attorney or other delegate who customarily would work with 'trust' between parties. By wiping out the intermediary, smart agreements could drive down costs in exchanges.

Blockchain is likewise empowering the industries to move from a possession economy to a common and shared economy, in which individuals never again need to claim to their own things however can share assets, including vehicles, information capacity, internet, energy, and much more. In spite of the fact that blockchain is still in its early stages, there's little uncertainty that this innovation will keep on advancing, assuming a huge part in changing wasteful and obsolete strategic approaches and rearranging income and privileges back to individuals.

Blockchain is a solution for the healthcare industry pertaining to the growing volume of organizational unstructured data. Data Bridge Market Research analyses that the blockchain for healthcare market is expected to grow at a CAGR of 72.0% during the forecast period. Blockchain in healthcare has a number of advantages, including network infrastructure security at all levels, a standardized pattern of authorization to access electronic health records, and identity verification. Aetna, Anthem, and the Cleveland Clinic teamed up in January 2022 to announce a new blockchain-based healthcare initiative, the latest sign of blockchain's potential impact on the healthcare sector.

To know more about the study, visit: https://www.databridgemarketresearch.com/reports/global-blockchain-for-healthcare-market

4. 3D Printing- 3D printing is a classic example of how a technology could disrupt an industry. Growing attraction of this technology will create challenges for the mass production manufacturing industry. Space X, Elon 'Musk's space company, used this technology to create engine chambers of their spacecraft, ""Dragon"". The technology reduced their organizational time that could have been more in case of manufacturing. It just took 3 months from ideation and conception to execution. From printing novelty objects to listening devices to prosthetic appendages and the whole way to space apparatus motors, 3D printing innovation is rapidly getting its spot coming down the line for assembling. 3D printing has been around since the 1980s. As of late, it has become all the more promptly useful. It's currently altering how manufacturing activities are undertaken at a large scale. The many advantages of this innovation incorporate quicker constructs that are less expensive and less inefficient while likewise being profoundly adjustable. 3D printing empowers theoretical plans to be printed to give an engineer, client, or investor a total image of the finished product, limiting miscommunications about item necessities and plans.

Prosthetics address one use of 3D printing that has proactively made striking progress. The capacity to print prosthetics decreases the expenses and its adaptability permits the prosthesis to fit the client with utmost accuracy. The aircraft industry is additionally investigating the future advantages of assembling and utilizing 3D printers, most prominently Singapore Airlines Engineering Company, which has cooperated with Stratasys in this project. Singapore Airlines is thinking about opening a facility to investigate the advantages of assembling airplane parts.

3D printing is presently beginning to shows its merits in the construction business since it is permitting fundamental lodging and structures to be built at extremely low expenses. The construction business understands the advantages of more proficient utilization of assets, less wastage, less contamination and effect on the climate, and better well-being and security. While the technology is not yet functional for nitty gritty and complex structure projects, one can see the advantages of 3D printing houses in fields, for example, relief aid built for survivor victims.

3D printing technology is increasingly being used in the healthcare industry for manufacturing the medical devices and customizing their sizes owing to various factors. The healthcare industries in the developed economies are enjoying the full-fledged benefits of 3D printing technology. In regards to the same, Data Bridge Market Research conducted and published a syndicated report on its website, covering the nuances of the market in the form of market definition, drivers, threats, opportunities, restraints, challenges and market players. Data Bridge Market Research analyses that the healthcare 3D printing market was valued at USD 2.09 billion in 2021 and is further estimated to reach USD 10.80 billion by 2029, and is expected to grow at a CAGR of 22.8% during the forecast period of 2022 to 2029.

To know more about the study, visit: https://www.databridgemarketresearch.com/reports/global-healthcare-3d-printing-market

5. Internet of Things- The internet of things (IoT) technology is a network of "things" or gadgets that work or perform over the internet and works with the gadgets' intercommunication. The internet of things (IoT) technology is one more innovation that will assist with overcoming any issues between the physical and digital spheres. There were around 31 billion internet of things (IoT) gadgets deployed by the end of 2021, and that number is supposed to continue to rise.

The internet of things (IoT) technology will build new connections and create among things and different things or things and individuals — all to make the lives simpler, more proficient, and more viable. Some of this is already existing in the world. For instance, one has control over indoor regulators or thermostats from smartphones and before reaching home, one can set the temperature accordingly. Future advancements could include vehicles interface with the schedules and calendars to navigate the car automatically to the set direction along the ideal course, or refrigerator ordering groceries and ingredients when it recognizes a given food thing is near exhaustion.

The internet of things (IoT) technology will altogether change the world into shrewd urban communities on a more worldwide scale. With the assistance of sensors, internet of things (IoT) will make urban communities more proficient, savvy, and more secure places to live in. Smart infrastructural structures will switch utilities off when shut down depending on the situation. Smart lights and street lamps will switch off when nobody is going through. Smart infrastructure will permit individuals to identify issues or disintegration in city framework or pollution in water supplies.

Smart grids can utilize and disperse energy all the more proficiently all through the city.

CONCLUSION: TO ADOPT OR NOT TO ADOPT

While one can foresee what the future holds for humanity, he or she can begin to see that the potential outcomes are unfathomable. Also, one can simply start to see a little part of what might come. One thing of which we should rest assured is that the above mentioned five technological innovations will definitely change society. Some other technologies that fall in the disruptive technology category include virtual reality and augmented reality, cloud computing, edge computing, next-gen storage applications and much more. However, the above explained technologies will have the greatest impact globally.

Cloud computing is an emerging technology that is being increasingly adopted by the healthcare industry. In the healthcare domain, cloud computing is known to enhance the accessibility of the data and outpace the conventional paper healthcare system. Increasing proliferation of high speed internet is responsible for driving the growth of cloud computing in the healthcare industry. Realizing this, Data Bridge Market Research conducted a detailed report to provide insights to the clients. Data Bridge Market 'Research report on healthcare cloud computing market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the 'market's growth. 

To know more about the study, visit: https://www.databridgemarketresearch.com/reports/global-healthcare-cloud-computing-market

With such a great part of 'individual's lives expected to depend on arising and emerging technological innovations, people should know about the vulnerability opened by such a great deal our information being put away in opaque, private venture data sets on which non-transparent artificial intelligence calculations train. A digital, interconnected society represents a more serious trouble for a hacks and malware practices to have intense ramifications. There are many contrasting assessments on the fate of innovation and what it will mean for 'individual's lives. Some say it'll assist with driving people into the future, drive efficiency, assist with living longer, and increment efficiencies. Others see the rise of these advancements as a disastrous impetus that will crack society as far as people are concerned. Despite the fact that it's anything but a satisfying conclusion, 'it's more likely that these five most technological advancements will incite both positive and adverse consequences. This indicates that the final outcome remains uncertain as of yet.