A lot of new companies, and a few existing players in the market have contributed toward disruptive innovation in the recent past. Companies such as Amazon, Netflix, Uber, Airbnb have changed their business models or modified their competitor’s business models to establish new market for themselves. Some of the transformation that resulted in market disruption due to change in business models is shown in the figure below:
With all the above transformations, disruptive innovation has just begun to take shape. There are many more innovations in technology, and business model which are expected to dramatically disrupt existing businesses and industries in the coming days. This year many new consumer products are likely to hit the market, including 360-degree high definition cameras, ultra-thin 98 inch curved 8K OLED televisions, and smart appliances from Samsung, LG and others with built in-displays showing contextually-relevant information. All of them promote the concept of Internet of Things (IoT) and will be connected to everything else. Like IoT, there are few more technologies to look out for in coming years. Some of them are depicted below:
These disruptive innovations are already making their mark in the market and creating a strong buzz. A few notable activities revolving around some of these technologies are mentioned below:
Initially introduced as a gaming technology, virtual reality has captured attention in the market and will be used in mainstream business applications as well. For instance, in 2015, the automobile giant Volvo offered test drives through virtual reality using Google’s mass-produced virtual reality technology, Cardboard. Some of the other uses that the technology has developed are training for students, virtual tours in tourist spots, and more. Overall, the concept of virtual reality will be used to provide better experiences in some events and amusement parks. Recently, Six Flags – an amusement park in the US, opened up a new roller coaster ride called ‘The New Revolution at Dare Devil Dive’ where riders wear virtual reality headsets to transport them into a world that mimics the movements of the real roller coaster.
Although the history of 3D printing dates back to 1984, the concept got materialized in 2010’s, when the term 3D Printing was drafted for the technology. There have been many developments in the recent past around the concept of 3D printing. Even though it is not yet fully functional for public use, the concept of 3D printing is the one to look out for in future. Having said that, 3D printing has been used to create a range of prototype products like musical instruments, medical equipment, artificial organs and manufactured car parts.
Internet of Things Sensors
The concept of Internet of Things (IoT) has made its mark in the market. Its application ranges from connecting offices and homes, switch on the air conditioner/ computer/ television or to record a football game or to larger uses like connecting office appliances for power saving. One such recent invention around IoT is the Nest Protect, which allows the users to disable smoke alarms from smartphones and allows the smoke alarm to communicate with smart devices.
Likewise, the other disruptive innovations in technology are finding their grip in the market. As we speak, the world is witnessing more new changes that will shape the future in disruptive innovation. DART is closely monitoring the activities around the technology and will keep updating the forum with new and exciting revolutions in the market constantly. Do follow the thread to know more about disruptive innovation’s future in the market.