Radical Change: Four Industries On The Edge Of Disruption

The ground rules for disruption are relatively straightforward. As technology grows a) more sophisticated, b) more accessible, and c) cheaper, it begins to overtake conventional processes.

Any process that leaves a consumer inconvenienced or a shareholder dissatisfied is up for grabs. As new market entrants appear, wielding these disruptive technologies, industries as we know them can transform radically. And incumbents are forced to adapt or wither away.

Disruption has ripped through several industries like an innovation tornado: personal technology (obviously), financial services, private transportation, entertainment, etc. Now, disruptive technologies are gaining ground in conventionally stalwart industries too.

Details About Four Industries On The Edge Of Disruption

Let’s explore four unlikely industries on the cusp of disruption.

1. Healthcare

Of the four industries listed here, healthcare is probably the most accustomed to disruption. With each new technological advancement, the industry morphs – sometimes in lurching increments, other times in giant leaps.

The industry is again staring down the barrel at disruption with a recent slate of emerging technologies. In specific, the Internet of Things (IoT) combined with AI and big data is radically transforming diagnostic healthcare. With the increased adoption of wearables, disruptive companies are emerging that aim to move diagnosis away from the brick-and-mortar hospital system and into people’s homes. This will have knock-on disruptions in the for-profit hospital industry – a small price to pay for added patient value and convenience.

2. Real Estate

Real estate had a deserved reputation for being closed off from technological advancement, preferring to operate on old manual systems that facilitated opacity and non-competition. Roughly five years ago, that all started to change.

You can point to several “prop-tech” (property technology) advancements. But perhaps the most seismic was Nobul, a real estate digital marketplace developed by Regan McGee to bring “choice, accountability, and transparency” to the industry.

Nobul leverages an AI-powered matchmaking algorithm alongside big data on real estate agents to provide consumers with a transparent, convenient way to choose agents. The platform openly encourages competition among agents, so consumers gain the upper hand in negotiations.

3. Law

The legal services industry will be around for a while. However, the nature of its services may change drastically in the coming decade, thanks to blockchain technology.

Blockchain was once an ancillary technology in service of crypto transactions – but recently, practitioners have sought to apply the technology elsewhere. Essentially, blockchain’s immutable, transparent ledger can benefit any process requiring security and authentication. In other words: it does a terrific job executing contracts. This Consensysarticle does a fantastic job summarizing the impact of blockchain smart contracts on the real estate industry.

Higher Education

While technology has undoubtedly transformed the entire education industry, its presence is most acutely felt in the college and university systems. As the pandemic struck, more post-secondary programs moved online. Still, they retained the high costs associated with brick-and-mortar upkeep and synchronous classrooms. This caused some justifiable frustration for students.

That frustration directly led to the resurgence of MOOCs (Massively Open Online Courses), a democratized online model that “unbundles” education into “micro-credentials.

” With MOOCs, a user who wants to apply as the social media editor for a wellness brand doesn’t have to take a full communications degree at a brick-and-mortar university; they can complete a hyper-specific certificate online. If MOOCs can outlast the pandemic, they have a fighting chance at fundamentally disrupting higher education.

Keep an eye on the four industries listed above. Emerging technologies and innovative approaches may radically transform these industries for the better.

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