In a rapidly evolving tech landscape, emerging trends like AI, blockchain, and decentralized tech are reshaping business models. Technology fuels competition and drives innovative strategies. And to stay competitive, it's crucial to monitor these shifts and adopt agile strategies.
We asked entrepreneurs and business owners what were the new trends or disruptions in their industry. Here are the responses.
#1- Fleet management systems
Due to the pandemic, we saw a large spike in e-commerce. As a result, more commercial drivers have been on the road, which led to an increased need for road safety. Fleet management systems are changing to meet this demand and artificial intelligence is the driving force behind it. Management systems are no longer simple vehicle tracking solutions because the deployment of AI cameras and enablement software provides fleet operators with increased cabin and driver road safety, reduced insurance costs, and a shift from reactive to proactive safety incident management.
Thanks to Chris Piche, SmarterAI!
#2- Creator economy empowerment
The rapid rise of the creator economy is reshaping the educational landscape. Today, anyone with a skill, a passion, or expertise can step up as a teacher. This democratization of knowledge has expanded the breadth of courses available, from conventional subjects to niche skills like beauty treatments and motorbike wheelies. This era celebrates the power of micro expertise, where individuals are empowered to share their unique skills, and learners benefit from a diverse, tailored educational experience they won't find elsewhere.
Thanks to James Watts, Teach.io!
#3- AI and MT revolutionize translation
AI – Artificial intelligence and MT – machine translation are the biggest trends in our industry. Sure, AI is the biggest change for every industry. But one of the industries that is most impacted next to video production is the translation industry. Change is quite drastic and takes a short time. Language AI and MT models adapted quite well. But still, there is a lot of room for improvement. With these latest trends, the utilization of translation is going to increase a million times more than it is now.
Thanks to Sudeepthi Garlapati, Naarg Data Media Services!
#4- AI in trade finance processes
The adoption of AI in the trade financing realm is really helping to address many of the challenges that have undercut SMEs when it comes to accessing capital. By rapidly analyzing extensive streams of data such as financial statements and transaction history, AI can be used to scalably verify creditworthiness, assess risk, and process financing much faster and more efficiently than traditional trade finance institutions. Additionally, Machine Learning algorithms are being put to work to analyze historical demand patterns and market trends, enabling more informed decision-making for companies regarding future demand for products.
Thanks to Eyal Moldovan, 40Seas!
#5- Biohacking and wellness skepticism
There have been significant disruptions in the health and wellness industry in recent years, largely triggered by the COVID-19 pandemic. One prominent shift has been the growing skepticism towards the medical community and pharmaceutical standards of care. Additionally, there has been a decline in consumer behavior regarding fitness. This change is not rooted in distrust but rather stems from a mindset more closely aligned with the overarching concept of biohacking. Biohacking is a relatively young industry positioned between the realms of medicine and fitness.
Thanks to Kyle Zagrodzky, OsteoStrong!
#6- AI in data scraping
The growing relevance of online data, primarily publicly available data, plays a vital role for all organizations, especially in lead generation, marketing, sales strategies, competitor research, and consumer research. A key trend is Node.js as a web scraping framework gaining more popularity than Python. Another key trend to watch is the rise of AI (Artificial Intelligence) and MI (Machine learning) in web scraping, helping automate data analytics and generate insights from semi-structured data. This supports the demand and growth for web scraping tools; however, a new trend in this industry is the rise of anti-web scraping methodologies such as CAPTCHAs and IP blocking.
Thanks to Roman Milyushkevich, Scrapeitcloud Inc!
#7- Video content and chatbots
One notable trend that’s definitely on the rise is video content. And it’s no wonder it’s like that – video can engage the audience in ways that static content simply can’t. More and more websites feature long-format, “storytelling” videos but also short-form clips, which is the consequence of an unprecedented surge in popularity of platforms like TikTok, Instagram Reels, and YouTube Shorts. When it comes to disruptions, on the other hand, AI is definitely the biggest game changer we’ve had in years (more like ever, to be honest).
