Description

The study covers Internet of Things (IoT) and its impact on future of consumption. With more than 8 connected devices for each human by 2026, the scope of the industry will expand manifold. IoT adoption and usage patterns will vary across regions, which will in turn affect the demand for connectivity, infrastructure, and devices. However, digital equity and precision consumption will create opportunities across different regions.

IoT adoption is still in initial growth stage, and demands vary according to regions. Changes in user behavior, growing demand for digital and omni-channels, and demands for transparency, sustainability are some of the trends guiding future of cosumption. In addition to IoT, other technologies that will impact future of consumption are AI, ML, blockchain, AR and VR.

The World Economic Forum (WEF) has been actively working with many organizations in trying to understand how the future of consumption will evolve. That IoT will be a key stakeholder is a given, what the industry does need to prepare for is how consumption of education, food, entertainment, work, products and services will be completely different. It will not just be an evolved or automated or a faster version of what is prevalent today. Consumers will identify with new values, new issues, and demand new solutions tailored to their requirements.

Over the next 5-10 years, the world will have recovered from the pandemic, will be moving towards greater automation, and on the back of mega trends such as sustainability, innovation to zero and new business models. The hyperconnected consumers will demand hyper connectivity, hyperaccuracy and hyper-precision. Ecosystem as we understand today will have changed to appear as a large hyperconverged provider that solely relies on cognitive analytics and responds to user demands in real time.