Thanks to Leslie Gilmour, BeFound SEO!
#8- AI-generated animation and audio
As a full-service animated video production company, AI has become a hot trend in the industry. From animation creation to even voice-over and sound effects, this technology has revolutionized the video production landscape. Even though AI-generated videos or audio can seem tacky, we still use the technology for brainstorming ideas and exploring innovative concepts. Instead of seeing it as a threat to creativity, we see it as an advantage as we can swiftly generate a wide range of unique ideas and visualizations.
Thanks to Andre Oentoro, Breadnbeyond!
#9- User intent-focused content
One notable trend gaining momentum in the digital marketing industry is the increased focus on user intent and experience. Search engines are continuously refining their algorithms to prioritize content that truly satisfies user queries. This shift emphasizes the importance of creating high-quality, informative, and engaging content that aligns with users' search intent. Adapting to this trend and maintaining a flexible, data-driven approach is crucial to staying competitive.
Thanks to Cody Jensen, Searchbloom!
#10- Mobile commerce
In the e-commerce wholesale clothing sector, we've witnessed notable trends and disruptions. Sustainability is a priority, prompting us to offer eco-friendly clothing lines with responsible manufacturing. Mobile commerce is a dominant force, leading us to optimize for mobile devices as well. We employ data analytics for tailored customer experiences. Due to pandemic-related disruptions, supply chain resilience became crucial, driving local sourcing and supplier diversification.
Thanks to Cort Adair, The Adair Group!
#11- Glamping and digital nomads
As an entrepreneur and business owner in the camping industry, I think there are some new trends or disruptions that are worth paying attention to. Here are some of them: The camping industry is evolving with new trends. Eco-friendly camping is gaining popularity, with campgrounds and equipment providers offering sustainable options like solar power and composting toilets. Glamping combines luxury with the camping experience, appealing to travelers who want convenience and amenities. Digital nomads are also a growing market, requiring campgrounds to provide reliable internet and workspaces.
Thanks to Mukarim Zargar, The Adventure Vine!
#12- Shift towards renewable energy
In our sector, a growing trend is the shift towards renewables as a source of energy. Up until a few years ago, the reliance on fossil fuels in the UK has meant most of our non-destructive testing work has been within the oil and gas industry. With the shift towards renewable energy, we are having to retrain our technicians and specialize in the structural inspection of wind farms (offshore and onshore). Although many of the skills required (rope access and certain testing methods) are similar to those required on an oil rig, other skills, such as testing methods for wind turbine blades, are completely different.
Thanks to Matthew Conway, NDT Group!
#13- Remote work and social impact
As the CEO of Transformify, a platform that connects freelancers and businesses across the globe, I have witnessed the rapid changes and challenges in the gig economy. One of the main trends is the increasing demand for remote work, especially in the wake of the COVID-19 pandemic. More and more people are looking for flexible and independent work opportunities, while businesses are seeking to reduce costs and access a wider talent pool. Another trend is the growing importance of social impact and sustainability.
Thanks to Lily Stoyanov, Transformify!
#14- Liability in AI-related injuries
The accelerated usage of artificial intelligence within the workplace is posing new challenges to how we approach personal injury law. We're dealing with the big questions regarding responsibility and duty of care when AI causes an injury at work. Is it the hardware manufacturer, the company using it, or maybe even the software vendor? For example, let's consider industrial robots on a factory floor. If one of these robots malfunctions and injures a worker, who's at fault?
Thanks to Alex Freeburg, Freeburg Law!
#15- Code-free web design
In the web design industry, there's a growing trend to do things “code-lite” or even “code-free”. These new tools are great but they are productivity tools, they will make those who are already good at it. It's a bit like a microwave, when they first came out, everyone became a chef, but it soon became apparent that a chef only used a microwave, something was missing. So we still go to restaurants and they may use a microwave to make a small part of the process faster or be more productive with some prep work, but that's just making the chef better.
Thanks to Laetitia Boden, Kicking Pixels!
#16- Personality-driven hiring
The current trend of the #personalityhire is becoming prevalent for finding the right culture fit for the existing team and then training these talents with the skills required to do the day-to-day work. In the past, it was all about the skills on the resume, and the personality and culture fit were discarded and even joked about. A “personality hire” was considered a person who wasn't good at their job and overlooked for roles. The hiring process used to be very stiff and formal with candidates giving scripted and rehearsed responses, presenting themselves in a performance of sorts.
Thanks to Leah Akoka, Wall Street HR Systems & Services!
#17- Proliferation of mobile video creation
The biggest disruption to the video production industry is that almost everyone has a 4K video camera, editing suite, and distribution platform in their pocket! Even a few years ago, the industry had high barriers to entry that required finance and education to succeed. Today, everyone can be a creator and there is a trend towards more authentic, user-generated content that high-end production companies just can't match.
Thanks to Ryan Stone, Lambda Films!
#18- Intelligent and tailored warehousing
In the e-commerce domain, the confluence of intelligent warehousing and tailored fulfillment is a burgeoning trend reshaping the industry. At ShipSage, we are at the helm of this evolution, striving to democratize e-commerce success through technological innovation. The surge in consumer expectations for faster delivery and real-time tracking is driving a shift towards smart warehousing solutions equipped with AI and data analytics. This allows for precise inventory management and streamlined operations, ensuring timely fulfillment.
Thanks to Ben Pu, ShipSage!
#19- The rise of virtual law firms
One of the most prominent disruptors in the legal field is virtual law firms. These businesses allow people to seek legal counsel by speaking with attorneys through Zoom from the comfort of their own homes. Although there are always situations when in-person meetings are necessary, such as when legal documents need to be signed and witnessed, not having to commute to the majority of appointments is an appealing convenience to many legal clients, allowing them to save time and gas money. Therefore, law firms that do not operate virtually are up against some significant competition.
Thanks to Natalia Morozova, cohentuckerlaw.com!
#20- Credit assessment innovations
Mortgage companies are beginning to develop alternative methods for determining credit scores, depending on a variety of factors. For example, they are now taking rent payments and utility bills into consideration. While this can make it more difficult for people to secure loans, it can allow mortgage companies to get a better handle on who would be more responsible in making their payments in a timely manner, which would give them an advantage over other mortgage companies in terms of client retention.
Thanks to George Fraguio, Vaster!
#21- Payment-linking
Payment-linking is fast emerging as a mainstream loyalty and reward trend, replacing some of the more traditional loyalty and reward methodologies to help businesses create a frictionless and customizable payment process for their customers. In the current cyber threat landscape, there is also growing importance for loyalty rewards platforms to hold a high level of payment card industry (PCI) compliance to ensure that both organizations and consumers can have more confidence in their data security.
Thanks to Anurag Vasisth, Loyalty Now!
#22- Culture of attracting talent
Goodbye, talent acquisition. Forget the war on talent. The problem is our mindset. It’s time to get rid of talent acquisition. Why? Because it’s archaic, quite literally. This terminology goes back to the age of ancient empires. Think government-led, military recruitment where the employer holds the power and 99% of applicants fail to pass the entry exam. When you’re hiring, you’re not ‘acquiring’ something. Recruitment is not a buying activity. It’s a selling activity. To attract the best talent, employers need to think about what they can offer to their people.
Thanks to Cynthia Harris, Heart Talent!
#23- Smart irrigation systems
In my journey as an entrepreneur in the landscaping industry, I've witnessed the transformative power of innovation firsthand. One of the most groundbreaking trends is the evolution of lawn edging technology. This innovation not only maintains a pristine boundary between lawns and gardens but also prevents turf from invading garden spaces by blocking roots underground. Apart from this, there's a surge in the use of smart irrigation systems, ensuring optimal water usage tailored to the needs of each plant.
Thanks to Tom Su, Lawn Edging!
|